On 26 July 2021, the European Commission published an internal Decision dated 6 July 2021 together with an annex which adopts answers to certain questions concerning the Regulation on sustainability-related disclosures in the financial services sector (SFDR). In a letter the Commission asks the three European Supervisory Authorities to publish the questions and answers on their websites. The questions and answers clarify certain issues relating to the SFDR including:

  • Does the SFDR apply to registered (sometimes referred to as sub-threshold) alternative investment fund managers (AIFMs) referred to in Article 3(2) Alternative Investment Fund Managers Directive?
  • Does the SFDR apply to non-EU AIFMs, for example when they market a sustainable EU alternative investment fund under a national private placement regime?
  • As regards Article 4(4) of the SFDR, must the calculation of the 500-employee threshold to the parent undertaking of a large group be applied to both EU and non-EU entities of the group without distinction as to the place of establishment of the group and/or subsidiary and does the due diligence statement include impacts of the parent undertaking only or must it include the impacts of the group at a consolidated level?

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