EU Action Plan on Sustainable Finance – New Sustainability‐related Disclosures in the Financial Services Sector

When the Regulation on sustainability-related disclosures (Regulation (EU) 2019/2088) was adopted and came into force in December 2019, the European Union set a first milestone on the long road to a climate-neutral Europe by 2050. From March 2021 on, financial market participants and financial advisers, in particular, will be subject to new, sustainability-related transparency requirements, which include certain disclosure obligations on websites and in pre-contractual information as well as in regular reports. These transparency requirements have to be observed on the level of the company and the respective financial product.This GSK Update addresses the Regulation on sustainability-related disclosures and, therefore, one of the central measures of the EU Commission’s “Action Plan on Sustainable Finance”.

It is a follow-up to the general GSK Update on the topic “Sustainable Finance” (August 2019). In addition to the Regulation on sustainability-related disclosures itself, this GSK Update also casts a glance at the changes brought about by the Taxonomy Regulation and the recently issued consultation paper of the European Supervision Agencies (ESAs) to specify the disclosure requirements of the Regulation.

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