What is to be reviewed by the third party? The internal process used to assess the Taxonomy-alignment or the data as such?

Article 15(1)(b) of the Delegated Regulation requires the inclusion of a description of the investments underlying the financial product that are in Taxonomy-aligned economic activities, including whether the compliance of those investments with the requirements laid down in Article 3 of TR will be subject to an assurance provided by one or more auditors or a review by one or more third parties, and if so the names of the auditor or third party. The review – which is an optional choice – does not necessarily have to include the internal process of the financial market participant as it should primarily address the investments made by the financial product in Taxonomy-aligned economic activities, specifically the compliance of those investments with the criteria for environmentally sustainable economic activities laid down in Article 3 TR. This review could focus on investments whose Taxonomy-alignment is not proven by disclosures made by undertakings under Article 8 TR. Where the Taxonomy-alignment of an investment is demonstrated by disclosures required by Article 8 TR, the review could choose not to carry out further verification with regard to the compliance of this investment with the criteria laid down in Article 3 TR, however the review could check that the financial product adequately reflects the Taxonomy- alignment in accordance with Articles 3, 5 and 6 TR, consistently with Article 8 TR disclosures.