Efama calls for postponement of new measures on sustainable reporting
The European Fund and Asset Management Association Efama is asking European regulators for a transitional period for the imposition of new sustainability disclosure requirements under the Sustainable Finance Disclosure Regulation (SFDR).
The Sustainable Finance Disclosure (SFDR) is expected to adopt new regulatory technical standards (RTS) by the third quarter of this year and impose new disclosure requirements on companies from the beginning of 2022.
Dominik Hatiar, Regulatory Policy Advisor at Efama, believes that the planned timetable "will not allow sufficient time to meet the new disclosure requirements", and urges the European Commission to impose a transition period to allow companies to adapt. EFAMA is responding to a consultation on the new rules.
Furthermore, the trade association points out that "due to the market concentration amongst ESG data, research and rating providers, there is a risk for high fees being charged by taxonomy data providers, leading to increased costs for end-investors and creating barriers to entry for new players and sustainable investors.