European Commission postpones SFDR Level 2 Measures until 1 January 2023

Information regarding regulatory technical standards under the Sustainable Finance Disclosure Regulation 2019/2088

In accordance with the fourth subparagraphs of Articles 10(1) of Regulations (EU) Nos 1093, 1094 and 1095/2010, the Commission informs the European Parliament and the Council that those draft regulatory technical standards could not be adopted by the Commission within the three-month period, given their length and technical detail, which requires additional time in the adoption process.

By my letter dated 8 July 2021 (Ares(2021)4439157), I have informed you that we deem it necessary to bundle those draft regulatory technical standards with draft regulatory technical standards under Articles 2a(3), 4(6) and (7), 8(3), 9(5), 10(2) and 11(4) of Regulation 2019/2088 in a single delegated act. I have also clarified that the delegated act should apply from 1 July 2022.

Due to the length and technical detail of those 13 regulatory technical standards, the time of the submissions to the Commission, and to facilitate the smooth implementation of the delegated act by product manufacturers, financial advisers and supervisors, we would defer the date of application of the delegated act to 1 January 2023.

The full European Commission letter is available at https://www.esma.europa.eu/sites/default/files/library/com_letter_to_ep_and_council_sfdr_rts-j.berrigan.pdf

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