The three European Financial Supervisory Authorities (ESAs) - the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA) - updated their joint supervisory statement on the application of the Sustainable Finance Reporting Regulation (SFDR) on Friday 25 March.
The ESAs recommend that national competent authorities and market players prepare for the application of the Commission’s forthcoming Delegated Act containing the technical regulatory standards by 1 January 2023, while also applying the relevant measures of the SFDR and Taxonomy Regulation (see EUROPE 12911/22).
The ESAs state that they expect financial market participants to provide an explicit percentage quantification of the alignment of investments with the taxonomy during this transitional period.
The European Commission is required to approve the draft technical regulatory standards for ESAs within three months. Subject to approval by the European Parliament and the Council of the European Union following this deadline, the technical regulatory standards will be adopted by the Commission by means of a delegated act.
Read the ESAs’ statement: https://aeur.eu/f/yt (Original version in French by Anne Damiani)