Sustainability Related Disclosure Requirements in the Financial Service Sector
Published 11 February 2020
Category: Corporate Regulation
The European Parliament and the Council have adopted a new regulation as a part of the European Commission’s action plan on sustainable finance and marks an important step in the Commission’s action plan. The regulation applies to all financial market participants, including AIFMs, and foresees new, mandatory transparency requirements, including the integration of sustainability risks in the investment decision making process and the manner in which sustainability risks are integrated into the investment decisions.
The regulation will apply from 10 March 2021. Find it here: Regulation (EU) 2019/2088
Stay tuned for a further description of the requirements here at Mazanti Pulse.
Tags: Sustainability
Also tagged ‘Sustainability’
ESMA announces European Common Enforcement Priorities for corporate reporting
The European Securities and Markets Authority (“ESMA”) has issued its annual European Common Enforcement Priorities Statement for corporate reporting.
CSRDDisclosure RequirementsSustainabilityNon-financial reporting under the EU taxonomy – Theme inspection by the Danish FSA
The Danish FSA has completed a theme inspection regarding financial market participants and companies reporting under the EU taxonomy.
Disclosure RequirementsSustainabilityNew ESG template for SMEs
In September 2024, the Danish Business Authority published a new ESG template targeted at SMEs.
CSRDSustainabilityGuidelines on consolidated sustainability reporting expanded
The Danish Business Authority has expanded their Guidelines on consolidated sustainability reporting with an updated version 2.
CSRDSustainabilityThe ESG landscape and its impact on investments
The financial data and software company, PitchBook, has published a report on their Sustainable Investment Survey 2024.
SustainabilityNational versions of guidelines on funds’ names now published
On 21 August 2024, the European Securities and Markets Authority (“ESMA”) published their guidelines on funds’ names (the “Guidelines”) in versions translated into all the official EU-languages.
ESMASustainabilityRegistration of “sustainability auditors” is now possible
On 1 June 2024, the new rules on requirements to companies’ sustainability reporting (entailed by CSRD) entered into force.
CSRDSustainabilityMeasures to support corporate sustainability reporting
In July, the European Securities and Markets Authority (“ESMA”) published measures to support corporate sustainability reporting.
CSRDESMAESRSSustainabilityESMA opinion on sustainable investments: Facilitating the investor journey
On 24 July 2024, the European Securities and Markets Authority (“ESMA”) published an opinion: “Sustainable investments: Facilitating the investor journey – a holistic vision for the long term” setting out ESMA’s long-term vision on the functioning of the Sustainable Finance Framework.
ESMASustainabilityThematic review of pension funds subject to SFDR article 8
The Danish Financial Supervisory Authority initiated an inspection of three pension funds’ disclosing pursuant to SFDR article 8 in November 2023.
ComplianceDisclosure RequirementsSustainabilityFinal reports from ESMA, EBA and EIOPA on greenwashing in the financial sector
The European Supervisory Authorities (EBA, EIOPA and ESMA) has published their final reports on greenwashing in the financial sector.
SustainabilityAdoption of the Net Zero Industry Act
The European Council has adopted the Net Zero Industry Act: a framework of measures for strengthening Europe’s net-zero technology products manufacturing ecosystem.
SustainabilityFinal Report from ESMA with guidelines on funds’ names
The European Securities and Markets Authority has published a final report containing guidelines on funds’ names using ESG or sustainability-related terms.
ESMASustainabilitySummary report of the consultations on the implementation of SFDR
The European Commission initiated in September 2023 public and targeted consultations on the implementation of the SFDR running until 22 December 2023. A summary of the contributions on the consultations have now been published in a summary report.
Disclosure RequirementsRegulatory Technical StandardsSustainabilityThe Danish FSA: Investment Managers must be better at disclosing sustainability related information
The Danish Financial Supervisory Authority has in a thematic review assessed several sustainability related issues at two investment managers.
Disclosure RequirementsSustainabilityInvest Europe GP ESG Due Diligence Guide
Invest Europe has published a revised GP ESG Due Diligence Guide. It provides guidance on how ESG factors can be incorporated into general partner’s management and decision-making processes.
SustainabilityThe Danish implementation of CSRD has been adopted
Today, 2 May 2024, the Danish Parliament adopted the final legislative proposal to implement the Corporate Sustainability Reporting Directive (“CSRD”) into Danish legislation.
CSRDSustainabilityFinal approval by the EU Parliament of the Corporate Sustainability Due Diligence Directive
Today, 24 April 2024, the Corporate Sustainability Due Diligence Directive (“CSDDD”) received the final green light from the European Parliament.
CSDDDSustainabilityNews regarding the Corporate Sustainability Due Diligence Directive
15 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.
CSDDDSustainabilityESG KPI report 2024 by Invest Europe
Invest 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.
SustainabilityExposure Drafts on sustainability reporting standards for SMEs
The 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”).
CSRDESRSSustainabilityDraft guidelines on Enforcement of Sustainability Information out for consultation
The European Securities and Markets Authority (“ESMA”) has sent draft Guidelines on Enforcement of Sustainability Information (“Guidelines”) out for consultation.
ESMASustainabilityFinal Report with amendments for RTS
The 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 StandardsSustainabilityChanges to the SFDR RTS proposed by ESA Final Report
The 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 StandardsSustainabilityNew green investment scheme consultation
On 21 December 2023, the Danish Financial Supervisory Authority published a draft executive order on a new green investment scheme for consultation.
Danish RegulationSustainabilityProvisional Agreement on the Corporate Sustainability Due Diligence Directive
A provisional agreement on the Corporate Sustainability Due Diligence Directive (CSDDD) has been concluded between the Council and the European Parliament on 14 December 2023.
CSDDDGovernanceRisk ManagementSustainabilityEU Green Bond Regulation enters into force
The 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 RequirementsGovernanceSustainabilityTechnical screening criteria for remaining environmental objectives now published
The Environmental Delegated Act introduces technical screening criteria for economic activities substantially contributing to one of the remaining four environmental objectives.
SustainabilitySimplification and requirement reduction are key words in 2024 Commission Work Programme
On 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.
GovernanceSustainabilityIntroduction of EU Taxonomy Stakeholder Request Mechanism
On 17 October 2023, the EU Commission and the advisory body, Platform on Sustainable Finance, introduced the EU Taxonomy Stakeholder Request Mechanism.
SustainabilityOther updates
Repeal of rules regarding shareholder loans and other amendments to the Danish Companies Act
On 19 December 2024, the Danish Parliament has adopted the amendment acts L71 and L72 regarding amendments to the Danish Companies Act and other Danish laws.
Venture CapitalAbolition of the ‘entrepreneur tax’ and other changes to Danish tax legislation adopted
On 19 December 2024, amendments to the Danish Corporation Tax Act, the Danish Capital Gains Tax Act and the Danish Personal Tax Act, as well as other Danish tax laws, were adopted by the Danish Parliament.
Venture CapitalThe Danish Financial Supervisory Authority publishes guiding statement on alternative investment fund managers’ inclusion of leverage in unlisted companies and issuers
On 17 December 2024, the Danish Financial Supervisory Authority (Danish FSA) published a guiding statement regarding the inclusion of leverage by alternative investment fund managers (AIFMs) in unlisted companies and issuers.
AIFMDDanish RegulationESMAThe Danish FSAThe Danish FSA’s role in the sustainability reporting in 2025
The Danish Financial Supervisory Authority (“FSA”) has published a short press release regarding their role in relation to the sustainability reporting in 2025.
CSRDProposal on independent providers of audit services regarding sustainability reporting
The Danish Parliament has presented a proposal for legislation on independent providers of audit services regarding sustainability reporting.
CSRDInvest Europe launches enhanced ESG reporting template
Invest Europe has launched an enhanced ESG reporting template to drive convergence and support early-stage investors developed with Venture ESG.
CSRDSFDR