Digital Advisory & Compliance, Regulatory Watch, Regulatory WatchSFDR Reform Advances: The European Parliament Publishes Its Position on SFDR 2.0
On July 29, 2024, the European Commission published a FAQ document summarizing the key aspects of the new regulation. This follows the publication of the Directive in the Official Journal of the European Union on July 5, 2024, as reported in our previous blog post. Member States have until July 26, 2026, to transpose the Directive into national law. The rules will then gradually apply to companies starting on July 26, 2027, with a gradual phase-in approach between three and five years after the Directive takes effect.
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On July 29, 2024, the European Commission published a FAQ document summarizing the key aspects of the new regulation. Please, read the document of the European Commission for more information. This follows the publication of the Directive in the Official Journal of the European Union on July 5, 2024, as reported in our previous blog post. Member States have until July 26, 2026, to transpose the Directive into national law. The rules will then gradually apply to companies starting on July 26, 2027, with a gradual phase-in approach between three and five years after the Directive takes effect.
The FAQs provide detailed insights into nine key areas, including a general overview, the Directive’s objectives, its implementation deadline, and the scope of entities and activities it affects.
The document also addresses the specific obligations companies must fulfill, how these obligations will be enforced, and the measures in place to limit the burden on businesses. Additionally, it discusses the broader impacts of the Directive.
Section 8 of the FAQs outlines the support available to companies as they work to comply with their CSDDD obligations. The European Commission will provide both general and sector-specific guidelines. These guidelines include instructions on conducting due diligence in accordance with the Directive, model contractual clauses for managing relationships with business partners, and suggestions for data and information sources that can aid in compliance.
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As part of our ongoing commitment to providing comprehensive regulatory reporting solutions, we are analyzing the Corporate Sustainability Due Diligence Directive (CSDDD) for inclusion in our ESG Service portfolio. This addition will complement our existing reporting services, which currently support SFDR PASI Statement creation, Solvency II reporting, CSRD reporting Financial Statement creation and more.
If you have any questions about our services, please send us a message via the contact form on our website. Our experts will be happy to advise you on the details.
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