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European Commission’s upcoming consultation on the review of the SFDR Level 1
On 13 June 2023, the EC proposed a new package of measures as part of the EU sustainable finance framework. This package included the addition of EU Taxonomy Delegated Acts, new rules for ESG rating providers, a recommendation on transition finance, and the communication paper ’A sustainable finance that works on the group’, which summarised these new measures.
In this communication, the EC emphasised the importance of assessing the Sustainable Finance Disclosure Regulation and announced the launch of a public consultation on the SFDR level I in the autumn of 2023.
One of the issues we have identified with the current SFDR level 1 framework is the overlap existing with the IORP II, making it challenging for IORPs to report under Article 6 of the SFDR. The WG IORP has already discussed addressing this issue in the SFDR level 1 review. We will prepare a paper highlighting this issue prior to the consultation within the WG LTSI.
2023/04 – Newsletter – 3 July 2023
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2. Open Finance
The Commission published on 28 June a proposal for a regulation on a framework for Financial Data Access (Open Finance). The proposal applies to all financially regulated undertakings including IORPs either as data users or data holders or both. The proposal also encompasses customer data pension rights in occupational pension schemes.
The data holder must, after receiving consent from the customer make the data available to the data user on a real-time basis without undue delay and continuously. The regulation also requires the establishment of a financial data-sharing scheme gathering both data holders and data users which will decide on the compensation being provided for the data holder against the background of minimum arrangements.
The regulation also creates a category of financial information service providers that would get access to customer data if authorized by national competent authorities which need to check certain conditions. The Council is starting to scrutinize the proposal on 12 July.
We set up an internal deadline for preliminary comments on 14 July. We will then circulate a first draft paper position.
3. DORA
PensionsEurope submitted on 23 June its answer to the ESAs consultation related to criteria for Critical ICT Third-Party Service Providers (CTTPa) and Oversight Fees Levied on Such Providers. This targeted consultation launched on 26 May related to DORA delegated acts. In our answer we indicated that the CTPPs designation process should not apply to pension fund service providers considering the absence of significant crossborder activities and the low impact on the provision of financial services, arising from ICT incidents.
The ESAs also launched on 19 June another consultation on DORA level 2 measures. This first batch covers the following DORA level 2 measures :
• RTS on ICT risk management framework (art. 15); • RTS on ICT risk management framework for certain smaller entities (art. 16.3); • RTS to specify the policy on ICT services (art. 28.10); • RTS on the classification of ICT-related incidents (art. 18.3); • ITS to establish the templates for the Register of Information (art. 28.9).
We would also like to point out that the ESAs are organizing on 13 July a public hearing on this first batch. You can register here.
more at PensionsEurope