On 6 May 2022, the European Commission published a letter (dated 11 April 2022) which it had sent to the chairs of the European Supervisory Authorities (ESAs) concerning the draft regulatory technical standards (RTS) under the Sustainable Finance Disclosure Regulation (SFDR).

The Commission decided to bundle all 13 draft RTS into a single delegated regulation (SFDR Delegated Regulation) and defer the date of application of the act to 1 January 2023. The Commission adopted the SFDR Delegated Regulation on 6 April 2022.

In the letter the Commission explains that it needs to make amendments to the SFDR Delegated Regulation to reflect the new factual and regulatory situation. In particular, the Commission states that the review and revision of the draft RTS should broaden the disclosure framework and address the main technical issues that have emerged since the SFDR was originally agreed, which concern sustainability indicators in relation to adverse impacts as referred to in Article 4(6) and (7) SFDR. Among other things, the ESAs are invited to consider extending the lists of universal indicators for principal adverse impacts, as well as other indicators. The Commission also invites the ESAs to propose amendments to the draft RTS regarding the information provided in relation to financial products in pre-contractual documents, on websites, and in periodic reports on decarbonisation targets, including intermediary targets and milestones.

The Commission asks the ESAs to submit updated draft RTS within 12 months of the letter.

On the same date, the Commission also published a letter that it had sent to the ESAs amendments to the SFDR Delegated Regulation to ensure that investors receive  information reflecting the provisions set out in Complementary Climate Delegated Regulation covering nuclear and fossil gas activities (Commission Delegated Regulation amending Delegated Regulation (EU) 2021/2139 as regards economic activities in certain energy sectors and Delegated Regulation (EU) 2021/2178 as regards specific public disclosures for those economic activities). The ESAs are invited to propose amendments to the draft RTS in relation to the information that should be provided in pre-contractual documents, on websites, and in periodic reports about the exposure of financial products to investments in fossil gas and nuclear energy activities.