Featured Product

    EC Mandates ESAs to Propose Amendments to SFDR Technical Standards

    May 11, 2022

    The European Commission (EC) has issued two letters mandating the European Supervisory Authorities (ESAs) to jointly propose amendments to the regulatory technical standards under Sustainable Finance Disclosure Regulation or SFDR. EC is requesting ESAs to propose amendments related to product exposures to gas and nuclear activities, principal adverse impacts indicators, and transparency of financial product disclosures.

    Amendments related to product exposures to gas and nuclear activities. ESAs have been requested to jointly propose amendments to SFDR regulatory technical standards in relation to the information that should be provided in pre-contractual documents, on websites, and in periodic reports about the exposure of financial products to investments in fossil gas and nuclear energy activities. The amendments shall ensure that the disclosures provide for full transparency about investments in sectors and sub-sectors of the economy covered by and compliant with the Complementary Climate Delegated Regulation. ESAs are required to submit a proposal on these amendments to EC by September 30, 2022.

    Amendments related to principal adverse impact indicators and transparency of financial product disclosures. EC is inviting ESAs to consider extending the lists of universal indicators for principal adverse impacts, as well as other indicators, and refine the content of all the indicators for adverse impacts and their respective definitions, applicable methodologies, metrics, and presentation. EC is also inviting ESAs to jointly propose amendments to the SFDR regulatory technical standards in relation to the information provided in relation to financial products in pre-contractual documents, on websites, and in periodic reports on decarbonization targets, including intermediary targets and milestones, where relevant, and actions pursued. ESAs should also consider whether the provisions in regulatory technical standards regarding financial products referred to in the Taxonomy Regulation sufficiently address the disclosure and information on environmentally sustainable economic activities. ESAs are required to jointly submit the draft regulatory technical standards, based on these amendments, to EC within a period of 12 months following the receipt of the letter—that is, by April 2023.

     

    Related Links

     

    Keywords: Europe, EU, Banking, Insurance, Securities, SFDR, Disclosures, Sustainable Finance, Regulatory Technical Standards, ESG, Climate Change Risk, Taxonomy Regulation, ESAs, EC

    Featured Experts
    Related Articles
    News

    EU Agencies Update LCR Rule and Macro-Prudential Policy Recommendation

    The European Commission (EC) published the Delegated Regulation 2022/786 with regard to the liquidity coverage requirements for credit institutions under the Capital Requirements Regulation (CRR).

    May 23, 2022 WebPage Regulatory News
    News

    EBA Publishes Regulatory Standards to Identify Shadow Banking Entities

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying the criteria to identify shadow banking entities for the purposes of reporting large exposures.

    May 23, 2022 WebPage Regulatory News
    News

    EIOPA Examines Physical Climate Risk Exposure, SII Non-Compliance

    The European Insurance and Occupational Pensions Authority (EIOPA) published a report assessing insurers' exposure to physical climate change risks

    May 20, 2022 WebPage Regulatory News
    News

    NGFS Report Explores Quantification of Climate Risk Differentials

    The Network for Greening the Financial System (NGFS) published two reports to aid central banks and regulators in their oversight of the financial sector and in their central bank operations

    May 19, 2022 WebPage Regulatory News
    News

    EC Publishes Results on Review of Web Accessibility Directive

    The European Commission (EC) published the results of a public consultation, held in October 2021, on the review of the Web Accessibility Directive.

    May 19, 2022 WebPage Regulatory News
    News

    MAS Consults on Adjustment Spreads for Conversion of SOR Contracts

    The Monetary Authority of Singapore (MAS) and the SC-STS are jointly consulting, until June 10, 2022, on setting adjustment spreads for the conversion of legacy SOR contracts to SORA reference rate.

    May 18, 2022 WebPage Regulatory News
    News

    OSFI Discusses Benchmark Rate Transition, Sets Out Work Priorities

    The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.

    May 17, 2022 WebPage Regulatory News
    News

    EBA Proposes Standards to Support Secondary NPL Markets

    The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.

    May 17, 2022 WebPage Regulatory News
    News

    EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution

    The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).

    May 13, 2022 WebPage Regulatory News
    News

    EBA Issues Standards for Crowdfunding Service Providers Under ECSPR

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.

    May 13, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8206