Central Bank announces fast-track process for Taxonomy and SFDR L2 related updates

The Central Bank has issued a communication announcing the establishment of a fast-track filing process for updates to pre-contractual documentation required under the Taxonomy Regulation (applicable from 1 January 2022) and under the SFDR Regulatory Technical Standards (RTS) (applicable from 1 July 2022). The fast-track filing process is intended to facilitate an orderly implementation of the new EU sustainable finance rules.

Each filing must be accompanied by an attestation that that the amendments made are in accordance with the Taxonomy Regulation/SFDR RTS and do not contain any other amendments to the pre-contractual documentation. In respect of compliance with the Taxonomy Regulation, filings must be made no later than 14 December 2021. This deadline is intended to facilitate a Central Bank review of a sample of the submissions received and the Central Bank intends to engage with individual applicants where queries arise. There is the possibility to request an extension to this deadline on an individual basis where this can be reasonably justified.

Filings in respect of the SFDR RTS may be made at any point after 31 March 2022 and must be made no later than 27 May 2022. The Central Bank has noted that it may revise these deadlines depending on developments in respect of the SFDR RTS.