On 6^th April, the EU Commission adopted with its own delegated Regulation the technical standard to be adopted by financial market operators for the disclosure of sustainability-related information in the financial services sector, in compliance with the Sustainable Finance Disclosures Regulation (SFDR).

The new regulation specifies the content, methodology and presentation of the information to be disclosed, to guarantee its quality and comparability. Under the new regulatory technical framework, financial market participants will be able to disclose detailed information on how to deal with and reduce the potential negative impacts of their investments on the environment and society in general.

The new disclosure requirements also make it possible a further assessment of the sustainability performance of financial products and - consequently - strengthen investor protection and reduce greenwashing.

The regulatory technical standards will be examined by the European Parliament and the Council, to be applied from 1^st January 2023.

The Commission decided to reschedule the application of the regulatory technical standards to that date, in order to facilitate the correct implementation of the rules by product manufacturers, financial advisors and supervisors.

In this regard, it is recalled that the European Supervisory Authorities (ESAs) published, on 28 March 2022, an update of the supervisory statement on the application of the SFDR.

It is recalled that the SFDR, adopted by the Commission in spring 2019 and published on 9^th December 2019 in the Official Journal, is already applicable from 10^th March 2021.

The SFDR establishes sustainability disclosure obligations for manufacturers of financial products and financial advisors with respect to end investors, is directly applicable and integrates the disclosure obligations required by existing sector legislation (AIFMD, UCITS, Solvency II, IDD and MiFID II).