12 May 2022

European Commission: Mandate to the ESAs to develop SFDR RTS on product exposures to gas and nuclear activities

...propose amendments to the regulatory technical standards in relation to the information that should beprovided in pre-contractual documents, on websites, and in periodic reports about the exposure of financial products to investments in fossil gas and nuclear energy activities.

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The Commission therefore considers it necessary to make amendments to the SFDR
Delegated Regulation to ensure that investors receive information reflecting the
provisions set out in the Complementary Climate Delegated Regulation. If the
Commission does not adopt such amendments, several areas in the SFDR Delegated
Regulation might risk, if not adjusted, not to appropriately reflect the new factual and
regulatory situation.

We are therefore inviting the ESAs to jointly propose amendments to the above-
mentioned regulatory technical standards in relation to the information that should be
provided in pre-contractual documents, on websites, and in periodic reports about
the exposure of financial products to investments in fossil gas and nuclear energy
activities. These amendments should cover in particular pre-contractual and periodic
documents or information referred to in Article 6(3) and Article 11(2) SFDR and the
product disclosures to be made on websites referred to in Article 10(1) SFDR, for
financial products referred to in Article 8(1) to (2a) SFDR and in Article 9(1) to (4a)
SFDR.

The amendments shall ensure that the disclosures about the degree to which investments
are in environmentally sustainable economic activities, i.e. taxonomy-aligned activities,
provide for full transparency about investments in sectors and sub-sectors of the
economy covered by and compliant with the Complementary Climate Delegated
Regulation, in particular on the proportion such investments represent within all
investments and in environmentally sustainable economic activities. These amendments
shall ensure full transparency on the proportion of investments in sectors and sub-sectors
of the economy that derive revenues from activities listed in Template 1 of Annex III to
the Complementary Climate Delegated Regulation (constituting a new Annex XII of the
Article 8 Disclosures Delegated Act 2021/21783).
We invite the ESAs to jointly submit the abovementioned amendments to the draft
regulatory technical standards on the basis of Articles 8(3), 8(4), 9(5), 9(6), 10(2), 11(4)
and 11(5) SFDR in conjunction with Articles 10 of the ESAs Founding Regulations,4 at
the latest by 30 September 2022. In view of the urgency of the matter, the ESAs may
decide to rely on the procedure foreseen in Article 10 of the ESAs Regulations for
matters of particular urgency. Where necessary, the ESAs may also use to mandates to
develop a draft regulatory technical standard in accordance with Article 2a(3) SFDR in
conjunction with Articles 10 of the ESAs Founding Regulations....

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