SFDR Update – August 2022

Aug 08, 2022

During the month of July 2022, two interesting publications regarding the Sustainable Finance Disclosure Regulation (SFDR) were made: 1) publication of the SFDR regulatory technical standards in the Official Journal; and 2) publication of a report from the European Supervisory Authorities (ESAs) regarding principal adverse impact statement (PAI). The following article will give a short summary of both publications.

SFDR regulatory technical standards published in the Official Journal


On 25 July 2022, the regulatory technical standards (RTS) under the SFDR were published in the Official Journal as Commission Delegated Regulation (EU) 2022/1288.


The RTS includes details regarding certain disclosures under the SFDR, including for example templates for pre-contractual and annual reporting disclosures for article 8 and 9 funds as well as template for principle adverse impact statement.


This is a long-awaited publication confirming that the RTS will enter into force 1 January 2023 as expected. We recommend that asset managers (and other financial market participants) ensure that their disclosures are updated in accordance with the RTS no later than 1 January 2023.  This notably relates to website disclosures.

 

Report from the ESAs regarding PAI disclosures


On 28 July 2022, the ESAs issued a report regarding principle adverse impact disclosures (PAI). The report was based on surveys conducted by National Competent Authorities.


Disclosures on PAI are mandatory for certain larger asset managers (and other large financial market participants) and voluntary to comply with for other asset managers that does not reach certain thresholds. The purpose of the PAI disclosures in terms of asset managers is to show investors the impact that the relevant portfolio companies have on the environment and other ESG indicators.


The main findings of the report are as follows:


  • the PAI disclosures of the financial market participants that were included in the survey were not very detailed; and
  • there was a low level of compliance with the details required for financial market participants to explain why they opted not to take PAI into account.


In addition, the report includes a few examples of best practices relating to PAI disclosures.


We recommend that asset managers (and other financial market participants) take the findings in the report into account when updating their website disclosures in accordance with the RTS as stated above.


Contacts:

 

Anna Berntson Petas: anna.berntson@permian.se


Kristina Ekkeren: kristina.ekkeren@permian.no

Happy International Women's Day! Let's continue to strive for gender equality and empower the future!

08 Mar, 2024
Today, as we celebrate the achievements and contributions of women worldwide, we are thrilled to shine a spotlight on the remarkable female leadership here at Permian.

Welcoming New CFO for Sweden and Interim company CEOs to continue drive success

20 Feb, 2024
Permian is excited to announce that we are strengthening our presence and leadership team in Sweden with the appointment of a new CFO for Sweden. Furthermore, both CEOs of Permian Administration AB and Permian Business Partner AS will be on parental leave. We take pride in our internal competence, and interim CEOs from within the organization have been appointed to ensure a seamless transition. Group CEO Marianne Normann is confident in Permian's ability to deliver continuity during this period .

Permian adopts market-leading fund administration software

29 Jan, 2024
In a strategic move aimed at optimizing fund administration and accounting processes, Permian recently started implementing Allvue as core system to support its business operation. The decision is in line with the progressive move to enhance Permian's capabilities as a provider, delivering better platforms and ensuring compliance with security standards.

SFDR Update for Asset Managers, January 2024

19 Jan, 2024
This update covers December 2023 until mid-January 2024. The main update is that the level 2 text of the Sustainable Finance Disclosure regulation (SFDR RTS) entered into force in Norway on December 11, 2023. Our view on the main takeaways for Swedish and Norwegian AIFMs are set out below.

Merry Christmas and a Happy New Year from Permian!

20 Dec, 2023
To our valued clients, business partners and colleagues, Reflecting on the past year, Permian celebrates another successful period of growth in 2023. A steady stream of new clients, together with the deepened collaboration with our existing clients has enabled us to expand our team by welcoming several new members. We want to express our gratitude to everyone who played a part in these accomplishments – our clients, partners in collaboration and our dedicated Permian team. As we eagerly await the opportunities of 2024, we look forward to building even stronger connections. In the spirit of giving this Christmas season, Permian has chosen to extend our support to the people who need it the most. Our contributions will be directed towards Leger Uten Grenser and Stockholms Stadsmission . We wish you all Happy Holidays, and as we approach the end of the year, the Permian team extends warm wishes for a Merry Christmas and a Happy New Year!

Permian's commitment to enhancing operations

31 Oct, 2023
Earlier this spring, Johanna Bjenne joined Permian Group as Improvement & Change Director. The new defined role is in line with Permian’s commitment to make operations more efficient and streamlined. Read about Johanna’s work and Permian’s drive for improvement.

Permian is happy to announce seven new promotions!

10 Oct, 2023
Our fund administration and accounting teams are growing and we are thrilled to announce the promotion of Christina, Erik, Johan, Ingrid, Kenneth, Ingrid and Lars!

Permian is preparing for further growth with new defined leadership roles

05 Oct, 2023
Permian Business Partner AS has strengthened the leadership team with two roles, Technical Director (Fagdirektør) Anette Burum, and Quality Management Director (Kvalitetsstyringsansvarlig) Rita Granlund. In accordance with their succession planning, the Board of Permian AIF Depositary AS has promoted Benjamin Grønseth to CEO of Permian AIF Depositary AS.

SFDR Update June - August 2023

28 Aug, 2023
This update covers the period from June until mid-August 2023. The main update is that the EU Commission published a Sustainable Finance Package on 13 June 2023. Our view on the main takeaways for Swedish and Norwegian AIFMs is listed below.

Summer Greetings! – July 2023

07 Jul, 2023
To our valued clients, colleagues and business partners, As the summer holiday is rapidly approaching, we would like to wish you a great time off, full of sun and joy! It has been a busy spring season and we are looking forward to continued collaboration and teamwork after the summer break. During the last six months Permian Group has increased focus on improvement projects for our operations, to improve our service deliveries and efficiency towards our clients. We have also brought on several new team members to meet the high demand for our services in the Nordics. There is still a lot more to achieve after the summer, and we are already looking forward to the exciting time ahead!  We wish you all a wonderful and relaxing summer holiday!
More Posts
Share by: