On 24 March 2023, the CSSF followed up on a press release published on 27 July 2022 announcing their intention to launch a data collection exercise related to Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (the “SFDR”) and Regulation (EU) 2020/852 on the establishment of a framework to facilitate sustainable investment (the “Taxonomy Regulation”).
The objective of the recent press release is to provide industry participants with information on the launch of the data collection exercise relating to pre-contractual product disclosure documents and templates.
Scope
The following financial market participants (“FMPs”) are required to participate in this exercise:
- UCITS management companies based in Luxembourg or in another Member State of the EU, in relation to all Luxembourg-domiciled UCITS they manage;
- authorised alternative investment fund managers (“AIFMs”) based in Luxembourg in relation to the Luxembourg-domiciled AIFs (regulated or unregulated, including European long-term investment fund (“ELTIFs”)) that they manage;
- authorised AIFMs based in another Member State of the EU in relation to all Luxembourg-domiciled regulated AIFs, as well as Luxembourg-domiciled unregulated AIFs (only when they qualify as ELTIFs) that they manage;
- registered AIFMs, subject to Article 3(3) of the Law of 12 July 2013 on alternative investment fund managers (“Law of 12 July 2013”), based in Luxembourg or in another Member State of the EU, in relation to all Luxembourg-domiciled regulated AIFs that they manage; and
- Institutions for occupational retirement provision (“IORPs”), subject to the Law of 13 July 2005.
FMPs who are subject to Articles 2(2) or 3(1) of the Law of 12 July 2013 may also participate on a voluntary basis in relation to Luxembourg-domiciled regulated AIFs that they manage.
Those in scope must provide a set of information relating to pre-contractual product disclosures for each of the financial products mentioned above.
The data, which includes sustainability-related information in the pre-contractual disclosure of financial products, in accordance with the SFDR and the Taxonomy Regulation, must be provided to the CSSF for each fund/sub-fund managed by the FMPs listed above (regardless of the regime application to the fund under SFDR i.e. Article 6, 8 or 9 SFDR).
Deadline for Submission
The deadline for submission of the initial report is 15 June 2023. FMPs must ensure that after initial submission, the information they have provided is kept up-to-date.
Methods of Submission
The SFDR data can be submitted via the following channels:
- submission of a structured file through S3 (simple storage service) protocol; or
- via eDesk for manual input by the FMPs for each fund/sub-fund they manage.
Please note that the second channel will not be available until 2 May 2023.
Further Information
The CSSF has produced a user guide, which contains further information on the data to be provided and the process. In particular the annexes thereto contain a synopsis of the information to be collected.
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