On 3 May 2024, the European Commission published a summary report containing the results of its public and targeted consultations on the revision of Sustainable Finance Disclosure Regulation (SFDR) which ran from September to December 2024. Less than 4 years after SFDR's first application on 10 March 2021, the European Commission took stock of practical issues and potential weaknesses of the financial services sector's main disclosure framework – an unusual exercise even for the shortlived area of EU ESG regulation. We have analysed the consultations and the resulting direction of travel here.
The market has broadly welcomed the consultations, as evidenced by more than 320 consultation responses received by the European Commission. It is therefore no surprise that it took more than 5 months to fully analyse all responses and publish the summary report. While Europe turned their eyes towards Eurovision in Malmö, we dove deep into the data provided by the summary report. Our latest client briefing summarizes the results of the consultations in 38 graphics – from participation in the consultations to the potential new labelling regime the European Commission has anticipated in the consultations. Participation in the consultations was even more widespread than Eurovision in Malmö: France, Germany, Belgium, Spain, and Luxembourg were the most represented (23%, 10%, 7%, 6%, and 6%, respectively). Approximately 19% of respondents were from non-EU countries, predominantly the UK (11%) and the US (5%).
Please refer to our briefing for a detailed breakdown.
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The articles published on this website, current at the dates of publication set out above, are for reference purposes only. They do not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking any action.