The European Supervisory Authorities EBA, EIOPA and ESMA (ESAs) have published a Supervisory Statement on the application of Regulation (UE) 2019/2088 on sustainability related disclosures in the financial services sector (hereinafter referred to as “SFDR”).
This statement aims to encourage the efficient and consistent application of the SFDR at Member State level, thus promoting a level playing field and ensuring investors protection. The statement also covers the application of Articles 5 and 6 of Regulation (EU) 2020/852 (Taxonomy Regulation, hereinafter referred to as "TR") within the period from 10 March 2021 (the date of application of most provisions of the SFDR) to the application date of the Regulatory Technical Standards.
The statement is addressed to financial market participants, including: insurance companies that provide an insurance-based investment product (IBIP), investment firms that provide portfolio management services, institutions for occupational retirement provision (IORP), pension products manufacturers, alternative investment fund managers (AIFM), providers of pan-European personal pension products (PEPP), undertakings for the collective investment in transferable securities (UCITS), credit institutions providing portfolio management services, managers of qualifying venture capital funds registered in accordance with Article 14 of Regulation (EU) no.345/2013, managers of qualifying social entrepreneurship funds registered in accordance with Article 15 of Regulation (EU) no. 346/2013.
We would like to underline that the participants in the financial market have the obligation to apply the provisions of SFDR starting 10 March 2021, except for those provisions that require specification / clarification through the Regulatory Technical Standards (RTS) that will be adopted by the European Commission at a later date.
You can consult the English language version of the ESAs Supervisory Statement here.