News & Analysis as of September 18, 2024

Taxonomy

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The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -

The ESMA Sets Out Its Long-term Vision on the Functioning of the Sustainable Finance Framework

Mayer Brown on 8/9/2024

On 24 July 2024, the European Securities and Markets Authority ("ESMA") published an opinion on the sustainable finance regulatory framework (the "ESMA Opinion"), which outlines the ESMA's long-term vision for the functioning...more

ESMA’s Long-Term Vision for the Functioning of the Sustainable Finance Framework

Proskauer - Regulatory & Compliance on 7/30/2024

On 24 July 2024, the European Securities and Markets Authority (“ESMA”) published an opinion (the “Opinion”) outlining its long-term vision for the functioning of the European Union’s sustainable finance framework (the...more

Regulation Round Up - December 2023

Proskauer Rose LLP on 1/4/2024

Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation. Key developments in December 2023: 21 December - UK / Swiss Regulatory...more

A step closer to SFDR changes under ESAs’ Final Report

Proskauer - Regulatory & Compliance on 12/15/2023

On 4 December 2023 the European Supervisory Authorities (the “ESAs”) published their final report on updating the regulatory technical standards of the Sustainable Finance Disclosure Regulation (“SFDR Level 2”). The...more

The Climate Report: Fourth Quarter 2023

Jones Day on 12/5/2023

REGULATORY ISSUES & UPDATES - Mandatory Climate Change Reporting Requirements Under the New European ESRS E1 - The implementation of the European Sustainability Reporting Standards poses risks for reporting companies,...more

Useful reminders in ESMA publications on SFDR

Proskauer Rose LLP on 11/27/2023

On 22 November 2023, the European Securities and Markets Authority (“ESMA”) published three aides to stakeholders to support with navigating three areas of the European Union’s (“EU”) sustainable finance regulation: ...more

SFDR Consultation and Review by European Commission – a first step towards SFDR 2.0

A&O Shearman on 9/25/2023

The Commission has launched a far reaching consultation and review of SFDR, long expected by the industry. This bulletin provides an overview, as well as giving thought as to what we might see in terms of SFDR 2.0....more

The Seeds for SFDR II? Two EU Commission Consultations

Goodwin on 9/19/2023

The European Commission (the Commission) has published two consultations to both evaluate and assess enhancements to the EU’s Sustainable Finance Disclosure Regulation (SFDR). Open until 15 December 2023, the Commission is...more

UK and EU Sustainable Finance Regulation: Taking Stock with Change on the Horizon

Proskauer Rose LLP on 9/12/2023

Both opportunities and challenges have arisen for the asset management industry as a result of the rapid introduction of UK and EU sustainable finance regulation in recent years. The new requirements have been heightened in...more

EU Sustainable Finance Legislative Impact on Private Funds: Overview Guide - June 2023

Goodwin on 8/21/2023

The Sustainable Finance Disclosure Regulation (SFDR) is a European regulation that has applied directly in the EU (and EEA countries) since March 2021. The aim of the SFDR is to provide harmonised disclosure requirements,...more

Greenwashing in sustainable finance – key takeaways from EU developments

A&O Shearman on 7/27/2023

There are useful takeaways for EU and non-EU firms arising from the European Supervisory Authorities’ (ESA) latest thinking on greenwashing. In June 2023, the ESAs issued progress reports examining greenwashing risks and...more

EU ESG Framework – latest developments and further clarifications on greenwashing and sustainable investments

Paul Hastings LLP on 7/5/2023

Over the last few months, the European Commission and the European Supervisory Authorities (“ESAs”) have published a number of press releases and reports that aim to clarify and provide further updates on concepts used within...more

EU Sustainable Finance Package and development in EU Taxonomy and SFDR interactions

Hogan Lovells on 6/29/2023

On 13 June 2023, the European Commission published a new sustainable finance package. In particular the package of measures included (i) recommendations in respect of facilitating transition finance, (ii) a proposal in...more

EU Sustainability Disclosure Rules Impacting US, Asian and Other Non-EU Portfolio Companies

Cooley LLP on 6/28/2023

At Cooley, we’re increasingly speaking to clients in the US, Asia and elsewhere who are surprised by the intensity of environmental, social and governance (ESG) requests and covenants coming from their investors. Often these...more

European Commission Action on Climate Taxonomy and ESG Rating Provider Regulation

Cadwalader, Wickersham & Taft LLP on 6/28/2023

On June 13, 2023, the European Commission published “a new package of measures to build on and strengthen the foundations of the EU sustainable finance framework.” The aim is to ensure that the EU sustainable finance...more

Is the market ready for SFDR 1.5? ESAs propose changes to SFDR RTS

Dechert LLP on 6/23/2023

On 12 April 2023 – less than four months after the RTS under SFDR came into effect and four weeks after a further amended version of the RTS went live, the European Supervisory Authorities (ESAs) published a consultation...more

The EU Sustainable Finance Package: key points for private fund managers

Goodwin on 6/21/2023

On 13 June the European Commission (the Commission) published a new package of measures to bolster the EU sustainable finance framework. Its aim is to: “ensure that the EU sustainable finance framework continues to...more

EU Sustainable Finance Package - June 2023

Walkers on 6/15/2023

On 13 June 2023, the European Commission (the "Commission") published a significant sustainable finance package on EU Taxonomy, ESG ratings and transition finance. Expansion of Taxonomy Regulation framework - The...more

European Regulatory Timeline 2023

Proskauer Rose LLP on 1/18/2023

Following the turn of the new year, our UK Regulatory specialists have examined the key regulatory developments in 2023 impacting a range of UK and European firms within the financial services sector. The key dates have been...more

SFDR RTS – implementation date looms

Proskauer Rose LLP on 12/23/2022

On 10 March 2021,the Sustainable Finance Disclosure Regulation ((EU) 2019/2088) ("SFDR") came into force. This imposes environmental, social and corporate governance (“ESG”) and reporting requirements on a wide range of...more

ESAs publish Q&A on the SFDR RTS

Dechert LLP on 12/14/2022

Commission Delegated Regulation (EU) 2022/1288, setting out the regulatory technical standards (RTS) to be used by financial market participants (FMPs) when disclosing sustainability-related information under the Sustainable...more

ESG Regulation Monthly Round-Up

Hogan Lovells on 6/1/2022

With so many developments across the globe in the area of sustainability-related disclosures, we have looked back throughout May 2022 and summarised the key points coming out of the EU, UK and US....more

ESAs Publish Questions on SFDR and EU Taxonomy Regulation Interpretation

Cadwalader, Wickersham & Taft LLP on 5/23/2022

On Monday, May 16, 2022, the European Securities and Markets Authority published a document (dated May 13, 2022) from the Joint Committee of the European Supervisory Authorities (“ESAs”) setting out further questions for the...more

Final SFDR Regulatory Technical Standards Provide Private Fund Managers With Clarity, but Add Obligations

Skadden, Arps, Slate, Meagher & Flom LLP on 5/6/2022

[co-author: Krishane Sri Rajkumar] On 6 April 2022, the European Commission finally adopted the regulatory technical standards (RTS) to supplement the Sustainability-Related Disclosure Regulation (SFDR) and the EU Taxonomy...more

European Commission formally adopts the consolidated regulatory technical standards (RTS) under the Sustainable Finance Disclosure...

Proskauer Rose LLP on 4/21/2022

On 6 April 2022, the European Commission (“Commission”) adopted the consolidated final regulatory technical standards (“RTS”) to the Sustainable Finance Disclosure Regulation (2019/2088/EU) (“SFDR”) and the EU Taxonomy...more

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