EU Further Delays SFDR Level 2 for Asset Managers
The EU has delayed the SFDR Level 2 requirements by six months to July 2022. John Berrigan, head of the European Commission’s financial services unit, said in a letter to the European Parliament that a further delay of six months was needed to avoid a last minute rush for market participants and due to the complexities of the ESG regulation.
“Due to the length and technical detail of those regulatory technical standards … we deem it necessary to facilitate the smooth implementation of the standards by product manufacturers, financial advisers and supervisors,” Berrigan said in his letter. This would mean that the disclosures detailed in the Level 2 would not be published before 1 July 2022. It remains to be seen what the impact of the delay will be on the timeline for the Taxonomy Regulation Level 2.