The European Supervisory Authorities (ESAs) - EBA, ESMA and EIOPA - have developed Regulatory Technical Standards (RTS) for the disclosure of financial product exposure to investments in fossil gas and nuclear energy activities under the Sustainable Finance Disclosure Regulation (SFDR).
Meeting in a joint committee, they published the RTS in a final report on Friday 30 September, relating in particular to the content and presentation of information to be provided in pre-contractual documents, on websites and in periodic reports (see EUROPE 12934/18).
This report follows a request from the European Commission in April. The proposed amendments aim to ensure full transparency on investments in fossil gas and nuclear energy activities, through information on the degree of investment in activities aligned with the taxonomy.
In particular, this information details the proportion that these investments represent across total investments and in environmentally sustainable economic activities.
The ESAs also proposed some additional minor technical corrections to the delegated regulation, but consider that the existing disclosures in the SFDR delegated regulation are sufficient for investments in fossil gas or nuclear energy through financial products that are not covered by the EU taxonomy.
The Commission will examine the RTS projects and approve them within the next 3 months. Due to the urgency of the matter and the challenging application timeline of the Complementary Climate Delegated Act, the ESAs have left it to the Commission to include an expected application date when they endorse the draft RTS.
To consult the final report of the ESAs: https://aeur.eu/f/3dg (Original version in French by Anne Damiani)