Dáil Éireann Debate, Tuesday - 1 December 2020
220. Deputy Noel Grealish asked the Minister for Finance the status of EU Regulation 2019/2088 on sustainability-related disclosures in the financial services sector; if it has been transposed into law; if so, the legislation under which; if not, the legislative and other plans to do so; and if he will make a statement on the matter. [39943/20]
View answerEU Regulation 2019/2088 on sustainability-related disclosures in the financial sector (the “Sustainable Finance Disclosures Regulation” or “SFDR”) came into force in December 2019. It was subsequently amended by the Regulation on the establishment of a framework to facilitate sustainable investment (the “EU Taxonomy Regulation”). The Disclosures Regulation will apply generally from 10 March 2021, with certain obligations taking effect later.
This new regulation introduces additional disclosure requirements to the existing elements of relevant sectoral legislation. As a regulation, it will have direct effect and become part of national law from the date that it applies.
The European Commission recently announced that it will delay the imposition of the underlying technical standards for the regulation, however the rules will still come into force in March, and financial market participants and financial advisers subject to the Regulation will need to comply with its high level and principle based requirements from that time.
