Changes in the presentation of sustainable related disclosures The final draft RTS also specify the method of calculation which should be used to calculate the Taxonomy activity contribution of non-financial investees companies using key performance indicators (KPIs), one KPI being selected and indicated in the pre-contractual disclosures related to each product.
How the Taxonomy alignment will be (for pre-contractual disclosures) or has been (for periodic disclosures) achieved, followed by an assessment by an auditor or a third party (and if so, to indicate the name of such auditor or third party). Two graphs reflecting the proportion of Taxonomy-Aligned Investments underlying the product based on a specified methodology to calculate this alignment: one graph showing the Taxonomy alignment out of all investments of the product, including sovereign bonds, and a second graph showing the Taxonomy alignment out of all investments other than sovereign bonds and The disclosures at the level of the product need to include: prospectus for investment funds) and periodic reports should reflect the proportion of Taxonomy-Aligned Investments calculated from a product's underlying investments with a specific treatment of sovereign exposures. In accordance with the final draft RTS, where a financial product contributes to any of the environmental objectives listed in the Taxonomy Regulation, the relevant pre-disclosures should identify such objectives and include how and to what extent such product’s underlying investments qualify as “environmentally sustainable economic activities” in compliance with the Taxonomy Regulation ( Taxonomy-Aligned Investments).įor that purpose, the final draft RTS now mention that the relevant pre-contractual document (the form of which varies according to the relevant product at stake e.g. Inclusion of specific Taxonomy-related disclosure requirements.These final draft RTS provide a set of rules and mandatory templates for pre-contractual and periodic product disclosures which (i) amend the previous set of draft RTS published on 4 February 2021, and (ii) introduce further obligations where the relevant financial products invest in sustainable investments contributing to environmental objectives as outlined in the Taxonomy Regulation. On 22 October 2021, ESMA eventually published the final draft RTS related to the content and presentation of disclosures under SFDR as amended by the Taxonomy Regulation, prepared by the ESAs and delivered to the European Commission. This development has led to the RTS being considered by financial market participants as even more vital in assessing the format, content and layout of the relevant SFDR disclosures in conjunction with the provisions of the Taxonomy Regulation. Regulation (EU) 2020/852 on the establishment of a framework to facilitate sustainable investment ( Taxonomy Regulation) further complements the SFDR framework. Despite the main disclosures required pursuant to Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector ( SFDR) being applicable since 10 March 2021, the long-awaited Regulatory Technical Standards ( RTS) complementing and clarifying the disclosure requirements under the SFDR, have been postponed further to 1 July 2022, being six months later from the initially agreed date being 1 January 2022.
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