The European ESG Template (EET) for the exchange of sustainability data was only recently presented, and the first deadline is already approaching: by 2 August 2022 at the latest, the sustainability preferences of investors must be taken into account in the suitability test prescribed by the MiFID II regulation and the IDD (Insurance Distribution Directive (IDD)); for this purpose, the ESG data for all investment options in sales are required. In the case of investment funds, the primary source for this is the data provided in EET format. In future, the client must be asked in the advisory process whether his investment would like to take into account a minimum sustainable share, a minimum share in taxonomy-compliant investments or the adverse impact of sustainability factors. To be found in the articles; IDD 4 a, b, c or MiFID 7 a, b, c.
Insurers and asset managers must also hand out the SFDR Annexes in accordance with the SFDR Regulation and the RTS as of 01.01.2023. It is important to bear in mind here that the annexes of the SFDR Regulation will only be produced for Article 8 and Article 9 products, so this should also be taken into account in the advisory route today.
Time pressure is high, but no need to worry: with cleversoft, the EET data of 17,227 funds is already available to you today - as part of the existing services of our full ESG service for asset managers, insurance companies and banks.
Here, cleversoft aims to provide maximum coverage of the funds of its existing and new clients. Currently, 76% of our clients' target funds are already covered. By 2 August 2022, cleversoft will increase the quota to 100% - in line with the introduction of EPTs in accordance with the PRIIPs regulation of 2018.
This will result in the following advantages for our clients:
- Protection of client interests with regard to sustainable investments
- No disruption in the distribution of sustainable investment funds as of 2 August
- Fully compliant implementation of ESG requirements by the target date
- Minimized effort on the client side
If you have any questions regarding the go-live of the MiFID II amendments, the IDD adapter or cleverPAI clustering, the EET or our services, please do not hesitate to contact us.