Europejski Urząd Nadzoru Bankowego, Europejski Urząd Nadzoru Giełd i Papierów Wartościowych (European Securities and Markets Authority - ESMA), Europejski Urząd Nadzoru Ubezpieczeń i Pracowniczych Programów Emerytalnych (European Insurance and Occupational Pensions Authority - EIOPA), Raport końcowy w sprawie projektu regulacyjnych standardów technicznych dotyczących przeglądu PAI i ujawniania informacji o produktach finansowych w rozporządzeniu SFDR

JC 2023 55

30 November 2023

Final Report on draft Regulatory Technical Standards

on the review of PAI and financial product disclosures in the SFDR Delegated Regulation

1. Executive Summary

The European Supervisory Authorities (ESAs) have developed through the Joint Committee (JC) proposed Regulatory Technical Standards (hereinafter ‘RTS’) on content and presentation of disclosures pursuant to Article 2a(3), 4(6), 4(7), 8(3), 8(4), 9(5), 9(6), 10(2), 11(4) and 11(5) of Regulation (EU) 2019/2088 (hereinafter Sustainable Finance Disclosure Regulation ‘SFDR’).

This final report responds to a mandate sent by the European Commission in April 20221 to review several aspects of the operation of Commission Delegated Regulation (EU) 2022/1288 (hereinafter the SFDR Delegated Regulation), including the disclosures of principal adverse impacts (PAI) of investment decisions on sustainability factors and to introduce disclosure of financial products’ decarbonisation targets. The ESAs published...