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05 juli 2023

CONSULTATIE | Focus op oplossen van belangrijkste pijnpunten in SFDR-level 2

CONSULTATION | Focus on resolving critical SFDR level 2 problems

On 4 July 2023, we responded to the European Supervisory Authorities' (ESAs') review on the Sustainable Finance Disclosure Regulation (SFDR) Delegated Regulation consultation. We are appreciative of the analyses and efforts to address shortcomings in the current SFDR disclosures, but we recommend the ESAs focus on the critical issues at level 2 and avoid interim solutions for SFDR level 1 problems.

View our response

View the summary

Resolve critical level 2 problems but leave fundamental limitations to SFDR level 1 review and EU Taxonomy extensions

There are critical problems that should be resolved in the Regulatory Technical Standards (RTS), such as defining the concept of 'all investments' and adjusting existing Principal Adverse Impact (PAI) metrics to effectively capture and quantify adverse impacts. However, solving the fundamental limitations requires reviewing the SFDR at level 1 as initiated by the European Commission and extending the EU Taxonomy.

Cost and additional reporting burden should not be underestimated

The proposed amendments to the templates and delegated regulation impose a substantial implementation and reporting burden. We emphasize that any revised templates or additional disclosures should be concluded only after the ESAs have conducted consumer testing scenarios involving retail investors. Changes should also account for the SFDR level 1 review and whether retail investors remain the addressees of the templates.

Align treatment of materiality for PAI indicators between SFDR and CSRD/ESRS

DUFAS is concerned that under the European Sustainability Reporting Standards (ESRS) the PAI indicators could become subject to a company's own internal materiality assessment. Should PAI indicators not be reported, this would conflict with reporting obligations of asset managers. We emphasize that the reporting obligations of companies under the Corporate Sustainability Reporting Directive (CSRD) and ESRS should be aligned and correspond with reporting obligations Financial Market Participants (FMPs) have under the SFDR. Hence, either reporting PAI indicators should be mandatory under the ESRS or FMPs should be allowed to consider the materiality of PAIs at investee level for the PAI statement and elements of the Do Not Significant Harm (DNSH) test for sustainable investments.

More information

Would you like to respond, or should you have any questions? We would be pleased to hear from you. Please feel welcome to send an email to Randy Pattiselanno, DUFAS' manager strategy & regulatory affairs.

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