By Susanna Rust2021-02-04T16:30:00+00:00
The European Supervisory Authorities (ESAs) have adjusted proposed requirements under the EU sustainable finance disclosure regulation (SFDR) in response to stakeholder feedback, according to an announcement of the final draft rules today.
As set out in the ESAs’ consultation paper from April 2020, the plans for the regulated technical standards (RTS), originally due to be finalised for the end of December, were subject to strong pushback from industry, with concerns including the availability of data to complete the disclosures and the effectiveness of the envisaged disclosures.
The rules aim to strengthen protection for end-investors by improving disclosures to them on the principal adverse impacts of investment decisions and on the sustainability features of a wide range of financial products. The “principal adverse impacts” concept is a key innovation of the SFDR.
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In this issue we consider some SFDR updates including, the
Central Bank s fast-track filing process and the European
Supervisory Authorities request for clarifications from the
European Commission on the application of certain SFDR provisions.
Ahead of the commencement of the ILP (Amendment) Act 2020 on 1
February we take a look at the Irish Investment Limited Partnership
structure. We also consider ESMA s announcement of its CSA on
costs and fees in UCITS and its recent statement regarding reverse
solicitation rules.
If you would like to discuss any of the topics covered, please
An ambitious plan to enhance the geopolitical strength of the EU?
On 19 January 2021, the European Commission presented its new strategy to foster the “openness, strength and resilience” of the EU’s economic and financial systems into the future (the Strategy). Two of the most important issues underpinning the Strategy are the former Trump administration’s extensive use of secondary sanctions to influence the conduct of non-U.S. persons and the EU’s desire to promote its green finance agenda. In that light, the Strategy has three complimentary pillars: first, it aims to promote a stronger international role for the euro; second, it will seek to further develop the EU’s financial market infrastructures and improve their resilience; and third, it aims to promote the uniform implementation and enforcement of the EU’s own sanctions. The Strategy is consistent with President von der Leyen’s vision of a stronger EU with a more active role globally and comes at an important
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Following the end of the EU-UK transition period and the UK’s full withdrawal from the EU on December 31, 2020, (re-)insurance undertakings domiciled in the UK or Gibraltar have lost their European passporting rights that they previously had under Article 15(1) of Directive 2009/138/EC
Solvency II). Equally, those pension funds that were, under EU rules categorized as institutions for occupational retirement provision (
IORPs), domiciled in the UK or Gibraltar, have lost rights under Articles 11 and 12 of Directive (EU) 2016/2341
IORPs II Directive), notably those that previously allowed IORPs to operate on a cross-border basis without an establishment in a given EU Member State.
Regulatory permissions: FCA reminds firms to use or cancel
DB pension transfer advice: FCA Assessment Tool and latest data analysis
FCA MoU with DWP and MaPS
Consumer investments data review 2020: FCA summary
CMC charges for financial products and services claims: FCA CP21/1
FCA Regulation round-up
UK Regulators Network: second publication of performance scorecards
EU economic and financial system: European Commission Communication on further steps to foster openness, strength and resilience
IFD: EBA final reports on draft RTS on risk takers and variable remuneration
FICOD: Joint Committee of ESAs final report on draft ITS on reporting of intragroup transactions and risk concentration