BaFin has updated and expanded its "Questions and Answers" (Q&A) on the Sustainable Finance Disclosure Regulation (SFDR) and the Regulatory Technical Standards (RTS).
In addition, BaFin published guidance on how the...more
8/23/2023
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
BaFin ,
Consumer Financial Products ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
European Securities and Markets Authority (ESMA) ,
Financial Markets ,
Guidance Update ,
National Competent Authorities (NCA) ,
Regulation Technical Standards (RTS) ,
SFDR ,
Sustainable Finance ,
UCITS
On 2 December 2022, Luxembourg’s supervisory authority, the Commission de Surveillance du Secteur Financier (CSSF) published an FAQ that seeks to clarify certain items under the Sustainable Finance Disclosure Regulation...more
12/20/2022
/ Alternative Investment Funds ,
Consumer Financial Products ,
CSSF ,
Disclosure Requirements ,
EU ,
European Supervisory Authorities (ESAs) ,
Financial Institutions ,
Luxembourg ,
Proposed Guidance ,
SFDR ,
Sustainable Finance ,
UCITS ,
Websites
Commission Delegated Regulation (EU) 2022/1288, setting out the regulatory technical standards (RTS) to be used by financial market participants (FMPs) when disclosing sustainability-related information under the Sustainable...more
12/14/2022
/ Adverse Impact ,
Climate Change ,
Commission Delegated Regulation ,
Disclosure Requirements ,
EU ,
EU Benchmark Regulation ,
European Supervisory Authorities (ESAs) ,
Financial Adviser ,
Financial Markets ,
Financial Products ,
Greenwashing ,
Investment ,
Regulation Technical Standards (RTS) ,
Reputational Injury ,
SFDR ,
Short Selling ,
Sustainable Finance ,
Taxonomy
After some delay, the United Kingdom’s financial services regulator, the Financial Conduct Authority (the “FCA”) has published Consultation Paper CP 22/20 (Sustainability Disclosure Requirements (“SDR”) and investment labels)...more
11/18/2022
/ AIFM ,
Alternative Investment Funds ,
Climate Change ,
Disclosure Requirements ,
Distributors ,
Environmental Social & Governance (ESG) ,
Financial Conduct Authority (FCA) ,
Greenwashing ,
Investment ,
Labeling ,
Marketing ,
Retail Investors ,
SFDR ,
Sustainability ,
UCITS ,
UK
The Commission de Surveillance du Secteur Financier (CSSF), the Luxembourg financial services regulator, on 27 July 2022 issued a communication to the investment fund industry reminding it of the deadline of 1 January 2023...more
This latest edition of the regulatory initiatives paper sets out at a high level the core regulatory issues that are likely to impact private fund managers in the coming months, including an overview of the key actions needed...more
9/22/2022
/ Alternative Reference Rates Committee (ARRC) ,
AML/CFT ,
Anti-Money Laundering ,
Beneficial Owner ,
CFTC ,
China ,
Climate Change ,
Commission Delegated Regulation ,
Coronavirus/COVID-19 ,
Cryptoassets ,
Custody Rule ,
Cybersecurity ,
Digital Currency ,
Disclosure Requirements ,
Diversity and Inclusion Standards (D&I) ,
Economic Sanctions ,
ELTIF ,
Environmental Social & Governance (ESG) ,
EONIA ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
European Supervisory Authorities (ESAs) ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Financial Services Act ,
Form PF ,
FSOC ,
Fund Managers ,
Hedge Funds ,
Hong Kong ,
ICE Benchmark Administration (IBA) ,
Investors ,
Libor ,
MiFID ,
MiFID II ,
Non-Fungible Tokens (NFTs) ,
Private Funds ,
Proposed Amendments ,
Regulatory Standards ,
REIT ,
Rulemaking Process ,
Russia ,
Secured Overnight Funding Rate (SOFR) ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934 ,
SFDR ,
Supply Chain ,
Temporary Permissions Regime (TPR) ,
UCITS ,
UK ,
UK Brexit ,
Ukraine
Commission Delegated Regulation (EU) 2022/1288, setting out the regulatory technical standards (RTS) to be used by financial market participants (FMPs) when disclosing sustainability-related information under the Sustainable...more
A brief recap – ESAs’ January 2021 letter to the EU Commission, EU Commission response and adoption of RTS
Signed by the European Parliament and the Council of the European Union on 27 November 2019 and published in the...more
Summary -
On 6 April 2022, the European Commission announced that is has adopted the regulatory technical standards to be used by financial market participants when disclosing sustainability-related information under the...more
4/8/2022
/ Corporate Governance ,
Disclosure Requirements ,
EU ,
European Commission ,
Financial Markets ,
Financial Regulatory Reform ,
Financial Services Industry ,
Market Participants ,
New Regulations ,
RTS ,
SFDR ,
Sustainable Finance
As set out in our earlier OnPoint, “Is Brexit Green?”, the UK has adopted a different approach to regulating ESG in the asset management sector compared to the EU by not “on-shoring” the EU’s Sustainable Finance Disclosure...more
4/4/2022
/ Asset Management ,
Climate Change ,
Consultation Papers ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Investment Management ,
Policy Statement ,
Regulatory Requirements ,
SFDR ,
Task Force on Climate-related Financial Disclosures (TCFD) ,
UK
In a letter dated 25 November 2021, the European Commission’s Director-General for Financial Stability, Financial Services and Capital Markets Union (the Director-General) confirmed that the date of application of the...more
The Sustainable Finance Disclosure Regulation (SFDR) empowered the European Supervisory Authorities (ESAs) to develop draft regulatory technical standards (RTS) on taxonomy-related product disclosures. On 15 March 2021, the...more
A brief recap - ESAs' letter to the EU Commission January 2021 On 7 January 2021 – less than eight weeks before the Sustainable Finance Disclosure Regulation (SFDR)1 ‘go live’ date – the Chair of the Joint Committee of the...more
Introduction -
On 10 March 2021, the main operative provisions of the Sustainable Finance Disclosure Regulation (2019/2088) (SFDR) began to apply. However, rather than marking the end of the ESG journey, it is just the...more
6/28/2021
/ Capital Markets ,
Climate Change ,
Corporate Governance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
Green Finance ,
Investment ,
Investment Management ,
Sustainability ,
Sustainable Finance
In light of the looming 10 March 2021 deadlines for both the SFDR (the Sustainable Finance Disclosure Regulation (EU) 2019/2088) and the AMF Position/Recommendation DOC-2020-03 (the “AMF Doctrine”),1 the AMF published a press...more
1/26/2021
/ AMF Doctrine ,
Business Plans ,
Business Strategies ,
Corporate Governance ,
Corporate Social Responsibility ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
Investment ,
Publicly-Traded Companies ,
SFDR
Asset managers across geographies and asset classes are increasingly incorporating environmental, social and governance (“ESG”) considerations at all levels of the investment management business. Increased focus on ESG has...more
Tackling climate change is not a new initiative in the UK. Indeed, the UK was one of the first countries worldwide to endorse the recommendations of the Task Force for Climate-related Financial Disclosures (TCFD) – aimed at...more
12/3/2020
/ Asset Management ,
Climate Change ,
Corporate Counsel ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Financial Statements ,
Green Finance ,
UK ,
UK Brexit
Whilst to date no formal announcement has been made by the European Commission, in a letter to two trade associations (the German Bundesverband Investment und Asset Management (BVI) and the Italian Assogestioni) the...more
The draft regulatory technical standards (RTS) set out detailed information relating to the content, methodology and presentation of certain environmental, social, and governance (ESG) disclosures required under the EU...more
5/29/2020
/ Consultation Papers ,
Disclosure Requirements ,
Draft Implementation Regulations ,
Environmental Social & Governance (ESG) ,
EU ,
European Supervisory Authorities (ESAs) ,
Financial Services Industry ,
Popular ,
Regulation Technical Standards (RTS) ,
SFDR ,
Sustainable Finance
On 6 March 2020, the Financial Conduct Authority (“FCA”) launched a consultation paper outlining new climate-related disclosure requirements for premium listed issuers and consulting on guidance on existing obligations set...more
3/21/2020
/ Climate Change ,
Consultation Periods ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
Financial Conduct Authority (FCA) ,
Proposed Rules ,
Publicly-Traded Companies ,
Sustainability ,
Task Force on Climate-related Financial Disclosures (TCFD) ,
UK
Signed by the European Parliament and the Council of the European Union on 27 November 2019 and published in the Official Journal of the European Union on 9 December 2019, the regulation on sustainability-related disclosures...more
12/19/2019
/ AIFM ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
Financial Services Industry ,
Fund Managers ,
Investment ,
Investment Firms ,
Investment Management ,
MiFID II ,
Sustainability ,
Sustainable Finance ,
UCITS ,
Venture Capital
Europe is the largest market for fund products after the United States. However, despite the advances of the European single market, there remains a confusing combination of pan-European and country specific rules governing...more
7/1/2017
/ AIF ,
AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Capital Markets ,
Capital Raising ,
Disclosure Requirements ,
EU ,
European Economic Area (EEA) ,
Foreign Investment ,
Investors ,
National Private Placement Regimes (NPPR) ,
Passporting ,
Private Placements ,
Reporting Requirements ,
Retail Investors ,
Reverse Solicitation ,
UCITS ,
UK Brexit
The Alternative Investment Fund Managers Directive (2011/61/EU) (the “Directive” or “AIFMD”) states in Recital 94 that its objective is:
...to ensure a high level of investor protection by laying down a common...more