The ESAs (EBA – EIOPA – ESMA) have been empowered to develop draft RTS on taxonomy-related product disclosures.

Specifically, the ESAs have been empowered to develop further obligations to the SFDR product disclosures where the product makes sustainable investments contributing to environmental objectives.

In line with the ESAs’ empowerments, the draft RTS have been developed in the following areas:

• According to Article 8(4) SFDR: development of additional pre-contractual disclosures relating to the content and presentation of Article 8 SFDR products subject to Article 6 TR, concerning climate objectives and other environmental objectives under Article 9 TR respectively.

• According to Article 9(6) SFDR: development of additional pre-contractual disclosures relating to the content and presentation of Article 9 SFDR products subject to Article 5 TR, relating to disclosures concerning climate objectives and other environmental objectives under Article 9 TR respectively.

• According to Article 11(5) SFDR: development of additional rules on the content and presentation of information required under Article 5 and 6 TR for periodic disclosures relating to climate objectives and other environmental objectives under Article 9 TR respectively.

The RTS would apply mainly from 1st January 2022 for Article 9 points (a) and (b), from 1st January 2023 as far as Article 9 points (c) to (f ) are concerned or the reporting on GHG Emissions for scope 3.

Access to the document: https://www.esma.europa.eu/sites/default/files/library/jc_2021_50_-_final_report_on_taxonomy-related_product_disclosure_rts.pdf