What changed, Commission Delegated Regulation (EU) 2022/1288 of 6 April 2022 supplementing Regulation (EU) 2019/2088

+ ## CHAPTER I / **DEFINITIONS AND GENERAL PROVISIONS**
− ### art_1
+ ### Article 1 — Definitions
− Article 1
+ (1) ‘financial undertaking’ means an AIFM as defined in Article 4(1), point (b), of Directive 2011/61/EU of the European Parliament and of the Council (1), a management company as defined in Article 2(1), point (b), of Directive 2009/65/EC of the European Parliament and of the Council (2), an invest…
− | (1) | ‘financial undertaking’ means an AIFM as defined in Article 4(1), point (b), of Directive 2011/61/EU of the European Parliament and of the Council (10), a management company as defined in Article 2(1), point (b), of Directive 2009/65/EC of the European Parliament and of the Council (11), an …
− | --- | --- |
+ (2) ‘non-financial undertaking’ means an undertaking that is not a financial undertaking as defined in point (1);
− | (2) | ‘non-financial undertaking’ means an undertaking that is not a financial undertaking as defined in point (1); |
− | --- | --- |
+ (3) ‘sovereign exposure’ means an exposure to central governments, central banks and supranational issuers;
− | (3) | ‘sovereign exposure’ means an exposure to central governments, central banks and supranational issuers; |
− | --- | --- |
+ (4) ‘environmentally sustainable economic activity’ means an economic activity that complies with the requirements laid down in Article 3 of Regulation (EU) 2020/852;
− | (4) | ‘environmentally sustainable economic activity’ means an economic activity that complies with the requirements laid down in Article 3 of Regulation (EU) 2020/852; |
− | --- | --- |
+ (5) ‘transitional economic activity’ means an economic activity that complies with the requirements laid down in Article 10(2) of Regulation (EU) 2020/852;
− | (5) | ‘transitional economic activity’ means an economic activity that complies with the requirements laid down in Article 10(2) of Regulation (EU) 2020/852; |
− | --- | --- |
+ (6) ‘enabling economic activity’ means an economic activity that complies with the requirements laid down in Article 16 of Regulation (EU) 2020/852.
− | (6) | ‘enabling economic activity’ means an economic activity that complies with the requirements laid down in Article 16 of Regulation (EU) 2020/852. |
− | --- | --- |
+ ### Article 2 — General principles for the presentation of information
− ### art_2
+ **1.** Financial market participants and financial advisers shall provide the information required by this Regulation free of charge and in a manner that is easily accessible, non-discriminatory, prominent, simple, concise, comprehensible, fair, clear and not misleading. Financial market participant…
− Article 2
+ **2.** Financial market participants and financial advisers shall provide the information required by this Regulation in a searchable electronic format, unless otherwise required by the sectoral legislation referred to in Article 6(3) and Article 11(2) of Regulation (EU) 2019/2088.
− 1. Financial market participants and financial advisers shall provide the information required by this Regulation free of charge and in a manner that is easily accessible, non-discriminatory, prominent, simple, concise, comprehensible, fair, clear and not misleading. Financial market participants an…
+ **3.** Financial market participants and financial advisers shall keep the information published on their websites in accordance with this Regulation up to date. They shall clearly mention the date of publication of the information and the date of any update. Where that information is presented as a…
− 2. Financial market participants and financial advisers shall provide the information required by this Regulation in a searchable electronic format, unless otherwise required by the sectoral legislation referred to in Article 6(3) and Article 11(2) of Regulation (EU) 2019/2088.
+ **4.** Financial market participants and financial advisers shall provide, where available, legal entity identifiers (LEIs) and international securities identification numbers (ISINs) when referring to entities or financial products in the information provided in accordance with this Regulation.
− 3. Financial market participants and financial advisers shall keep the information published on their websites in accordance with this Regulation up to date. They shall clearly mention the date of publication of the information and the date of any update. Where that information is presented as a dow…
+ ### Article 3 — Reference benchmarks with basket indexes
− 4. Financial market participants and financial advisers shall provide, where available, legal entity identifiers (LEIs) and international securities identification numbers (ISINs) when referring to entities or financial products in the information provided in accordance with this Regulation.
− 
− ### art_3
− Article 3
− 
+ ## *SECTION 1* / ***Financial market participants***
− ### art_4
+ ### Article 4 — Statement by financial market participants that they do consider principal adverse impacts of their investment decisions on sustainability factors
− Article 4
+ **1.** By 30 June each year, the financial market participants referred to in Article 4(1), point (a), of Regulation (EU) 2019/2088, or Article 4(3) or Article 4(4) of that Regulation, shall publish on their website, in a separate section titled: ‘Statement on principal adverse impacts of investment…
− 1. By 30 June each year, the financial market participants referred to in Article 4(1), point (a), of Regulation (EU) 2019/2088, or Article 4(3) or Article 4(4) of that Regulation, shall publish on their website, in a separate section titled: ‘Statement on principal adverse impacts of investment dec…
+ **2.** Financial market participants shall publish the statement referred to in paragraph 1 in the format of the template set out in Table 1 of Annex I.
− 2. Financial market participants shall publish the statement referred to in paragraph 1 in the format of the template set out in Table 1 of Annex I.
+ **3.** By way of derogation from paragraph 1, for financial market participants that publish the statement referred to in Article 4(1), point (a), of Regulation (EU) 2019/2088, or Article 4(3) or Article 4(4) of that Regulation for the first time, the information referred to in paragraph 1 shall cov…
− 3. By way of derogation from paragraph 1, for financial market participants that publish the statement referred to in Article 4(1), point (a), of Regulation (EU) 2019/2088, or Article 4(3) or Article 4(4) of that Regulation for the first time, the information referred to in paragraph 1 shall cover t…
+ ### Article 5 — Summary section
− ### art_5
− Article 5
− 
+ (a) the name of the financial market participant to which the adverse sustainability impacts statement relates;
− | (a) | the name of the financial market participant to which the adverse sustainability impacts statement relates; |
− | --- | --- |
+ (b) the fact that principal adverse impacts on sustainability factors are considered;
− | (b) | the fact that principal adverse impacts on sustainability factors are considered; |
− | --- | --- |
+ (c) the reference period of the statement;
− | (c) | the reference period of the statement; |
− | --- | --- |
+ (d) a summary of the principal adverse impacts.
− | (d) | a summary of the principal adverse impacts. |
− | --- | --- |
+ (a) one of the official languages of the home Member State of the financial market participant and, where different, in an additional language customary in the sphere of international finance;
− | (a) | one of the official languages of the home Member State of the financial market participant and, where different, in an additional language customary in the sphere of international finance; |
− | --- | --- |
+ (b) where a financial product of the financial market participant is made available in a host Member State, one of the official languages of that host Member State.
− | (b) | where a financial product of the financial market participant is made available in a host Member State, one of the official languages of that host Member State. |
− | --- | --- |
+ ### Article 6 — Description of the principal adverse impacts of investment decisions on sustainability factors
− ### art_6
+ **1.** In the section ‘Description of the principal adverse impacts on sustainability factors’ in Table 1 of Annex I, financial market participants shall complete all the fields that relate to the indicators related to principal adverse impacts of their investment decisions on sustainability factors…
− Article 6
+ **2.** In the section ‘Description of the principal adverse impacts on sustainability factors’ in Table 1 of Annex I, financial market participants shall describe the actions taken during the period from 1 January to 31 December of the preceding year and actions planned or targets set for the subseq…
− 1. In the section ‘Description of the principal adverse impacts on sustainability factors’ in Table 1 of Annex I, financial market participants shall complete all the fields that relate to the indicators related to principal adverse impacts of their investment decisions on sustainability factors, an…
+ **3.** Financial market participants shall include in the columns ‘Impact’ in the section ‘Description of the principal adverse impacts on sustainability factors’ in Table 1 of Annex I a figure on impact as the average of impacts on 31 March, 30 June, 30 September and 31 December of each period from…
− | (a) | information on one or more additional climate and other environment-related indicators, as set out in Table 2 of Annex I; |
− | --- | --- |
+ ### Article 7 — Description of policies to identify and prioritise principal adverse impacts of investment decisions on sustainability factors
− | (b) | information on one or more additional indicators for social and employee matters, respect for human rights, anti-corruption and anti-bribery matters, as set out in Table 3 of Annex I; |
− | --- | --- |
+ **1.** In the section ‘Description of policies to identify and prioritise principal adverse impacts on sustainability factors’ in Table 1 of Annex I, financial market participants shall describe their policies to identify and prioritise principal adverse impacts on sustainability factors and how tho…
− | (c) | information on any other indicators used to identify and assess additional principal adverse impacts on a sustainability factor. |
− | --- | --- |
+ **2.** Where information relating to any of the indicators used is not readily available, financial market participants shall include in the section ‘Description of policies to identify and prioritise principal adverse impacts on sustainability factors’ in Table 1 of Annex I details of the best effo…
− 2. In the section ‘Description of the principal adverse impacts on sustainability factors’ in Table 1 of Annex I, financial market participants shall describe the actions taken during the period from 1 January to 31 December of the preceding year and actions planned or targets set for the subsequent…
+ ### Article 8 — Engagement policies section
− 3. Financial market participants shall include in the columns ‘Impact’ in the section ‘Description of the principal adverse impacts on sustainability factors’ in Table 1 of Annex I a figure on impact as the average of impacts on 31 March, 30 June, 30 September and 31 December of each period from 1 J…
+ **1.** In the section ‘Engagement policies’ in Table 1 of Annex I, financial market participants shall provide all of the following information:(a) where applicable, brief summaries of the engagement policies referred to in Article 3g of Directive 2007/36/EC of the European Parliament and of the Cou…
− ### art_7
+ ### Article 9 — References to international standards section
− Article 7
+ **1.** In the section ‘References to international standards’ in Table 1 of Annex I, financial market participants shall describe whether and to what extent they adhere to responsible business conduct codes and internationally recognised standards for due diligence and reporting and, where relevant,…
− 1. In the section ‘Description of policies to identify and prioritise principal adverse impacts on sustainability factors’ in Table 1 of Annex I, financial market participants shall describe their policies to identify and prioritise principal adverse impacts on sustainability factors and how those p…
+ **2.** The description referred to in paragraph 1 shall contain information about all of the following:(a) the indicators used to consider the principal adverse impacts on sustainability factors referred to in Article 6(1) that measure the adherence or alignment referred to in paragraph 1;(b) the me…
− | (a) | the date on which the governing body of the financial market participant approved those policies; |
− | --- | --- |
+ ### Article 10 — Historical comparison
− | (b) | how the responsibility for the implementation of those policies within organisational strategies and procedures is allocated; |
− | --- | --- |
− 
− | (c) | the methodologies to select the indicators referred to in Article 6(1), points (a), (b) and (c), and to identify and assess the principal adverse impacts referred to in Article 6(1), and in particular an explanation of how those methodologies take into account the probability of occurrence a…
− | --- | --- |
− 
− | (d) | any associated margin of error within the methodologies referred to in point (c) of this paragraph, with an explanation of that margin; |
− | --- | --- |
− 
− | (e) | the data sources used. |
− | --- | --- |
− 
− 2. Where information relating to any of the indicators used is not readily available, financial market participants shall include in the section ‘Description of policies to identify and prioritise principal adverse impacts on sustainability factors’ in Table 1 of Annex I details of the best efforts …
− 
− ### art_8
− 
− Article 8
− 
− 1. In the section ‘Engagement policies’ in Table 1 of Annex I, financial market participants shall provide all of the following information:
− 
− | (a) | where applicable, brief summaries of the engagement policies referred to in Article 3g of Directive 2007/36/EC of the European Parliament and of the Council (14); |
− | --- | --- |
− 
− | (b) | brief summaries of any other engagement policies to reduce principal adverse impacts. |
− | --- | --- |
− 
− 2. The brief summaries referred to in paragraph 1 shall describe all of the following:
− 
− | (a) | the indicators for adverse impacts considered in the engagement policies referred to in paragraph 1; |
− | --- | --- |
− 
− | (b) | how those engagement policies will be adapted where there is no reduction of the principal adverse impacts over more than one period reported on. |
− | --- | --- |
− 
− ### art_9
− 
− Article 9
− 
− 1. In the section ‘References to international standards’ in Table 1 of Annex I, financial market participants shall describe whether and to what extent they adhere to responsible business conduct codes and internationally recognised standards for due diligence and reporting and, where relevant, the…
− 
− 2. The description referred to in paragraph 1 shall contain information about all of the following:
− 
− | (a) | the indicators used to consider the principal adverse impacts on sustainability factors referred to in Article 6(1) that measure the adherence or alignment referred to in paragraph 1; |
− | --- | --- |
− 
− | (b) | the methodology and data used to measure the adherence or alignment referred to in paragraph 1, including a description of the scope of coverage, data sources, and how the methodology used forecasts the principal adverse impacts of investee companies; |
− | --- | --- |
− 
− | (c) | whether a forward-looking climate scenario is used, and, if so, the name and provider of that scenario and when it was designed; |
− | --- | --- |
− | (d) | where no forward-looking climate scenario is used, an explanation of why the financial market participant does consider forward-looking climate scenarios to be irrelevant. |
− | --- | --- |
− 
− ### art_10
− 
− Article 10
− 
+ ## *SECTION 2* / ***Financial advisers***
− ### art_11
+ ### Article 11 — Statement by financial advisers that they do consider in their insurance or investment advice principal adverse impacts on sustainability factors
− Article 11
+ **1.** The financial advisers referred to in Article 2, point (11), points (a) and (b), of Regulation (EU) 2019/2088 that apply Article 4(5), point (a), of that Regulation shall publish the information referred to in Article 4(5), point (a), of that Regulation in a separate section of their website …
− 1. The financial advisers referred to in Article 2, point (11), points (a) and (b), of Regulation (EU) 2019/2088 that apply Article 4(5), point (a), of that Regulation shall publish the information referred to in Article 4(5), point (a), of that Regulation in a separate section of their website titl…
+ **2.** The financial advisers referred to in Article 2, point (11), points (c) to (f), of Regulation (EU) 2019/2088 and apply Article 4(5), point (a), of that Regulation shall publish the information referred to in Article 4(5), point (a), of that Regulation in a separate section of their websites t…
− 2. The financial advisers referred to in Article 2, point (11), points (c) to (f), of Regulation (EU) 2019/2088 and apply Article 4(5), point (a), of that Regulation shall publish the information referred to in Article 4(5), point (a), of that Regulation in a separate section of their websites title…
+ **3.** The statement and information referred to in paragraphs 1 and 2 shall contain details on the process used by financial advisers to select the financial products they advise on, including all of the following:(a) how the financial advisers use the information published by financial market part…
− 3. The statement and information referred to in paragraphs 1 and 2 shall contain details on the process used by financial advisers to select the financial products they advise on, including all of the following:
+ ## *SECTION 3* / ***Statement by financial market participants that they do not consider adverse impacts of investment decisions on sustainability factors, and statement by financial advisers that they do not consider adverse impacts of investment decisions on sustainability factors in their investm…
− | (a) | how the financial advisers use the information published by financial market participants pursuant to this Regulation; |
− | --- | --- |
+ ### Article 12 — Statement by financial market participants that they do not consider adverse impacts of their investments decisions on sustainability factors
− | (b) | whether the financial advisers rank and select financial products based on the indicators listed in Table 1 of Annex I and any additional indicators and, where applicable, a description of the ranking and selection methodology used; |
− | --- | --- |
+ **1.** Financial market participants referred to in Article 4(1), point (b), of Regulation (EU) 2019/2088 shall publish the information referred to in Article 4(1), point (b), of that Regulation in a separate section of their website titled ‘No consideration of adverse impacts of investment decision…
− | (c) | any criteria or thresholds based on the principal adverse impacts listed in Table 1 of Annex I that are used to select, or advise on, financial products. |
− | --- | --- |
+ **2.** The statement referred to in paragraph 1 shall contain all of the following:(a) a prominent statement that the financial market participant does not consider any adverse impacts of its investment decisions on sustainability factors;(b) the reasons why the financial market participant does not…
− ### art_12
− 
− Article 12
+ ### Article 13 — Statement by financial advisers that they do not consider adverse impacts of investment decisions on sustainability factors in their investment or insurance advice
− 1. Financial market participants referred to in Article 4(1), point (b), of Regulation (EU) 2019/2088 shall publish the information referred to in Article 4(1), point (b), of that Regulation in a separate section of their website titled ‘No consideration of adverse impacts of investment decisions on…
+ **1.** The financial advisers referred to in Article 2, point (11), points (a) and (b), of Regulation (EU) 2019/2088 that apply Article 4(5), point (b), of that Regulation shall publish the information referred to in Article 4(5), point (b), of that Regulation in a separate section of their website …
− 2. The statement referred to in paragraph 1 shall contain all of the following:
+ **2.** The financial advisers referred to in Article 2, point (11), points (c) to (f), of Regulation (EU) 2019/2088 that apply Article 4(5), point (b), of that Regulation shall publish the information referred to in Article 4(5), point (b), of that Regulation in a separate section of their website t…
− | (a) | a prominent statement that the financial market participant does not consider any adverse impacts of its investment decisions on sustainability factors; |
− | --- | --- |
+ **3.** The statement and information referred to in paragraphs 1 and 2 shall contain all of the following:(a) a prominent statement that the financial adviser does not consider any adverse impacts of investment decisions on sustainability factors in its investment or insurance advice;(b) the reasons…
− | (b) | the reasons why the financial market participant does not consider any adverse impacts of its investment decisions on sustainability factors and, where relevant, information on whether the financial market participant intends to consider such adverse impacts by reference to the indicators li…
− | --- | --- |
+ ## *SECTION 1* / ***Promotion of environmental or social characteristics***
− ### art_13
+ ### Article 14 — Presentation by financial market participants of the pre-contractual information to be disclosed pursuant to Article 8(1), (2) and (2a) of Regulation (EU) 2019/2088
− Article 13
+ **1.** Financial market participants shall present the information to be disclosed pursuant to Article 8(1), (2) and (2a) of Regulation (EU) 2019/2088 in the format of the template set out in Annex II to this Regulation. That information shall be attached as an annex to the documents or the informat…
− 1. The financial advisers referred to in Article 2, point (11), points (a) and (b), of Regulation (EU) 2019/2088 that apply Article 4(5), point (b), of that Regulation shall publish the information referred to in Article 4(5), point (b), of that Regulation in a separate section of their website titl…
− 
− 2. The financial advisers referred to in Article 2, point (11), points (c) to (f), of Regulation (EU) 2019/2088 that apply Article 4(5), point (b), of that Regulation shall publish the information referred to in Article 4(5), point (b), of that Regulation in a separate section of their website title…
+ **2.** Financial market participants shall include in the main body of the documents or information referred to in Article 6(3) of Regulation (EU) 2019/2088 a prominent statement that information about the environmental or social characteristics is available in the annex to those documents or that i…
− 3. The statement and information referred to in paragraphs 1 and 2 shall contain all of the following:
+ **3.** Financial market participants shall provide at the beginning of the annex to the documents or the information referred to in Article 6(3) of Regulation (EU) 2019/2088 all of the following information:(a) whether the financial product intends to make any sustainable investments;(b) whether the…
− | (a) | a prominent statement that the financial adviser does not consider any adverse impacts of investment decisions on sustainability factors in its investment or insurance advice; |
− | --- | --- |
+ ### Article 15 — Sustainable investment information in the asset allocation section for financial products that promote environmental characteristics
− | (b) | the reasons why the financial adviser does not consider any adverse impacts of investment decisions on sustainability factors in its investment or insurance advice and, where relevant, information on whether the financial adviser intends to consider such adverse impacts by reference to the i…
− | --- | --- |
+ **1.** For the financial products referred to in Article 6, first subparagraph, of Regulation (EU) 2020/852, financial market participants shall provide, in the section ‘To what minimum extent are sustainable investments with an environmental objective aligned with the EU Taxonomy?’ in the template …
− ### art_14
+ **2.** For the purposes of paragraph 1, point (a), financial market participants shall use:(a) the same key performance indicator for the aggregated investments in non-financial undertakings;(b) the same key performance indicator for the aggregated investments in the same type of financial undertaki…
− Article 14
+ **3.** For the purposes paragraph 1, point (b), the description shall include all of the following:(a) in respect of investee companies that are non-financial undertakings, whether the degree to which the investments are in environmentally sustainable economic activities is measured by turnover, or …
− 1. Financial market participants shall present the information to be disclosed pursuant to Article 8(1), (2) and (2a) of Regulation (EU) 2019/2088 in the format of the template set out in Annex II to this Regulation. That information shall be attached as an annex to the documents or the information …
+ ### Article 16 — Sustainable investment information in the asset allocation section for financial products that promote social characteristics
− 2. Financial market participants shall include in the main body of the documents or information referred to in Article 6(3) of Regulation (EU) 2019/2088 a prominent statement that information about the environmental or social characteristics is available in the annex to those documents or that infor…
− 3. Financial market participants shall provide at the beginning of the annex to the documents or the information referred to in Article 6(3) of Regulation (EU) 2019/2088 all of the following information:
− 
− | (a) | whether the financial product intends to make any sustainable investments; |
− | --- | --- |
− 
− | (b) | whether the financial product promotes environmental or social characteristics, without having as its objective a sustainable investment. |
− | --- | --- |
− 
− ### art_15
− 
− Article 15
− 
− 1. For the financial products referred to in Article 6, first subparagraph, of Regulation (EU) 2020/852, financial market participants shall provide, in the section ‘To what minimum extent are sustainable investments with an environmental objective aligned with the EU Taxonomy?’ in the template set …
− 
− | (a) | a graphical representation in the form of a pie chart of:(i)the degree to which the aggregated investments are investments in environmentally sustainable economic activities, as calculated in accordance with Article 17(1) to (4) of this Regulation;(ii)the degree to which the aggregated inves…
− | --- | --- |
− | (i) | the degree to which the aggregated investments are investments in environmentally sustainable economic activities, as calculated in accordance with Article 17(1) to (4) of this Regulation; |
− | (ii) | the degree to which the aggregated investments, excluding sovereign exposures, are investments in environmentally sustainable economic activities, as calculated in accordance with Article 17(5) of this Regulation; |
− 
− | (b) | a description of the investments underlying the financial products that are in environmentally sustainable economic activities, including whether the compliance of those investments with the requirements laid down in Article 3 of Regulation (EU) 2020/852 will be subject to an assurance provi…
− | --- | --- |
− 
− | (c) | where the financial products invest in economic activities other than environmentally sustainable economic activities, a clear explanation of the reasons for doing so; |
− | --- | --- |
− 
− | (d) | where the financial products have sovereign exposures and the financial market participant cannot assess the extent to which those exposures contribute to environmentally sustainable economic activities, a narrative explanation of the proportion in total investments of investments that consi…
− | --- | --- |
− 
− 2. For the purposes of paragraph 1, point (a), financial market participants shall use:
− 
− | (a) | the same key performance indicator for the aggregated investments in non-financial undertakings; |
− | --- | --- |
− 
− | (b) | the same key performance indicator for the aggregated investments in the same type of financial undertakings. |
− | --- | --- |
− 
− For insurance and reinsurance undertakings that carry out non-life underwriting activities, the key performance indicator may combine the investment and the underwriting key performance indicators in accordance with Article 6 of Delegated Regulation (EU) 2021/2178.
− 
− 3. For the purposes paragraph 1, point (b), the description shall include all of the following:
− 
− | (a) | in respect of investee companies that are non-financial undertakings, whether the degree to which the investments are in environmentally sustainable economic activities is measured by turnover, or whether, due to the features of the financial product, the financial market participant has dec…
− | --- | --- |
− 
− | (b) | where information about the degree to which the investments are in environmentally sustainable economic activities is not readily available from public disclosures by investee companies, details of whether the financial market participant obtained equivalent information directly from investe…
− | --- | --- |
− 
− | (c) | a breakdown of the minimum proportions of investments in the transitional economic activities and in the enabling economic activities, in each case expressed as a percentage of all investments of the financial product. |
− | --- | --- |
− 
− ### art_16
− 
− Article 16
− 
+ ### Article 17 — Calculation of the degree to which investments are in environmentally sustainable economic activities
− ### art_17
+ **1.** The degree to which investments are in environmentally sustainable economic activities shall be calculated in accordance with the following formula:where ‘investments of the financial product in environmentally sustainable economic activities’ shall be the sum of the market values of the foll…
− Article 17
+ **2.** For the purposes of paragraph 1, point (a), the proportion of activities of investee companies associated with environmentally sustainable economic activities shall be calculated on the basis of the most appropriate key performance indicators for the investments of the financial product using…
− 1. The degree to which investments are in environmentally sustainable economic activities shall be calculated in accordance with the following formula:
+ **3.** For the disclosures referred to in Article 15(1), point (a), and Article 19(1), point (a), in the case of investee companies that are non-financial undertakings that are subject to the obligation to publish non-financial information pursuant to Delegated Regulation (EU) 2021/2178 and other no…
− where ‘investments of the financial product in environmentally sustainable economic activities’ shall be the sum of the market values of the following investments of the financial product:
+ **4.** By way of derogation from paragraph 3, where, due to the features of the financial product, capital expenditure or operating expenditure gives a more representative calculation of the degree to which an investment is into environmentally sustainable economic activities, the calculation may us…
− | (a) | for debt securities and equities of investee companies, where a proportion of activities of those investee companies is associated with environmentally sustainable economic activities, the market value of that proportion of those debt securities or equities; |
− | --- | --- |
+ **5.** For the disclosures referred to in Article 15(1), point (a)(ii), Article 19(1), point (a)(ii), Article 55(1), point (b)(iii) and Article 62(1), point (b)(iii), paragraphs 1 to 4 of this Article shall apply, except that the sovereign exposures shall be excluded from the calculation of the nume…
− | (b) | for debt securities other than those referred to in point (a), where a proportion of the proceeds is required by the terms of those debt securities to be used exclusively on environmentally sustainable economic activities, the market value of that proportion; |
− | --- | --- |
+ ## *SECTION 2* / ***Sustainable investment as objective***
− | (c) | for bonds issued under Union legislation on environmentally sustainable bonds, the market value of those bonds; |
− | --- | --- |
+ ### Article 18 — Presentation by financial market participants of pre-contractual information for financial products to be disclosed pursuant to Article 9, paragraphs 1 to 4a, of Regulation (EU) 2019/2088
− | (d) | for investments in real estate assets which qualify as environmentally sustainable economic activities, the market value of those investments; |
− | --- | --- |
+ **1.** Financial market participants shall present the information to be disclosed pursuant to Article 9(1) to (4a) of Regulation (EU) 2019/2088 and this Section in an annex to the document or the information referred to in Article 6(3) of Regulation (EU) 2019/2088. They shall present that informati…
− | (e) | for investments in infrastructure assets which qualify as environmentally sustainable economic activities, the market value of those investments; |
− | --- | --- |
+ **2.** Financial market participants shall include in the main body of the document or the information referred to in Article 6(3) of Regulation (EU) 2019/2088 a prominent statement that information about sustainable investment is available in the annex.
− | (f) | for investments in securitisation positions as defined in Article 2, point (19), of Regulation (EU) 2017/2402 of the European Parliament and of the Council (15) with underlying exposures in environmentally sustainable economic activities, the market value of the proportion of those exposures…
− | --- | --- |
+ **3.** Financial market participants shall include at the beginning of the annex to the document or the information referred to in Article 6(3) of Regulation (EU) 2019/2088 a statement that the financial product has sustainable investment as its objective.
− | (g) | for investments in financial products as referred to in Article 5, first paragraph, and Article 6, first paragraph, of Regulation (EU) 2020/852, the market value of the proportion of those financial products representing the degree to which investments are in environmentally sustainable econ…
− | --- | --- |
+ ### Article 19 — Sustainable investment information for financial products with the objective of sustainable investment
− 2. For the purposes of paragraph 1, point (a), the proportion of activities of investee companies associated with environmentally sustainable economic activities shall be calculated on the basis of the most appropriate key performance indicators for the investments of the financial product using the…
+ **1.** For the financial products referred to in Article 5, first paragraph, of Regulation (EU) 2020/852, financial market participants shall include in the section ‘What is the asset allocation and the minimum share of sustainable investments?’ in the template set out in Annex III all of the follow…
− | (a) | for the investee companies referred to in Article 8(1) and (2) of Regulation (EU) 2020/852, the disclosures made by those investee companies in accordance with that Article; |
− | --- | --- |
+ **2.** For the purposes of paragraph 1, point (a), financial market participants shall apply Article 15(2).
− | (b) | for other investee companies, equivalent information obtained by the financial market participant directly from investee companies or from third party providers. |
− | --- | --- |
+ **3.** For the purposes of paragraph 1, point (b), financial market participants shall apply Article 15(3).
− 3. For the disclosures referred to in Article 15(1), point (a), and Article 19(1), point (a), in the case of investee companies that are non-financial undertakings that are subject to the obligation to publish non-financial information pursuant to Delegated Regulation (EU) 2021/2178 and other non-fi…
+ **4.** For financial products that invest in an economic activity that contributes to a social objective, financial market participants shall include in the section ‘What is the asset allocation and the minimum share of sustainable investments?’ in the template set out in Annex III the minimum share…
− 4. By way of derogation from paragraph 3, where, due to the features of the financial product, capital expenditure or operating expenditure gives a more representative calculation of the degree to which an investment is into environmentally sustainable economic activities, the calculation may use th…
+ ## *SECTION 3* / ***Financial products with investment options***
− 5. For the disclosures referred to in Article 15(1), point (a)(ii), Article 19(1), point (a)(ii), Article 55(1), point (b)(iii) and Article 62(1), point (b)(iii), paragraphs 1 to 4 of this Article shall apply, except that the sovereign exposures shall be excluded from the calculation of the numerato…
+ ### Article 20 — Financial products with one or more underlying investment options that qualify those financial products as financial products that promote environmental or social characteristics
− ### art_18
+ **1.** By way of derogation from Articles 14 to 17, where a financial product offers investment options to the investor and one or more of those investment options qualify that financial product as a financial product that promotes environmental or social characteristics, financial market participan…
− Article 18
+ **2.** The prominent statement referred to in paragraph 1 shall be accompanied by all of the following:(a) a list of the investment options referred to in paragraph 3, presented in accordance with the categories of investment options referred to in points (a), (b) and (c) of that paragraph;(b) the p…
− 1. Financial market participants shall present the information to be disclosed pursuant to Article 9(1) to (4a) of Regulation (EU) 2019/2088 and this Section in an annex to the document or the information referred to in Article 6(3) of Regulation (EU) 2019/2088. They shall present that information i…
+ **3.** Financial market participants shall provide all of the following information in annexes to the document or information referred to in Article 6(3) of Regulation (EU) 2019/2088 for the following categories of investment options:(a) for each investment option that qualifies as a financial produ…
− 2. Financial market participants shall include in the main body of the document or the information referred to in Article 6(3) of Regulation (EU) 2019/2088 a prominent statement that information about sustainable investment is available in the annex.
+ **4.** Financial market participants shall present the information referred to in paragraph 3, point (a), in the form of the template set out in Annex II and the information referred to in paragraph 3, point (b), in the form of the template set out in Annex III.
− 3. Financial market participants shall include at the beginning of the annex to the document or the information referred to in Article 6(3) of Regulation (EU) 2019/2088 a statement that the financial product has sustainable investment as its objective.
+ **5.** By way of derogation from paragraph 3, where a financial product offers a range of investment options to the investor such that the information about those investment options cannot be provided in annexes to the document or information referred to in Article 6(3) of Regulation (EU) 2019/2088 …
− ### art_19
+ ### Article 21 — Financial products with underlying investment options that all have sustainable investment as their objective
− Article 19
+ **1.** By way of derogation from Articles 18 and 19, where a financial product offers investment options to the investor and those investment options all have sustainable investment as their objectives, financial market participants shall confirm in a prominent statement in the main body of the docu…
− 1. For the financial products referred to in Article 5, first paragraph, of Regulation (EU) 2020/852, financial market participants shall include in the section ‘What is the asset allocation and the minimum share of sustainable investments?’ in the template set out in Annex III all of the following …
+ **2.** The prominent statement referred to in paragraph 1 shall be accompanied by all of the following:(a) a list of the investment options referred to in paragraph 3 presented in accordance with the categories of investment options referred to in points (a) and (b) of that paragraph;(b) the proport…
− | (a) | a graphical representation in the form of a pie chart:(i)in accordance with Article 15(1), point (a)(i), of this Regulation;(ii)in accordance with Article 15(1), point (a)(ii), of this Regulation; |
− | --- | --- |
− | (i) | in accordance with Article 15(1), point (a)(i), of this Regulation; |
− | (ii) | in accordance with Article 15(1), point (a)(ii), of this Regulation; |
+ **3.** Financial market participants shall provide all of the following information in annexes to the document or information referred to in Article 6(3) of Regulation (EU) 2019/2088 for the following categories of investment options:(a) for each investment option that qualifies as a financial produ…
− | (b) | a description in accordance with Article 15(1), point (b), of this Regulation; |
− | --- | --- |
+ **4.** Financial market participants shall present the information referred to in paragraph 3, point (a), in accordance with the template set out in Annex III.
− | (c) | where the financial products invest in economic activities that contribute to an environmental objective and the economic activities are not environmentally sustainable economic activities, a clear explanation of the reasons for doing so; |
− | --- | --- |
+ **5.** By way of derogation from paragraph 3, where a financial product offers a range of investment options to the investor such that the information relating to those investment options cannot be provided in annexes to the document or information referred to in Article 6(3) of Regulation (EU) 2019…
− | (d) | where the financial products have sovereign exposures and the financial market participant cannot assess the extent to which those exposures contribute to environmentally sustainable economic activities, a narrative explanation of the proportion in total investments of investments that consi…
− | --- | --- |
+ ### Article 22 — Information on underlying investment options that have sustainable investment as their objective and are not themselves financial products
− 2. For the purposes of paragraph 1, point (a), financial market participants shall apply Article 15(2).
+ The information on the objective of the sustainable investments referred to in Article 20(3), point (c), and Article 21(3), point (b), shall contain all of the following:
− 3. For the purposes of paragraph 1, point (b), financial market participants shall apply Article 15(3).
+ (a) a description of the sustainable investment objective;
− 4. For financial products that invest in an economic activity that contributes to a social objective, financial market participants shall include in the section ‘What is the asset allocation and the minimum share of sustainable investments?’ in the template set out in Annex III the minimum share of …
+ (b) a list of the indicators used to measure the attainment of that sustainable investment objective;
− ### art_20
+ (c) a description of how the investments do not significantly harm any of the sustainable investment objectives, including all of the following: (i) how the indicators for adverse impacts in Table 1 of Annex I and any relevant indicators in Tables 2 and 3 of that Annex, are taken into account; (ii) …
− Article 20
+ ## CHAPTER IV / **WEBSITE PRODUCT DISCLOSURE**
− 1. By way of derogation from Articles 14 to 17, where a financial product offers investment options to the investor and one or more of those investment options qualify that financial product as a financial product that promotes environmental or social characteristics, financial market participants s…
+ ### Article 23 — Website section for the disclosure of sustainability-related information about financial products
− | (a) | that the financial product promotes environmental or social characteristics; |
− | --- | --- |
+ Financial market participants shall, for each financial product, publish the information referred to in Article 10(1) of Regulation (EU) 2019/2088 in a separate section titled, ‘Sustainability-related disclosures’, in the same part of their website as the other information relating to the financial …
− | (b) | that those environmental or social characteristics will only be met where the financial product invests in at least one of the investment options mentioned in the list referred to in paragraph 2, point (a), of this Article and that at least one of those options is kept during the holding per…
− | --- | --- |
+ ## *SECTION 1* / ***Website product disclosure for financial products that promote environmental or social characteristics***
− | (c) | that further information about those characteristics is available in the Annexes referred to in paragraph 3 of this Article or, where relevant, through the references referred to in paragraph 5 of this Article. |
− | --- | --- |
+ ### Article 24 — Sections of website product disclosure for financial products that promote environmental or social characteristics
− 2. The prominent statement referred to in paragraph 1 shall be accompanied by all of the following:
+ For financial products that promote environmental or social characteristics, financial market participants shall publish the information referred to in Article 10(1) of Regulation (EU) 2019/2088 and Articles 25 to 36 of this Regulation in the following order and made up of all of the following secti…
− | (a) | a list of the investment options referred to in paragraph 3, presented in accordance with the categories of investment options referred to in points (a), (b) and (c) of that paragraph; |
− | --- | --- |
+ (a) ‘Summary’;
− | (b) | the proportions of investment options within each of the categories referred to in paragraph 3, points (a), (b) and (c), relative to the total number of investment options offered by the financial product. |
− | --- | --- |
+ (b) ‘No sustainable investment objective’;
− 3. Financial market participants shall provide all of the following information in annexes to the document or information referred to in Article 6(3) of Regulation (EU) 2019/2088 for the following categories of investment options:
+ (c) ‘Environmental or social characteristics of the financial product’;
− | (a) | for each investment option that qualifies as a financial product that promotes environmental or social characteristics, the information referred to in Articles 14 to 17 of this Regulation; |
− | --- | --- |
+ (d) ‘Investment strategy’;
− | (b) | for each investment option that qualifies as a financial product that has sustainable investment as its objective, the information referred to in Articles 18 and 19 of this Regulation; |
− | --- | --- |
+ (e) ‘Proportion of investments’;
− | (c) | for each investment option that has sustainable investment as its objective and is not a financial product, information on the objective of sustainable investment. |
− | --- | --- |
+ (f) ‘Monitoring of environmental or social characteristics’;
− 4. Financial market participants shall present the information referred to in paragraph 3, point (a), in the form of the template set out in Annex II and the information referred to in paragraph 3, point (b), in the form of the template set out in Annex III.
+ (g) ‘Methodologies’;
− 5. By way of derogation from paragraph 3, where a financial product offers a range of investment options to the investor such that the information about those investment options cannot be provided in annexes to the document or information referred to in Article 6(3) of Regulation (EU) 2019/2088 in a…
+ (h) ‘Data sources and processing’;
− ### art_21
+ (i) ‘Limitations to methodologies and data’;
− Article 21
+ (j) ‘Due diligence’;
− 1. By way of derogation from Articles 18 and 19, where a financial product offers investment options to the investor and those investment options all have sustainable investment as their objectives, financial market participants shall confirm in a prominent statement in the main body of the document…
+ (k) ‘Engagement policies’;
− 2. The prominent statement referred to in paragraph 1 shall be accompanied by all of the following:
+ (l) where an index is designated as a reference benchmark to attain the environmental or social characteristics promoted by the financial product, ‘Designated reference benchmark’.
− | (a) | a list of the investment options referred to in paragraph 3 presented in accordance with the categories of investment options referred to in points (a) and (b) of that paragraph; |
− | --- | --- |
+ ### Article 25 — Website section ‘Summary’ for financial products that promote environmental or social characteristics
− | (b) | the proportions of each of the categories of investment options referred to in paragraph 3, points (a) and (b), within each of those categories relative to the total number of investment options offered by the financial product. |
− | --- | --- |
+ **1.** In the website section ‘Summary’ referred to in Article 24, point (a), financial market participants shall summarise all the information contained in the different sections referred to in that Article about the financial products that promote environmental or social characteristics. The summa…
− 3. Financial market participants shall provide all of the following information in annexes to the document or information referred to in Article 6(3) of Regulation (EU) 2019/2088 for the following categories of investment options:
+ **2.** The website section ‘Summary’ referred to in Article 24, point (a), shall be provided in at least the following languages:(a) one of the official languages of the home Member State and, where different and where the financial product is made available in more than one Member State, in an addi…
− | (a) | for each investment option that qualifies as a financial product that has sustainable investment as its objective, the information referred to in Articles 18 and 19 of this Regulation; |
− | --- | --- |
+ ### Article 26 — Website section ‘No sustainable investment objective’ for financial products that promote environmental or social characteristics
− | (b) | for each investment option that has sustainable investment as its objective and is not a financial product, the information on the objective of sustainable investment. |
− | --- | --- |
+ **1.** In the website section ‘No sustainable investment objective’ referred to in Article 24, point (b), financial market participants shall insert the following statement: “This financial product promotes environmental or social characteristics, but does not have as its objective sustainable inves…
− 4. Financial market participants shall present the information referred to in paragraph 3, point (a), in accordance with the template set out in Annex III.
+ **2.** Where the financial product commits to making one or more sustainable investments, financial market participants shall in the website section ‘No sustainable investment objective’ referred to in Article 24, point (b), explain how the sustainable investment does not significantly harm any of t…
− 5. By way of derogation from paragraph 3, where a financial product offers a range of investment options to the investor such that the information relating to those investment options cannot be provided in annexes to the document or information referred to in Article 6(3) of Regulation (EU) 2019/208…
+ ### Article 27 — Website section ‘Environmental or social characteristics of the financial product’ for financial products that promote environmental or social characteristics
− ### art_22
+ In the website section ‘Environmental or social characteristics of the financial product’ referred to in Article 24, point (c), financial market participants shall describe the environmental or social characteristics that the financial products promotes.
− Article 22
+ ### Article 28 — Website section ‘Investment strategy’ for financial products that promote environmental or social characteristics
− The information on the objective of the sustainable investments referred to in Article 20(3), point (c), and Article 21(3), point (b), shall contain all of the following:
+ In the website section ‘Investment strategy’ referred to in Article 24, point (d), financial market participants shall describe all of the following:
− | (a) | a description of the sustainable investment objective; |
− | --- | --- |
+ (a) the investment strategy used to meet the environmental or social characteristics promoted by the financial product;
− | (b) | a list of the indicators used to measure the attainment of that sustainable investment objective; |
− | --- | --- |
+ (b) the policy to assess good governance practices of the investee companies, including with respect to sound management structures, employee relations, remuneration of staff and tax compliance.
− | (c) | a description of how the investments do not significantly harm any of the sustainable investment objectives, including all of the following:(i)how the indicators for adverse impacts in Table 1 of Annex I and any relevant indicators in Tables 2 and 3 of that Annex, are taken into account;(ii)…
− | --- | --- |
− | (i) | how the indicators for adverse impacts in Table 1 of Annex I and any relevant indicators in Tables 2 and 3 of that Annex, are taken into account; |
− | (ii) | whether the sustainable investment is aligned with the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights, including the principles and rights set out in the eight fundamental conventions identified in the Declaration of the Internationa…
+ ### Article 29 — Website section ‘Proportion of investments’ for financial products that promote environmental or social characteristics
− ### art_23
+ In the website section ‘Proportion of investments’ referred to in Article 24, point (e), financial market participants shall insert the information referred to in Article 14 and shall distinguish between direct exposures in investee entities and all other types of exposures to those entities.
− Article 23
+ ### Article 30 — Website section ‘Monitoring of environmental or social characteristics’ for financial products that promote environmental or social characteristics
− Financial market participants shall, for each financial product, publish the information referred to in Article 10(1) of Regulation (EU) 2019/2088 in a separate section titled, ‘Sustainability-related disclosures’, in the same part of their website as the other information relating to the financial …
+ In the website section ‘Monitoring of environmental or social characteristics’ referred to in Article 24, point (f), financial market participants shall describe how the environmental or social characteristics promoted by the financial product and the sustainability indicators used to measure the at…
− ### art_24
+ ### Article 31 — Website section ‘Methodologies for environmental or social characteristics’ for financial products that promote environmental or social characteristics
− Article 24
+ In the website section ‘Methodologies for environmental or social characteristics’ referred to in Article 24, point (g), financial market participants shall describe the methodologies to measure how the social or environmental characteristics promoted by the financial product are met.
− For financial products that promote environmental or social characteristics, financial market participants shall publish the information referred to in Article 10(1) of Regulation (EU) 2019/2088 and Articles 25 to 36 of this Regulation in the following order and made up of all of the following secti…
+ ### Article 32 — Website section ‘Data sources and processing’ for financial products that promote environmental or social characteristics
− | (a) | ‘Summary’; |
− | --- | --- |
+ In the website section ‘Data sources and processing’ referred to in Article 24, point (h), financial market participants shall describe all of the following:
− | (b) | ‘No sustainable investment objective’; |
− | --- | --- |
+ (a) the data sources used to attain each of the environmental or social characteristics promoted by the financial product;
− | (c) | ‘Environmental or social characteristics of the financial product’; |
− | --- | --- |
+ (b) the measures taken to ensure data quality;
− | (d) | ‘Investment strategy’; |
− | --- | --- |
+ (c) how data are processed;
− | (e) | ‘Proportion of investments’; |
− | --- | --- |
+ (d) the proportion of data that are estimated.
− | (f) | ‘Monitoring of environmental or social characteristics’; |
− | --- | --- |
+ ### Article 33 — Website section ‘Limitations to methodologies and data’ for financial products that promote environmental or social characteristics
− | (g) | ‘Methodologies’; |
− | --- | --- |
+ In the website section ‘Limitations to methodologies and data’ referred to in Article 24, point (i), financial market participants shall describe all of the following:
− | (h) | ‘Data sources and processing’; |
− | --- | --- |
+ (a) any limitations to the methodologies referred to in Article 24, point (g), and to the data sources referred to in Article 24, point (h);
− | (i) | ‘Limitations to methodologies and data’; |
− | --- | --- |
+ (b) how such limitations do not affect how the environmental or social characteristics promoted by the financial product are met.
− | (j) | ‘Due diligence’; |
− | --- | --- |
+ ### Article 34 — Website section ‘Due diligence’ for financial products that promote environmental or social characteristics
− | (k) | ‘Engagement policies’; |
− | --- | --- |
+ In the website section ‘Due diligence’ referred to in Article 24, point (j), financial market participants shall describe the due diligence carried out on the underlying assets of the financial product, including the internal and external controls on that due diligence.
− | (l) | where an index is designated as a reference benchmark to attain the environmental or social characteristics promoted by the financial product, ‘Designated reference benchmark’. |
− | --- | --- |
+ ### Article 35 — Website section ‘Engagement policies’ for financial products that promote environmental or social characteristics
− ### art_25
+ In the website section ‘Engagement policies’ referred to in Article 24, point (k), financial market participants shall describe the engagement policies implemented where engagement is part of the environmental or social investment strategy, including any management procedures applicable to sustainab…
− Article 25
+ ### Article 36 — Website section ‘Designated reference benchmark’ for financial products that promote environmental or social characteristics
− 1. In the website section ‘Summary’ referred to in Article 24, point (a), financial market participants shall summarise all the information contained in the different sections referred to in that Article about the financial products that promote environmental or social characteristics. The summary s…
+ **1.** In the website section ‘Designated reference benchmark’ referred to in Article 24, point (l), financial market participants shall describe whether an index has been designated as a reference benchmark to meet the environmental or social characteristics promoted by the financial product, and h…
− 2. The website section ‘Summary’ referred to in Article 24, point (a), shall be provided in at least the following languages:
+ **2.** Where part or all of the information referred to in paragraph 1 is published on the website of the administrator of the reference benchmark, a hyperlink shall be provided to that information.
− | (a) | one of the official languages of the home Member State and, where different and where the financial product is made available in more than one Member State, in an additional language customary in the sphere of international finance; |
− | --- | --- |
+ ## *SECTION 2* / ***Website product disclosure for financial products that have sustainable investments as their objective***
− | (b) | where the financial product is made available in a host Member State, one of the official languages of that host Member State. |
− | --- | --- |
+ ### Article 37 — Website product disclosure for financial products that have sustainable investments as their objective
− ### art_26
+ For financial products that have sustainable investments as their objective, financial market participants shall publish the information referred to in Article 10(1) of Regulation (EU) 2019/2088 and Articles 38 to 49 of this Regulation in the following order and made up of all of the following secti…
− Article 26
+ (a) ‘Summary’;
− 1. In the website section ‘No sustainable investment objective’ referred to in Article 24, point (b), financial market participants shall insert the following statement: “This financial product promotes environmental or social characteristics, but does not have as its objective sustainable investmen…
+ (b) ‘No significant harm to the sustainable investment objective’;
− 2. Where the financial product commits to making one or more sustainable investments, financial market participants shall in the website section ‘No sustainable investment objective’ referred to in Article 24, point (b), explain how the sustainable investment does not significantly harm any of the s…
+ (c) ‘Sustainable investment objective of the financial product’;
− | (a) | how the indicators for adverse impacts in Table 1 of Annex I, and any relevant indicators in Tables 2 and 3 of that Annex I, are taken into account; |
− | --- | --- |
+ (d) ‘Investment strategy’;
… diff truncated at 500 changed lines …