Sustainability-related disclosures (SFDR)

Regulation (EU) 2019/2088 on sustainability-related disclosures (SFDR) is a pillar of the EU sustainable finance agenda. SFDR aims to increase the transparency of financial market participants towards end-investors and contribute to the objective of fighting greenwashing. It lays down sustainability disclosure obligations on the environmental and social impact of an entity’s investment decisions, and requirements on how to present the characteristics of green investment products.

To ensure this new set of rules successfully delivers on its objectives, EFAMA contributes to developing the regulation, as well as assisting members’ implementation efforts. We voice any concerns around the timelines for applying rules, implementation challenges and interpretation issues. Additionally, we provide the industry’s informed views on current risk management frameworks and practices concerning the disclosure of information to end-investors.

Related policy positions

Policy position

Sustainable Finance

EU Taxonomy

Sustainability-related Disclosures (SFDR)

07 June 2021

EFAMA´s comments on draft delegated acts under article 8 of the Taxonomy regulation

EFAMA responds to the opportunity to provide feedback to the Article 8 Taxonomy Regulation (EU) 2020/852 (‘taxonomy’) draft delegated act, which the European Commission published for consultation on 7 May. We highlight that the provisions on investee companies in this delegated act will serve as the primary source of input for asset managers´ own disclosures on taxonomy compliance at both product and entity levels.

Policy position

Sustainable Finance

EU Taxonomy

Sustainability-related Disclosures (SFDR)

18 May 2021

EFAMA replies to ESA's consultation on taxonomy-related sustainability disclosures in SFDR

The European Find and Asset Management Association appreciates the opportunity to submit its views to the European Supervisory Authorities (ESAs) on the Joint Consultation Paper (CP) regarding draft regulatory technical standards (RTS) for taxonomy-related sustainability disclosures pursuant to Article 8(4), 9(6) and 11(5) of Regulation (EU) 2019/2088 (Taxonomy Regulation or TR).

Policy position

EFAMA's reply to ESAs Survey on templates for environmental and/or Social Financial Products under SFDR

Sustainable Finance

Sustainability-related Disclosures (SFDR)

16 October 2020

EFAMA's reply to ESAs Survey on templates for environmental and/or Social Financial Products under SFDR

EFAMA, the voice of the European investment management industry, believes that, for retail clients, standardised disclosure of information can improve the comparability of financial products that promote environmental and/or social characteristics or have a sustainable objective. It will also contribute to the broader policy objectives of the Sustainable Finance Disclosures Regulation (SFDR) to enhance transparency towards end-investors, hold market participants accountable and fight greenwashing.

Financial sector calls for a coordinated approach by regulators when changing sustainable finance disclosures

Joint letter asks European Commission to delay technical changes by supervisors until broader review of SFDR is complete

Policy Position

Sustainability-related Disclosures (SFDR)

05 February 2024

Joint industry letter asks European Commission to delay technical changes by supervisors until broader review of SFDR is complete

In a joint letter, EFAMA, together with the European Banking Federation (EBF), Insurance Europe, European Savings and Retail Banking Group (ESBG), Alternative Investment Management Association (AIMA), Association for Financial Markets in Europe (AFME), and the European Association of Cooperative Banks, have released a joint letter asking the European Commission to better coordinate the publication of new rules for the Sustainable Finance Disclosure Regulation (SFDR).

Policy Position

Sustainability-related Disclosures (SFDR)

21 December 2023

Key messages on the Implementation of SFDR

The Sustainable Finance Disclosure Regulation (SFDR) has promoted transparency in sustainable finance, however its use by market participants as a de facto ESG labelling regime has stretched it beyond its original intentions and not always been helpful. The current European Commission review needs to address how SFDR can provide clearer, more meaningful information for retail investors, promote transition finance, and align well with other relevant legislation.

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Related publications

Publication

Data

Sustainable Finance

EU Taxonomy

Sustainability-related Disclosures (SFDR)

18 November 2020

EFAMA Market Insights | Issue# 3 | Sustainable Investment in the European Asset Management Industry

For this Market Insights, EFAMA collaborated with its member associations and strategy consultants at INDEFI to estimate the level and nature of ESG investment by European asset managers at the end of 2019, distinguishing between the ESG strategies applied at the firm level and those applied at the level of individual fund and discretionary mandate. The assets under management covered in the report include EUR 12.5 trillion of investment fund assets and EUR 11.4 trillion of mandate assets.*

Publication

Sustainable Finance

Ecolabel

EU Taxonomy

Sustainability-related Disclosures (SFDR)

Sustainability reporting (NFRD)

20 May 2020

3 questions to Thierry Bogaty on the EU Ecolabel for retail financial products

Q #1 Can the EU Ecolabel for retail financial products help channel individual investors’ savings into environmentally sustainable projects?

A well-designed EU Ecolabel has the potential to provide clear guidance on the financial products retail investors can invest in if they wish to support environmentally sustainable projects and activities - in line with the EU Taxonomy Regulation. The European Commission wants to create a trusted and verified label for retail investors, who would benefit from better comparability of financial products.