Today, 24 April 2024, the Corporate Sustainability Due Diligence Directive (“CSDDD”) received the final green light from the European Parliament.
SustainabilityOn 26 March 2024, directive 2024/927 amending the directives 2011/61/EU (AIFMD) and 2009/65/EC (UCITSD), also known as AIFMD 2.0, has been published in the EU Official Journal.
AIFMDRisk Management15 March 2024, the Committee of the Permanent Representatives of the Governments of the Member States to the European Union (“COREPER”) endorsed the Corporate Sustainability Due Diligence Directive (“CSDDD”) taking the directive one important step closer to finalizing the legislative process.
SustainabilityInvest Europe has published an ESG KPI report covering data from 2022. Compared to their first edition published last year (covering data from 2021), which we touched upon in our previous Pulse update, there has been a 60% increase in the number of firms covered by the survey.
SustainabilityThe European Financial Reporting Advisory Group (“EFRAG”) has launched a public consultation on the Exposure Draft European Sustainability Reporting Standards for listed SMEs (“ESRS LSME ED”) and the Exposure Draft for the voluntary reporting standard for non-listed SMEs (“VSME ED”).
SustainabilityThe European Securities and Markets Authority (“ESMA”) has sent draft Guidelines on Enforcement of Sustainability Information (“Guidelines”) out for consultation.
ESMASustainabilityThe European Commission has published a first draft of a revised regulation on the screening of foreign direct investments (“FDI”).
Cross-BorderGovernanceThe European Supervisory Authorities (EBA, EIOPA and ESMA) (together ESAs), published a Final Report with proposed amendments to the Commission Delegated Regulation (EU) 2022/1288 and the Regulatory Technical Standards (RTS) in December 2023.
Disclosure RequirementsESMARegulatory Technical StandardsSustainabilityThe European Supervisory Authorities (EBA, EIOPA and ESMA) (together ESAs), published a Final Report with proposed amendments to the SFDR Delegated Regulation (Regulation (EU) 2022/1288) and the SFDR Regulatory Technical Standards (RTS) in December 2023.
Disclosure RequirementsESMARegulatory Technical StandardsSustainabilityToday, 10 January 2024, the transition period for the regulation of 15 March 2023 amending the Regulation for Long-Term Investment Funds (ELTIFs), also known as ELTIF 2.0, has ended. Thus, ELTIF 2.0 has now completely entered into force.
ESMARegulatory Technical StandardsRetail InvestorsOn 21 December 2023, the Danish Financial Supervisory Authority published a draft executive order on a new green investment scheme for consultation.
Danish RegulationSustainabilityA provisional agreement on the Corporate Sustainability Due Diligence Directive (CSDDD) has been concluded between the Council and the European Parliament on 14 December 2023.
GovernanceRisk ManagementSustainabilityThe EU Regulation (EU) 2023/2631 of the European Parliament and of the Council of 22 November 2023 on European Green Bonds and optional disclosures for bonds marketed as environmentally sustainable and for sustainability-linked bonds (the “EU Green Bond Regulation”) has been published in the Official Journal of the EU and enters into force 20 December 2023.
Disclosure RequirementsGovernanceSustainabilityThe Environmental Delegated Act introduces technical screening criteria for economic activities substantially contributing to one of the remaining four environmental objectives.
SustainabilityOn 17 October 2023, the EU Commission adopted their 2024 Commission Work Programme focusing mainly on strengthening EU’s competitiveness through reduction of burdens on businesses and rationalisation of reporting requirements.
GovernanceSustainabilityOn 17 October 2023, the EU Commission and the advisory body, Platform on Sustainable Finance, introduced the EU Taxonomy Stakeholder Request Mechanism.
SustainabilityIn June 2023 the European Commission published and adopted a sustainable finance package with measures to expand and strengthen the EU sustainable finance framework. This update provides a closer overview of those measures which are now subject to scrutiny by the European Parliament and the Council.
Regulatory Technical StandardsSustainabilityOn 13 October 2023, the legislative proposal for implementation of the Corporate Sustainability Reporting Directive (“CSRD”) and a number of appertaining executive orders went out for consultation.
SustainabilityOn 3 October 2023, an advance tax ruling was published according to which the National Tax Board has decided that an investment product structured as a Simple Agreement for Future Equity (SAFE) was not a “subscription right” covered by the Danish Share Capital Gains Act but was deemed a “financial contract” governed by article 29 of the Gains on Securities and Foreign Currency Act
Venture CapitalOn 14 September 2023, the European Commission initiated two consultations on the implementation of SFDR. The consultations focus on, among others, the regulation’s useability and role in combatting greenwashing.
Disclosure RequirementsRegulatory Technical StandardsSustainabilityThe European Commission has earlier this year published a number of targeted proposals to amend the PRIIP Level 1 Regulation, implementing more modern rules on how a PRIIP Key Information Document (KID) is provided to investors. The proposed changes aim to change the content of the (KID) which must be provided to retail investors before investing.
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