Centro de Documentacion de Fundación MAPFRE - Revision of the sustainable finance disclosure regulation : response to call for evidence

MAP20250020252

Revision of the sustainable finance disclosure regulation : response to call for evidence / David Cooke, Nicola Koch, Edouard Vilpoux. — Paris : Sustainable Finance Observatory, 2025

About the Sustainable Finance Observatory -- Background -- Critical Issue 1: Any new approach to sustainable financial product categorisation must be based on retail investors' sustainability-related objectives and integrate the concept of investor impact/impact generating investments -- Critical Issue 2: Adapt the MiFID II/IDD sustainability preference categories to the new SFDR categorisation approach and clarify the definition of sustainability-related objectives at the earliest opportunity -- Critical Issue 3: Alongside any technical clarification of definitions and concepts in the SFDR, care must also be taken to ensure retail investors are furnished with adequate and easily understandable information about financial products -- Critical Issue 4: Ensure strong adherence to the better regulation principles and avoid earlier pitfalls which materialised with concurrent development of sustainable finance regulation under the Action Plan -- Critical Issue 5: Any review of PAI indicators must also address the current concerns about lack of reliability in relation to quantitative data which is reported -- Annex 1: What could integrating the concept of investor impact in the SFDR look like? -- Annex 2: A further route to integrate client sustainability-related objectives into financial product recommendations. — Sumario: The document emphasizes maintaining SFDR's objectives while simplifying requirements and avoiding past regulatory inconsistencies. The paper identifies five critical issues: creating clear product categories aligned with retail investors' sustainability objectives and integrating the concept of investor impact; adapting MiFID II/IDD sustainability preference definitions; improving clarity and accessibility of disclosures for retail investors; ensuring strong adherence to better regulation principles and coordination with ESRS; and addressing reliability concerns in quantitative data for Principal Adverse Impact (PAI) indicators. It also proposes frameworks for defining impact-generating products and integrating client sustainability objectives into product governance

1. Reglamento SFDR . 2. Regulación general . 3. Sostenibilidad . 4. Factor de impacto . 5. Directiva MiFID II . 6. Gobierno corporativo . 7. Productos financieros . 8. Inversiones . I. Koch, Nicola . II. Vilpoux, Edouard . III. Título.