European Supervisory Authorities’ proposal on the standardisation of sustainability-related disclosures – consultation period until 16 October
The European Supervisory Authorities (ESAs) propose a standardised way of presentation of the information to be disclosed pursuant to Regulation ((EU) 2019/2088, entry into force on 10 March 2021) on sustainability‐related disclosures in the financial services. The disclosure obligation will apply extensively to insurance, banking and capital market participants.
In particular, the ESAs invite stakeholders’ comments on templates designed for the pre-contractual and periodic disclosure of information. The use of standardised templates would improve the comparability of different investment products in different EU member states.
The objective of the Regulation is to improve investor protection and promote the transparency of investment activities by increasing the amount of information provided to investors on the sustainable development goals, sustainability risks and adverse sustainability impacts of investment products. The Regulation obliges the ESAs to develop regulatory technical standards on the content, methodologies and presentation of ESG information and any adverse sustainability impacts pertaining to investments.
The request for consultation is available on the European Commission website. The consultation period ends on 16 October 2020.
For further information, please contact
- Nina Männynmäki, Senior Policy Advisor, telephone +358 9 183 5249 or nina.mannynmaki(at)fiva.fi
- Mikko Sinersalo, Senior Risk Expert, telephone +358 9 183 5542 or mikko.sinersalo(at)fiva.fi
- Regulation: Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability‐related disclosures in the financial services sector (Text with EEA relevance)
- FIN-FSA supervision release of 22 May 2020 (in finnish)
- FIN-FSA’s theme web page on sustainable finance
The corresponding Finnish-language supervision release was published on 24 September 2020.