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Since 10 March 2021, credit institutions and investments firms providing portfolio management services or investment advice, terms defined by MIFID II, must comply with Level 1 transparency obligations regarding the impact of ESG factors on their activities and products, as set out in the Disclosure Regulation (EU) 2019/2088 (SFDR ). The insurance and pension sector is also affected, depending on activities and products offered.
Level 2 obligations will become binding only as of 2022.
Additional legislative work at EU level is underway to further the objectives on green finance set out in the European Green Deal .
For more details on this topic, please refer to the article here.
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