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European Supervisory Authorities update joint position on applying the regulation on reporting sustainability information



29 March 2022

The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) updated the March 2021 joint public supervisory position on applying the regulation on the disclosure of sustainability-related information in the financial services sector (SFDR).

This update includes expectations on the explicit quantification of product disclosures under Articles 5 and 6 of the Taxonomy Regulation, as well as guidance and a new schedule for enforcing standards from the SFDR, the Taxonomy Regulation and the next Delegated Regulation of the Commission, which contains the respective regulatory technical standards (RTS).

The CMVM, in line with the recommendations of the ESAs, reiterates the incentive for financial market participants and financial advisors to use the draft RTS submitted to the European Commission on 4 February and 22 October 2021, as a reference for the purposes of applying the provisions of articles 2-A, 4, 8, 9, 10 and 11 of the SFDR and in Articles 5 and 6 of the Taxonomy Regulation, and take advantage of the period until 1 January 2023 to prepare for the application of the Delegated Regulation.

The updated position replaces the original version published in February 2021 and reiterated by the CMVM in March 2021. 
 

The CMVM is a member of ESMA - European Securities and Markets Authority, one of the three financial supervisory authorities of the European Union, participating in that capacity in the definition and implementation of its policies and regulatory instruments. ESMA was created on 1 January 2011, with the mission of protecting investors and the integrity of the market, contributing to the stability and efficiency of the financial system, for the benefit of the European economy and its citizens and companies. 

The CMVM was created on 10 May 1991 and its mission is to regulate and supervise the Portuguese financial instruments market and the entities that operate therein for the benefit of investors and the smooth functioning of the market.