ESAs issue consultation on the implementation of the Sustainable Finance Disclosure24 April 2020
The European Supervisory Authorities (ESAs) have issued a Joint Consultation Paper on ESG Disclosures that sets out the proposed Regulatory Technical Standards (RTS) to be incorporated into a Commission Delegated Regulation supplementing the Level 1 Sustainable Finance Disclosures Regulation.
The Joint Consultation Paper sets out RTS on the following:
- Disclosures relating to principal adverse impacts of investment decisions on sustainability factors, including a mandatory reporting template and related indicators
- Disclosure requirements for products making sustainable investments as to how the product complies with the “do not significantly harm” principle
- Details of the content and presentation of the information to be disclosed to investors at the pre-contractual level, including a mandatory reporting template for the presentation of this information
- Details of the content and presentation of information for product website as well as periodic product disclosures
The deadline for responses is 1 September 2020. Irish Funds will respond to this consultation, as well as the consultation on the review of the Non-Financial Reporting Directive (NFRD) and the consultation on the EU’s renewed sustainable finance strategy.