On 20 September 2019, a large group of financial industry associations co-published a letter raising concerns to the European Commission regarding the current application timeline for the new EU disclosure rules for sustainable investments and sustainability risks.

Whilst supporting the Commission’s objectives of financing a more sustainable economy, the industry associations’ argue that the Regulation on disclosures relating to sustainable investments and sustainability risks and amending Directive (EU)2016/2341 is very likely to become applicable before the related Level 2 measures are adopted, thus creating significant compliance challenges. For these reasons the industry associations urge the Commission to take immediate action to ensure that the industry is provided with realistic time for implementation. To this end, they suggest that the application of the requirements in the Regulation take place at least one year after all the Level 2 texts are published in the Official Journal of the EU.