Periodic disclosure frequency for portfolio management services: The frequency of periodic reports in case of portfolio management services is determined by Article 11(2), point (i) SFDR, which refers

The legal drafting of Article 11(2), points (h) and (i), SFDR combined with recital 21 of the SFDR, clearly indicates the intention of the co-legislators that only one annual report is required. Recital 21 of the SFDR clarifies this explicitly, stating that ”Those disclosures by means of periodic reports should be carried out annually”. Co-legislators refer in singular to one of the quarterly reports required by Article 25(6) of Directive 2014/65/EU and Article 60 of Delegated Regulation (EU) 2017/565, by requiring that the periodic disclosures are included “for investment firms / credit institutions which provide portfolio management, in a periodic report as referred to in Article 25(6) of Directive 2014/65/EU”. Therefore, financial market participants would need to include these disclosures annually in every fourth report. The report to be included in the template for portfolio management services of the fourth quarterly report required by Article 25(6) of Directive 2014/65/EU and Article 60 of Delegated Regulation (EU) 2017/565 should be based on the periodic report templates of the SFDR Commission Delegated Regulation (EU) 2022/1288.