FMPs will therefore need to comply with the new transparency requirements provided for in the level 1 Disclosure Regulation by 10 March 2021. De verwachting is dat de WBTR op 1 januari 2021 in werking treedt. Reference is made to compliance with minimum safeguards such as the principle of do no significant harm within the meaning of the SFDR. Annex I of the current draft includes three tables with examples of environmental and social indicators. The SFDR addresses ESG issues within the whole investment cycle. It also noted that with almost EUR 5,000 billion of assets under management in Luxembourg, the country can play a key role if most of the players shift their priority from avoiding or limiting risks associated with unsustainable investments to integrating sustainable investments in their business strategy and considering them as an opportunity. The Disclosure Regulation is wide ranging and seeks to harmonise ESG disclosure requirements for so-called financial market participants (e.g. In addition, the proposals are important to users of non-financial information as they provide legal certainty on the content of such disclosure. To summarize, an investment shall qualify as a “sustainable investment” if: (ii) products that promote environmental and/or social characteristics, which are seen as a catch-all category for sustainability-promoting products that do not meet all requirements under Article 2(17) SFDR. In practice, the SFDR requires that supervisory authorities verify whether financial institutions are providing “more specific and standardized” ESG information to end-investors. Two key points following from the draft proposals: The Taxonomy Regulation is also closely linked with the Sustainable Finance Disclosure Regulation (SFDR). Op 28 oktober 2020 werd de memorie van antwoord gepubliceerd. These transparency obligations require the disclosure of information in the financial sector’s pre-contractual documents[3] and periodic reports, and on websites. In order to do so, these institutions will need to obtain ESG information from companies in their capacities as investees, borrowers, and issuers. These transparency obligations require the disclosure of information in the financial sector’s pre-contractual documents and periodic reports, and on websites. Short Reads - Op 10 november 2020 is het wetsvoorstel Wet bestuur en toezicht rechtspersonen (“WBTR”) door de Eerste Kamer aangenomen. On July 17, 2020, the European Commission adopted new rules setting out minimum technical requirements for the methodology of EU climate benchmarks (which are currently subject to a scrutiny period). However, the consultation paper does not provide further clarity on the alignment of that principle under the Taxonomy Regulation and SFDR. 3. how sustainable their financial products[2] are. The SFDR imposes requirements on institutions such as banks, insurance companies, pension funds, and investment firms. The Disclosure Regulation introduces new transparency requirements on sustainability for financial market participants (“FMP”) and financial advisers2. Sustainable Finance Series – The Companies’ Perspective, Morrison & Foerster LLP based on research provided by ECOFACT. apply methodologies to evaluate, measure, and monitor ESG matters, including identifying the main data sources and sustainability indicators; consider issuing or contracting ESG-related, adhere to recognized general or sectoral responsible business. Short Reads - Op 6 november 2020 is een wetsvoorstel tot wijziging van Boek 2 van het Burgerlijk Wetboek in verband met het evenwichtiger maken van de verhouding tussen het aantal mannen en vrouwen in het bestuur en de raad van commissarissen (“RvC”) van grote NV’s en BV’s (“wetsvoorstel”) bij de Tweede Kamer ingediend. The date by which a final text of the Implementing Measures will be available is still uncertain4. Team:
Receive our regular newsletters and newsflashes. The entire adoption process is not expected to be finalised before Q1 2021. It does so by demanding that organizations in the financial sector be transparent about: 1. how they integrate sustainability risks in their investment decision and advisory processes, including asset due diligence processes; 2. how they consider the adverse sustainability impacts of their investments (e.g., how the proceeds applied by investees, borrowers, and issuers have effects on environmental, social, and governance (ESG) matters); and. ©1996-2020 Morrison & Foerster LLP. On the other, the SFDR acknowledges that investment decisions may have principal adverse impacts (PAIs) on sustainability factors, i.e., environmental, social, and employee issues, respect for human rights, and anti-corruption and anti-bribery matters. Integration of sustainability risks and consideration of adverse impacts. Also, please note that our attorneys do not seek to practice law in any jurisdiction in which they are not properly authorized to do so.
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