The Commission has to adopt the delegated act by 1 June 2021. [3] These may be prospectuses, key information documents, or others, as specified in Article 6(3) of the SFDR. Team: [2] In terms of financial activities, the SFDR currently applies to financial products (defined in Article 2(12)), investment advice (defined in Article 2(16)), and insurance advice (defined in Article 2(21)). apply methodologies to evaluate, measure, and monitor ESG matters, including identifying the main data sources and sustainability indicators; consider issuing or contracting ESG-related, adhere to recognized general or sectoral responsible business. Receive our regular newsletters and newsflashes. Accordingly, and considering the absence of final Implementing Measures, IFMs should seek to comply with the level 1 Disclosure Regulation on a ‘best effort’ basis. In practice, the SFDR requires that supervisory authorities verify whether financial institutions are providing “more specific and standardized” ESG information to end-investors. As from 10 March 2021, they will be required to publish ESG-related information on their website. It also noted that with almost EUR 5,000 billion of assets under management in Luxembourg, the country can play a key role if most of the players shift their priority from avoiding or limiting risks associated with unsustainable investments to integrating sustainable investments in their business strategy and considering them as an opportunity. The Implementing Measures are intended to detail (i) the requirements regarding principal adverse impacts and (ii) the format and content of information to be included in the prospectus and in the annual report pursuant to Articles 8, 9 and 11 of the Disclosure Regulation. The date by which a final text of the Implementing Measures will be available is still uncertain4. Articles - Stibbe Luxembourg's Funds Partner Edouard d'Anterroches analyses the advantages and the limits of the European Commission's Draft Regulation aimed at facilitating sustainable investments. In addition, the proposals are important to users of non-financial information as they provide legal certainty on the content of such disclosure. The obligations which apply to all IFMs include information on: Additional obligations apply in the case where a financial product (which includes UCITS and AIFs) (i) promotes, among other characteristics, social and/or environmental characteristics, or (ii) has a sustainable investment objective. Manon Cremers, Barbara Bier, Fons Leijten, Lieke Stroeve, Update Sustainable Finance Disclosure Regulation, Junior Corporate Support Lawyer Amsterdam, Unfair Competition and Consumer Protection, Edouard d'Anterroches contributes to BLI's white paper on ESG, Webinar: Practical aspects of receivables pledge and transfer restrictions in finance transactions, Wetsvoorstel inzake evenwichtige man/vrouwverhouding bij de Tweede Kamer ingediend, De SPAC (special purpose acquisition company), Wetsvoorstel Wet Bestuur en Toezicht Rechtspersonen aangenomen door de Eerste Kamer. The paper specifies the content, methodology and presentation of the key performance indicators (KPIs) that non-financial undertakings and asset managers are required to disclose. [4] Following the legislative process, Regulation (EU) 2019/2089 of November 27, 2019 amending Regulation (EU) 2016/1011 as regards EU climate transition benchmarks, EU Paris-aligned Benchmarks, and sustainability-related disclosures for benchmarks was published in the Official Journal on December 9, 2019, and entered into application on April 30, 2020. While the last few years have already seen a dramatic shift in market appetite towards sustainability-minded companies, the forecasts see further mobilization during 2021. By increasing and harmonising transparency on sustainability, the aim of this Regulation is (i) to increase investor confidence and reorient capital flows towards sustainable investments, (ii) to better inform investors on sustainability aspects of their investments, (iii) to ensure comparability of ESG-related information, and (iv) to avoid greenwashing. Short Reads - Op 6 november 2020 is een wetsvoorstel tot wijziging van Boek 2 van het Burgerlijk Wetboek in verband met het evenwichtiger maken van de verhouding tussen het aantal mannen en vrouwen in het bestuur en de raad van commissarissen (“RvC”) van grote NV’s en BV’s (“wetsvoorstel”) bij de Tweede Kamer ingediend. The SFDR addresses ESG issues within the whole investment cycle. The SFDR will start applying in March 2021 and is expected to further shift market appetite towards sustainability-minded companies in their capacities as investees, borrowers, and issuers. Concerning non-financial undertakings: the advice covers the content of the three KPIs, namely the proportion of turnover, and capital and operating expenditure related to environmentally sustainable activities which must be disclosed and set out specific considerations relating to the methodology for their preparation and presentation. Na de publicatie van het voorlopig verslag op 31 maart 2020 lag de behandeling van het wetsvoorstel geruime tijd stil. Articles - In deze bijdrage, geschreven door Derk Lemstra en Rik van Kessel, wordt de special purpose acquisition company, kortweg SPAC besproken. Keep up with the latest legal and industry insights, news, and events from MoFo. Concerning asset managers: the advice proposes a KPI calculation model based on eligible investments; this comes together with advice on how this KPI should be calculated and presented to allow uniform disclosure on how the activities are directed at funding environmentally sustainable economic activities. The entire adoption process is not expected to be finalised before Q1 2021. De volgende stap is publicatie van de wet in het Staatsblad. Update Sustainable Finance Disclosure Regulation 11.11.2020 NL law Last week, ESMA published its Consultation Paper containing ESMA’s draft advice to the European Commission on Article 8 of the Taxonomy Regulation. Many requirements provided for in the Disclosure Regulation appear difficult to implement without further clarification, for instance: The European Commission (“EU Commission”) is aware of those issues and will hopefully provide additional guidance in relation to the application of the Disclosure Regulation in the coming weeks. In the area of ESG and sustainable finance, investment fund managers need to start preparing for the application of the ESG Disclosure Regulation1 (“Disclosure Regulation”).. As from 10 March 2021, they will be required to publish ESG-related information on their website. As recently confirmed, the EU regulation on sustainability-related disclosures in the financial services sector, or SFDR, will go into effect on March 10, 2021, regardless of the market rumors of an official delay of its application or a non-action letter. Regarding the implementation of the Disclosure Regulation, the CSSF has informally confirmed that it will put into place a fast track procedure coupled with a self-certification procedure for prospectus changes limited to the Disclosure Regulation. the disclosure in relation to sustainability risk; the criteria to apply in order to determine if an investment fund promotes social and environmental characteristics; the interaction with the requirements provided for in the Taxonomy Regulation. Fons Leijten, Heleen Kersten, Sandra Rietveld. Op 28 oktober 2020 werd de memorie van antwoord gepubliceerd. The definition of FMPs as used in the Disclosure Regulation include UCITS management companies, AIFMs and portfolio managers (“IFMs”), even if they do not have a sustainable investment objective or pursue an ESG investment strategy.

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