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    ESAs Launch Survey on Templates for Product Disclosures Under SFDR

    September 21, 2020

    ESAs launched a survey seeking feedback on the presentational aspects of product templates under the Sustainable Finance Disclosure Regulation (SFDR or Regulation 2019/2088). ESAs are inviting stakeholders to comment on layout of the templates that reflect the text of the draft regulatory technical standards from the recent public consultation (from April 23, 2020 to September 01, 2020) on content, methodologies, and presentation of disclosures under SFDR. The feedback period for this survey ends on October 16, 2020. The final content of the templates will be subject to the outcome of a concurrent consumer testing exercise and the final report of ESAs on the draft regulatory technical standards under SFDR.

    ESAs propose to standardize the disclosure of information for financial products that promote environmental and/or social characteristics or have a sustainable objective. The use of standardized, mandatory templates will improve comparability of different financial products in member states in EU; these templates are intended to be included in the existing disclosures provided by Alternative Investment Fund Managers (AIFMs), Undertakings for Collective Investment in Transferable Securities (UCITSs), insurance undertakings, Institutions for Occupational Retirement Provision (IORPs), and providers of Pan-European Personal Pensions Products (PEPPs). The survey package also includes three preliminary, illustrative mockups of pre-contractual and periodic disclosure templates of products promoting Environmental and/or Social characteristics (under Articles 8 and 11 of the SFDR). The templates for disclosure of products with a sustainable investment objective (Article 9) are very similar to the templates for products promoting E/S characteristics and have not been included in the online survey. 

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

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