ESG: EU Survey on Mandatory Disclosure Templates for Use by Financial Services Firms
On September 21, the European Supervisory Authorities (ESAs) published a survey setting out the details on mandatory disclosure templates on sustainability‐related disclosures in financial services (the Survey).
The Survey concentrates on including pre-contractual and periodic disclosures on Environmental Social and Governance (ESG) matters alongside/together with existing disclosure requirements under EU sectoral legislation by financial market participants, including alternative investment fund managers, Undertakings for the Collective Investment in Transferable Securities (UCITS) management companies, insurance undertakings, institutions for occupational retirement provision and pan-European personal pension product providers.
The ESAs propose to standardize disclosures by requiring the use of specific templates across different financial products in different EU member states. The ESAs recognize the need for standardization of disclosures, which would promote comparability with respect to ESG information, in line with certain requirements of the EU Regulation on sustainability-related disclosures in the financial services sector (SFDR).
Three illustrative mock-ups of templates are available on the Survey webpage. The final content of the templates is subject to the outcome of concurrent consumer testing and the final report of the ESAs on the draft regulatory technical standards under the SFDR.
The deadline for comments on the Survey is October 16.
The Survey is available here.