ESA Joint Committee · sfdr-75 Final

Product disclosures as presented in art. 10 SFDR and art.31 to 57 Delegated Regulation: Can EIOPA provides more clarity on the fact, as it wasn’t specified in the Delegated Regulation, that website di

Regulation
SFDR
Answered
2022-11-17
Answer provided by
ESAs (EBA, ESMA, EIOPA)
⚠

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Question

Product disclosures as presented in art. 10 SFDR and art.31 to 57 Delegated Regulation: Can EIOPA provides more clarity on the fact, as it wasn’t specified in the Delegated Regulation, that website disclosures for MOPs have to be done at the underlying option level, and not at product level? 6. Can EIOPA confirm how product information for MOPs should be disclosed? Per funds or do we have to aggregate all the funds information proposed in a product?

Answer

See paragraphs 51-55 of the clarifications document: “51. The ESAs would like to provide clarification on the Final Reports’ disclosures for products with investment options. For multi-option products and other financial products with underlying investment options, pre-contractual and periodic disclosure requirements provide clear instructions to disclose at the financial product level a list of the investment options that qualify as a financial product referred to in Article 8(1) or 9(1), (2) and (3) of SFDR, or that have sustainable investment as their objective and are not a financial product referred to in Article 2(12) SFDR. 52. The ESAs clarify that website disclosures for multi-option financial products referred to in Article 8(1) or 9(1), (2) and (3) SFDR should include disclosure of the following items: • a list of the investment options that qualify as a financial product referred to in Article 8(1) or 9(1), (2) and (3) SFDR; and • a summary for each underlying investment option that qualifies as a financial product referred to in Article 8(1) or 9(1), (2) and (3) SFDR, or that have a sustainable investment as its objective and are not a financial product referred to in Article 2(12) SFDR. 53. Remaining disclosure requirements should be disclosed at the underlying investment option level. 54. The ESAs consider that within the financial product, the sustainability-related information to be provided in the annexes should be included for each investment option that is offered by the financial market participant or another financial market participant as a financial product that has a sustainable investment as its objective or that promotes environmental or social characteristics. 55. The ESAs further clarify that the financial market participant should group the information related to underlying investment options from letter (a) to (l) so that an investor can easily find and read the disclosures related to a specific underlying investment option of the financial product.”

This Q&A is published by ESA Joint Committee (EBA, ESMA, EIOPA) and is non-binding. It does not constitute legal advice. Updated weekly from official ESA sources.

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