On 25 February, 2021 the triumvirate of European Supervisory Authorities, the EBA, EIOPA and ESMA (the "ESAs") published a joint statement on the effective and consistent application and national supervision of the Sustainable Finance Disclosure Regulation ("SFDR"). The joint statement is intended to help mitigate the risks of divergent application of the SFDR, and promote a level playing field to protect investors.
In their joint statement, the ESAs recommend that during the interim period between 10th March, 2021 (the date upon which most of the provisions on sustainability-related disclosures laid down under the SFDR will apply) to the application date of the Regulatory Technical Standards ("RTS") on the content, methodologies and presentation of sustainability-related disclosures pursuant to the SFDR (which will be delayed to a later date), national competent authorities are encouraged to refer financial market participants and financial advisers to the requirements set out in the draft RTS of the ESAs' final report submitted to the European Commission on 4 February 2021. The draft RTS can be used as a reference for the purpose of applying Articles 2a, 4, 8, 9 and 10 of the SFDR in the interim period.
The joint supervisory statement can be accessed using the following link: