Featured Product

    ESAs Issue Statement on Application of Sustainability Disclosures Rule

    February 25, 2021

    ESAs published a joint supervisory statement on the effective and consistent application and on national supervision of the regulation on sustainability-related disclosures in the financial services sector (SFDR). ESAs had issued the final report on draft regulatory technical standards on SFDR disclosures for financial market participants on February 04, 2021. In this recent statement, ESAs recommend that the draft regulatory technical standards should be used as a reference when applying the provisions of SFDR in the interim period between the application of SFDR (as of March 10, 2021) and the application of the regulatory technical standards at a later date (proposed date of January 01, 2022). The Annex to the statement presents the timeline for SFDR and Taxonomy Regulation disclosure obligations as well as the related regulatory technical standards.

    This supervisory statement of ESAs seeks to mitigate the risk of divergent application of SFDR disclosures in the financial services sector within the period from March 10, 2021 to the application date of the regulatory technical standards on the content, methodologies, and presentation of sustainability-related disclosures under SFDR. For the sake of applying the provisions of SFDR without regulatory technical standards during the interim period, national competent authorities are encouraged to refer financial market participants and financial advisers to the requirements set out in the draft standards of the final report that has been submitted to EC on February 04, 2021. As most of the provisions on sustainability-related disclosures laid down in SFDR apply from March 10, 2021, ESAs see merit in specific guidance for national competent authorities, financial market participants and financial advisers in the interim period before the application of the regulatory technical standards. Additionally, in March 2021, ESAs will publish a consultation paper on taxonomy-related product disclosures under the Taxonomy Regulation, which amends the empowerments in Articles 8(4), 9(6) and 11(5) of the SFDR.

     

    Related Links

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

    Related Articles
    News

    EC Rule on Contractual Recognition of Write Down and Conversion Powers

    The European Commission (EC) published the Delegated Regulation 2021/1527 with regard to the regulatory technical standards for the contractual recognition of write down and conversion powers.

    September 17, 2021 WebPage Regulatory News
    News

    ECB to Consider Climate Risks When Reviewing Collateral Framework

    In a response to the questions posed by a member of the European Parliament, the President Christine Lagarde highlighted the commitment of the European Central Bank (ECB) to an ambitious climate-related action plan along with a roadmap, which was published in July 2021.

    September 17, 2021 WebPage Regulatory News
    News

    APRA Issues Further Guidance on Application of Securitization Standard

    The Australian Prudential Regulation Authority (APRA) published a new set of frequently asked questions (FAQs) to provide guidance to authorized deposit-taking institutions on the interpretation of APS 120, the prudential standard on securitization.

    September 16, 2021 WebPage Regulatory News
    News

    SRB Provides Update on Approach to Prior Permissions Regime

    The Single Resolution Board (SRB) published a Communication on the application of regulatory technical standard provisions on prior permission for reducing eligible liabilities instruments as of January 01, 2022.

    September 16, 2021 WebPage Regulatory News
    News

    APRA Publishes FAQs on Capital Treatment of Overseas Subsidiaries

    The Australian Prudential Regulation Authority (APRA) published a new set of frequently asked questions (FAQs) to clarify the regulatory capital treatment of investments in the overseas deposit-taking and insurance subsidiaries.

    September 15, 2021 WebPage Regulatory News
    News

    EBA Finalizes Guidance to Assess Breaches of Large Exposure Limits

    The European Banking Authority (EBA) published the final report on the guidelines specifying the criteria to assess the exceptional cases when institutions exceed the large exposure limits and the time and measures needed for institutions to return to compliance.

    September 15, 2021 WebPage Regulatory News
    News

    PRA Finalizes Changes to Consolidated Prudential Rules Under CRD5/CRR2

    The Prudential Regulation Authority (PRA) issued the policy statement PS20/21, which contains final rules for the application of existing consolidated prudential requirements to financial holding companies and mixed financial holding companies.

    September 15, 2021 WebPage Regulatory News
    News

    EBA Revises Guidelines on Stress Tests of Deposit Guarantee Schemes

    The European Banking Authority (EBA) revised the guidelines on stress tests to be conducted by the national deposit guarantee schemes under the Deposit Guarantee Schemes Directive (DGSD).

    September 15, 2021 WebPage Regulatory News
    News

    Nordea Bank and EIB Sign Agreement to Fund Green Projects in Nordics

    The European Commission (EC) announced that Nordea Bank has signed a guarantee agreement with the European Investment Bank (EIB) Group to support the sustainable transformation of businesses in the Nordics.

    September 15, 2021 WebPage Regulatory News
    News

    ACPR Publishes Corrective Version of RUBA Taxonomy

    The French Prudential Control and Resolution Authority (ACPR) published the corrective version of the RUBA taxonomy Version 1.0.1, which will come into force from the decree of January 31, 2022.

    September 15, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7483