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Aki Corsoni-Husain
Aki Corsoni-Husain
  • Aki Corsoni-Husain

  • Partner
  • Cyprus
George Apostolou
George Apostolou
  • George Apostolou

  • Partner
  • Cyprus
Chiara Deceglie
Chiara Deceglie
  • Chiara Deceglie

  • Partner
  • Luxembourg
Massimiliano della Zonca
Massimiliano della Zonca
  • Massimiliano della Zonca

  • Senior Associate
  • Luxembourg
Philip Graham
Philip Graham
  • Philip Graham

  • Partner
  • British Virgin Islands
Ayana Hull
Ayana Hull
  • Ayana Hull

  • Counsel
  • British Virgin Islands
Katerina Katsiami
Katerina Katsiami
  • Katerina Katsiami

  • Associate
  • Cyprus
Andrew Knight
Andrew Knight
  • Andrew Knight

  • Partner
  • Luxembourg
Joshua Mangeot
Joshua Mangeot
  • Joshua Mangeot

  • Counsel
  • British Virgin Islands
Mirza Manraj
Mirza Manraj
  • Mirza Manraj

  • Counsel
  • Hong Kong
Elina Mantrali
Mirza Manraj
  • Elina Mantrali

  • Associate
  • Cyprus
Vanessa Molloy
Vanessa Molloy
  • Vanessa Molloy

  • Partner
  • Luxembourg
Andrea Moundi Savvides
Andrea Moundi Savvides
  • Andrea Moundi Savvides

  • Consultant
  • Cyprus
Matt Taber
Matt Taber
  • Matt Taber

  • Partner
  • Cayman Islands
Carolynn Vivian
Carolynn Vivian
  • Carolynn Vivian

  • Group General Counsel
  • Cayman Islands

European Commission responds to ESAs on SFDR

On 14 July 2021, the European Commission replied to a list of questions on the interpretation of the Sustainable Finance Disclosure Regulation (SFDR). These questions were asked by the European Supervisory Authorities (ESAs - ESMA, EBA and EIOPA) to the European Commission in their joint letter of 7 January 2021.

The ESAs raised questions such as:

  • Does the provision of SFDR apply to non-EU AIFMs and registered AIFMs?
  • How should you apply the 500-employee threshold for principal adverse impact (PAI) reporting on parent undertakings of a large group?
  • What is the meaning of “promotion” in the context of products promoting environmental or social characteristics?
  • The naming conventions for Article 8 and Article 9 investment products.
  • Application of Article 9 of SFDR.
  • Application of SFDR product rules to MIFID portfolios and other dedicated funds.

Although the response of the European Commission contains helpful clarifications and explanations, it is generally felt that not all questions have been fully addressed.

The Q&As can be found here.

The EU Commission’s decision is here and the letter to the ESAs can be found here.