Deloitte Digital combines Deloitte’s globally recognized strength in business transformation and technology implementation with the capabilities of a world-class digital agency. Partner – IM Advisory & Consulting environmental impact of a product and could facilitate the comparison between in a timely manner. in the Financial Services Sector (SFDR), which was adopted last year. Investment firms and advisers also must disclose It is an important matter that concerns all companies, regardless of their industry or their size in order to propose something new to consumers. CFA Institute has argued that most ESG disclosures On 2 July 2020, the three European Supervisory Authorities (ESAs) held a public hearing to explain and discuss the content of the Consultation Paper and Draft RTS with regard to the content, methodologies and presentation of disclosures to be made pursuant to Regulation (EU) 2019/2088 (Disclosures Regulation) published by the ESAs on 23 April 2020. Your email address will not be published. We emphasize, however, In the European Union (EU), ESG this has been assured. Required fields are marked *. The draft RTS relate to several disclosure obligations under the SFDR regarding necessary information on the adverse impacts of investment decisions and financial advice to enable end-investors to make informed investment decisions, in particular. global ESG standard for investment products. The bulk of the Disclosure Regulation will apply from 10 March 2021 and it is expected that preparation for the new regime will be a focus for many firms in 2020. disclosure is covered under the Regulation on Sustainability‐Related Disclosures Deloitte Solutions is a regulated entity with a support PSF status, and a reliable partner for your global financial reporting services. Monitoring of environmental or social characteristics. proposed seem to be appropriate for the present time. balance these two types of disclosure. the Regulation and, specifically, between the definitions under the SFDR and The ESAs, therefore, the EU Taxonomy Regulations. and making their final investment decisions. that the disclosure is improved in the future. the industry demands are expected to evolve over time. CFA Institute responded to the He helps reach out to regulators and stakeholders about the positions that CFA Institute holds and unravel the complexities of EU regulation for CFA Institute members. These same disclosures also could They will then be submitted as a final report to the Commission for endorsement before being published in the Official Journal of the European Union. Manager – Strategy Regulatory & Corporate Finance specific ESG characteristics. Comments on this consultation paper should be sent using the response form, via the ESMA website under the heading ‘Your input/Consultations’. Tel : +352 45145 2276 See Terms of Use for more information. Actions taken to attain environmental or social characteristics. Therefore, the details of the content and presentation of the information to be disclosed at the pre-contractual level in the sectoral documentation prescribed by SFDR include: Environmental or Social characteristics promoted by the financial product, No sustainable investment objective, Investment strategy, Sustainability indicators, Use of derivatives, Website reference and Reference benchmark2. Get the latest updates on tax, regulations, laws and directives. At present, however, our Financial market participants should publish the information for each financial product, in the order and made up of information on: The draft RTS also set out where and how the financial market participant must publish the information on the website, including the need to publish a two-page summary. SFDR requires financial market participants and advisers to publish information The requirements under the SFDR will become applicable from 10 March 2021. measuring the proportion of alignment of a financial product or activity with RTS. bsauvage@deloitte.lu, Marijana Vuksic The draft RTS provides a single framework for adverse impact disclosure by financial market participants, which includes: The product disclosure requirements must be integrated into existing sectoral disclosure formats. Manager – Strategy Regulatory & Corporate Finance If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this. The consultation paper is available on the websites of the three ESAs. The draft RTS for periodic product disclosure set out the details of the content and presentation of information to be disclosed, which should contain evidence around the following elements: Attainment of the environmental or social characteristics promoted by the financial product, No significant harm of sustainable investment objectives, as products could be marketed as sustainable even though they do not have Views on improving the integrity of global capital markets, Curated Global Headlines by SmartBrief.com. global ESG standard for investment products. The ESAs should are also expected to develop the RTS adverse impacts in the field of social and employee matters, respect for human rights, anti‐corruption and anti‐bribery matters by 30 December 2021. should reassess the content of the required ESG data and the related indicators the EU Taxonomy. The ESAs Designated reference benchmark / Attainment of the sustainable investment objective. Save my name, email, and website in this browser for the next time I comment. Tel : +352 45145 4220 DTTL (also referred to as “Deloitte Global”) does not provide services to clients. different, or more detailed, types of ESG information in the future. (RTS) on content, methodologies, and disclosures of ESG information, which Tel : +352 45145 2702 The ESAs will be reviewing these draft technical standards based on the responses received. By continuing to use the site, you agree to the use of cookies. In order to adapt to the environmental emergency situation, financial market participants and financial advisers will be required to disclose these specific information on their approaches to the integration of sustainability risks and the consideration of adverse sustainability impacts. indicators for climate and environmental issues as well as social and employee, © 2020 CFA Institute. Please see, Telecommunications, Media & Entertainment. Innovation is more than just a buzzword used by all. The metrics that the ESAs have Partner – Sustainability Leader The lack of these characteristics and historical data Top investments of the financial product. At the same time the ESAs are asked to consider that the product disclosures should be “accurate, fair, clear, not misleading, simple and concise”. that the ESAs have taken on the disclosures that should be included in the The Deloitte Regulatory Watch Kaleidoscope service helps you stay ahead of the regulatory curve to better manage and plan upcoming regulations. Sustainable Finance: the ESAs launch consultation for ESG disclosures standards has been saved, Sustainable Finance: the ESAs launch consultation for ESG disclosures standards has been removed, An Article Titled Sustainable Finance: the ESAs launch consultation for ESG disclosures standards already exists in Saved items. Deloitte Luxembourg is committed to facilitate and accelerate the achievement of innovative projects. The template looks comprehensive and includes detailed adverse sustainability Do not delete! transparency requirements to be disclosed in precontractual documents and those Recently, the European Supervisory Discover at a glance the RegTech universe and what solutions this new technology offers to solve compliance and regulatory issues. should be provided on the proportion of ESG data that has been audited and how Subscribe to Market Integrity Insights and receive email notifications when new content is posted. market participants and investment advisers need to publish on their website. more information Accept. CFA Institute supports the approach Partner – Banking Leader The Disclosure Regulation, part of the EU Sustainable Action Plan, provides a central schedule of obligations for environmental, social and governance (" ESG ") related disclosures in the EU financial services sector. produced a template on the adverse sustainability statement that financial [Editor’s note: Practices differ depending on global region.] help us develop the first version of this standard, by Monday, 19 October 2020. lack of alignment between these two pieces of legislation may mislead investors The disclosure requirements for financial products will apply later, as from 1 January 2022. Providing environmental, social, and governance (ESG) information is now a fundamental part of companies’ reporting activities. Stakeholders are invited to provide their input, which will

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