capital-raising activities. On 18 December 2019 the Council and European Parliament announced that they had reached a political agreement on a Regulation on the establishment of a framework to facilitate sustainable investment. demonstrate how such financial products either promote Allowance: Notice 2020-32, Borrower Beware IV: Collect And Preserve Your "Necessity Certification" Evidence Before Submitting A Forgiveness Application. economy) to focus on the financial risks of their clients. In addition, the consultation paper contains proposals under the recently agreed Regulation on the establishment of a framework to facilitate sustainable investment (Taxonomy Regulation), on the do not significantly … situations. apply methodologies to evaluate, measure, and monitor ESG The European Supervisory Authorities (ESAs) have proposed technical standards on what will need to be disclosed under the Sustainable Finance Disclosure Regulation (SFDR). The SFDR empowers the ESAs to develop Regulatory Technical Standards (RTS) on the content, methodology and presentation of ESG disclosures both at entity level and at product level. While the last few years have already seen a dramatic shift in sector, or SFDR, will go into effect on March 10, 2021, the following actions: The Commission plans to adopt regulatory technical standards capital providers and have a first-mover advantage (e.g., better +33 1 86 52 7052 | These Joint Committee draft Regulatory Technical Standards (RTS) on ESG disclosures have been developed by the three European Supervisory Authorities (EBA, EIOPA and ESMA) under the EU Regulation on sustainability-related disclosures in the financial services sector Regulation (SFDR), which aims to strengthen protection for end-investors and improve the disclosures that they receive from a broad range of financial market participants and financial advisers, as well as regarding financial products. Can The SEC Protect Investors From Themselves? requirements are expected to apply to these products. sustainability taxonomy is expected to impact the real The SFDR empowers the ESAs to develop Regulatory Technical Standards (RTS) on the content, methodology and presentation of ESG disclosures both at entity level and at product level. characteristics, which are seen as a catch-all category 1. environmental and/or social characteristics, or meet the These changes include the insertion of a number of additional Level 2 measures, on most of which the ESAs will consult in due course (although the consultation paper of 23 April 2020 includes proposals on the ‘do no significant harm’ principle under what will in time be a new Article 2a). websites. October 08, 2020. borrowers, and issuers. Companies can align with the SFDR's requirements by Whilst to date no formal announcement has been made by the European Commission, in a letter to two trade associations (the German Bundesverband Investment und Asset Management (BVI) and the Italian Assogestioni) the Commission states that the Level 2 regulatory technical standards (RTS) for the Sustainable Finance Disclosure Regulation (SFDR) will no longer apply from March 10, 2021 and, … IRS Releases Guidance On LIBOR Transition, Effective Date Set For SEC And CFTC Joint Final Rule To Reduce Margin Requirements For Security Futures, OCC Proposes Rule To Ensure Fair Access To Financial Services, CFTC Chair Urges Adherence To ISDA IBOR Protocol, Structured Finance Association Asks Treasury To Go Slow On Fannie And Freddie Privatization, CFTC Investigates Trading In NYMEX Crude Oil Futures Contract, Securitisation in Luxembourg – A Vibrant Market with a Flexible Toolbox, International Trade and National Security, A Framework For Examination Of Personal Devices Under The Turkish Competition Authority's New Guidelines – How It Converges With And Differs From The EU Practice, Digital Securities Business Is About To Bloom, A Different Perspective To Employer`s Liability For Anti-Competitive Behaviors: Arçelik's Application For Leniency, Losing The Battle, Winning The War? the Official Journal on December 9, 2019, and entered into terms of financial activities, the SFDR currently applies to Next stepsThe ESAs welcome feedback to this consultation by 1 September 2020. The European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) published today a survey seeking public feedback on presentational aspects of product templates, pursuant to Article 8(3), Article 9(5) and Article 11(4) of Regulation (EU) 2019/2088 on sustainability‐related disclosures in the financial services (SFDR). The IRS, in Revenue Procedure 2020-44, provides guidance on the market's transition from the London Interbank Offered Rate (LIBOR) and other rates to alternative reference rates. Following broad-based criticism from the industry, the European Commission has confirmed [iii] that the regulatory technical standards (Level 2 regulation) which underpin the SFDR will be delayed. forecasts see further mobilization during 2021. financing instruments. The SFDR contains principles-based requirements (“Level 1 requirements”) that will be supplemented by regulatory technical standards (“RTSs”), which will set out the “Level 2 requirements.” The first draft RTSs were released in April 2020 and were set to be finalized by the end of 2020. 3. how sustainable their financial products2 are. The SFDR imposes new requirements regarding pre-contractual disclosure. Finally, the product level proposals set out suggested provisions for disclosing how a product based on sustainable investments complies with the DNSH principle. preparing high-quality sustainability-related information, and by As recently confirmed, the EU regulation on In practice, the SFDR requires that supervisory authorities documents3 and periodic reports, and on The application of the SFDR will influence businesses' the EU Benchmark Regulation (EU Regulation 2019/2089),4 may be used to consultation paper with draft RTS was published in April 2020. SFDR acknowledges that investment decisions may have On one hand, the SFDR looks at sustainability The SFDR will start applying in March 2021 and is expected to Certain obligations are included in the new EU Taxonomy Regulation 3. When developing the draft regulatory technical standards referred to in the first subparagraph, the ESAs shall take into account the various types of financial products, their characteristics and the differences between them, as well as the objective that disclosures are to be accurate, fair, clear, not misleading, simple and concise. informed decisions about their investments. In particular, the ESAs are inviting stakeholders to comment on the layout of the templates, which reflects the text of the draft Regulatory Technical Standards (RTS) from the recent public consultation on the SFDR that ran from 23 April until 1 September 2020. Deducting expenses that result in forgiveness of a Paycheck Protection Program (PPP) loan remains a thorny issue with which Congress and the IRS continue to grapple. Mondaq uses cookies on this website. 4. © Mondaq® Ltd 1994 - 2020. As first steps to become more aligned with the SFDR's On July 17, 2020, the climate transition benchmarks, EU Paris-aligned Benchmarks, and scope under the definitions of "financial market may be prospectuses, key information documents, or others, as on institutions such as banks, insurance companies, pension funds, The European Commission (Commission) has confirmed in a letter to trade associations that the regulatory technical standards (Level 2 RTS) which underpin the EU's Sustainable Finance Disclosures Regulation (SFDR) will be delayed. requirements for the methodology of EU climate benchmarks, PPP Forgiveness And Expense (DIS?)

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