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 1. Home
 2. ESMA News
 3. ESAs propose improvements to the sustainable finance disclosure regulation


ESAS PROPOSE IMPROVEMENTS TO THE SUSTAINABLE FINANCE DISCLOSURE REGULATION

Joint Committee
Sustainable finance
18/06/2024

The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) today
published a joint Opinion on the assessment of the Sustainable Finance
Disclosure Regulation (SFDR). The ESAs call for a coherent sustainable finance
framework that caters for both the green transition and enhanced consumer
protection, taking into account the lessons learned from the functioning of the
SFDR.

The ESAs focus on ways to introduce simple and clear categories for financial
products. The simplifications consist of two voluntary product categories,
“sustainable” and “transition”, that financial market participants should use to
ensure consumers understand the purpose of the products. The rules for the
categories should have a clear objective and criteria to reduce greenwashing
risks. 

The ESAs recommend that the European Commission consider the introduction of a
sustainability indicator that would grade financial products such as investment
funds, life insurance and pension products.

In addition, the Opinion also covers the following areas:

 * appropriate disclosures for products outside the two categories to reduce
   greenwashing,
 * improvements to the definition of sustainable investments,
 * simplification to the way disclosures are presented to investors,
 * other technical suggestions including on which products should fall under the
   scope of SFDR and on how to improve disclosures regarding the negative impact
   of investments on people and the environment, and
 * the need for consumer testing before putting forward any policy proposals to
   review the SFDR, such as to introduce a categorisation system and/or an
   indicator.

BACKGROUND

The ESAs deliver this Opinion on their own initiative. The Opinion is published
in the context of a comprehensive review of the SFDR framework by the European
Commission, which includes the SFDR regulation and Delegated Regulation. Going
forward, the ESAs are ready to support the European Commission in future policy
considerations on any review of the SFDR framework.



 

Further information:

DAN NACU-MANOLE

Communications Officer
press@esma.europa.eu

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Date Reference Title Download Select 18/06/2024
JC 2024 06
Joint ESAs Opinion on the assessment of the Sustainable Finance Disclosure
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