ESAs publish final draft RTS on ESG disclosures
The ESAs published their final report including the draft RTS on disclosures under the EU Regulation on sustainability-related disclosures in the financial services sector.
The ESAs (EIOPA, EBA and ESMA) on 4 February 2021 published their final report including the draft RTS on disclosures under the Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (SFDR). To view the press releases, click here for EBA, ESMA and EIOPA.
The draft RTS includes regulatory technical standards on:
- entity-level principal adverse impact disclosures, including a list of indicators for principle adverse impacts,
- product level disclosures, including specification of the content, methodologies and presentation of information in relation to sustainability indicators and the promotion of environmental or social characteristics and sustainable investment objectives in pre-contractual documents, on the website and in periodic reports.
Templates are included in the draft RTS to standardize processes.
The press releases note that it is expected that the European Commission will endorse the text for the RTS within three months of its publication. The proposed application date which is currently included in the draft RTS text is 1 January 2022. In a published letter of 20 October 2020 from the European Commission addressed to the ESAs, the delay of the publication of the draft RTS was already announced (original set timeframe was final draft by 30 December 2020) and it is noted that the publication of the final RTS is not a condition to the entry into force of provisions under the SFDR on 10 March 2021.
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Kitty LieversePartner Attorney at law
Kitty Lieverse, attorney at law, is the chair of the Banking & Finance practice group. She specializes in supervision of the financial markets and is professor financial supervision laws at the Radboud University of Nijmegen.T: +31 20 578 57 55 M: +31 6 51 28 93 06 E: email@example.com