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    EC Updates Address Rules on Open Data and Sustainability Disclosures

    The European Commission (EC) adopted disclosure rules on sustainable investments and is seeking information from member states on the adoption of the European Union rules on Open Data Directive (2019/1024).

    EC has adopted a delegated regulation under the Sustainable Finance Disclosures Regulation (SFDR: 2019/2088), which sets out sustainability-related disclosure requirements for financial market participants, financial advisors, and financial products. The aim of the delegated regulation is to improve sustainability-related disclosures, enhance comparability of disclosures for end-investors, and reduce the occurrence of adverse sustainability impacts and greenwashing. The regulatory technical standards laid out in this delegated regulation require a mandatory reporting template to describe how principal adverse impacts on sustainability factors are taken into consideration in investment decisions. The regulatory technical standards also require a summary section and information on policies on the identification of principal adverse impacts, actions taken and planned to mitigate the principal adverse impacts (for instance, reduction of carbon emissions by means of engagement or other policies), or adherence to international standards and historical comparisons. The requirements set out in this delegated regulation are scheduled to apply from January 01, 2023 and will be subject to scrutiny by the European Parliament and the Council.

    With respect to the Open Data Directive, EC seeks information from member states, including Belgium, Bulgaria, Czechia, Croatia, Hungary, Latvia, the Netherlands, Austria, Slovakia, and Sweden, about how European Union rules on open data and the reuse of public sector data are transposed in respective national laws. The transposition deadline expired on July 17, 2021 and, despite having received the letters of formal notice sent on September 30, 2021, the above member states have failed to communicate all their national measures. Thus, the European Commission may decide to refer the matter to the Court of Justice of the European Union. The Directive adopted on June 20, 2019 aims to unlock the benefits of data and helps to make more of the vast and valuable pool of data resources produced by the public sector available for reuse. The Directive will reduce barriers to market entry for small and medium enterprises through reduced costs for data reuse, make more data available, and increase business opportunities through data sharing via application programming interfaces (APIs). The Directive stimulates the development of innovative solutions such as mobility apps, increases transparency by opening the access to publicly funded research data, and supports new technologies, including artificial intelligence.

     

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    Keywords: Europe, EU, Banking, Reporting, ESG, Climate Change Risk, Open Data, Data Sharing, API, Artificial Intelligence, SFDR, Disclosures, Sustainable Finance, Regulatory Technical Standards, Open Banking, Open Finance, Regtech, EC

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