SFDR Update – January 2023

Jan 10, 2023

During November and December 2022, a number of publications regarding the Sustainable Finance Disclosure Regulation (SFDR) have been made.

EU Commission/ESMA Q&A regarding the SFDR


On 17 November, a Q&A from the EU Commission/ESMA was published. The document includes approximately 60 questions and answers regarding the following areas: 

 

  • Current value of all investments in PAI (and Taxonomy-aligned disclosures)
  • PAI Disclosures
  • Financial product disclosures
  • Multi-option products
  • Taxonomy-aligned investment disclosures
  • Financial advisers and execution-only financial market participants

 

Due to length of the document, a summary is not provided herein. 

 

Permian comment: This could be considered when preparing SFDR disclosures going forward.


For further information, click here

 

ESMA consultation on guidelines regarding fund names


On 18 November 2022, ESMA published a consultation on guidelines on funds’ names using ESG or sustainability-terms. If these guidelines are implemented, it would provide guidelines and thresholds to funds that have ESG or sustainability-related terms in its fund name. For example, that such funds would have a minimum proportion of “sustainable investments” (as defined in section 2(17) of the SFDR).


Permian comment: To be taken into account by AIFMs if it considers using ESG or sustainability-related fund names. 


For further information, click here

 

Several regulatory updates on sustainability in Norway


On 20 December 2022, the Norwegian government published that the Sustainable Finance Act adopted by the Norwegian Parliament on 17 December 2021 is effective as of 1 January 2023. Managers of all AIFMs must ensure that sustainability-related information is disclosed on its website, in pre-contractual information as well as in the periodic reporting of each fund. The requirement regarding periodic reporting shall first apply to annual reports that contain annual accounts with a balance sheet date of 31 December 2023. The Ministry of Finance encourages Norwegian enterprises covered by the reporting obligation to include this information in the annual reports for the financial year 2022 on a voluntary basis. We refer to Permian Sustainability Letter no. 4 (LINK).


On 29 December 2022, the Norwegian FSA informed that amendments to the delegated regulation of the AIFMD regarding sustainability will also apply in Norway as of 1 January 2023 for licenced AIFMs. The amendments relate, e.g. to an obligation to include sustainability in its organisation, conflicts of interest and risk management. These rules are appliable in the EU since August 2022.


Permian comment: The changes means that Norwegian AIFMs will need to follow the disclosure rules of the SFDR and the Taxonomy as of January 1 2023 and licenced Norwegian AIFMs will also need to apply sustainability aspects in its internal organisation.


For further information, click here and here.

Contacts:

 

Anna Berntson Petas: anna.berntson@permian.se


Kristina Ekkeren: kristina.ekkeren@permian.no

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