Regulation (EU) 2019/2088
|Title:||Regulation (EU) 2019/2088 of the European Parliament and of the Council of November 27, 2019 on sustainability-related disclosure requirements in the financial services sector|
|Offenlegungsverordnung, SFDR, Sustainable Finance Disclosure Regulation|
|Legal matter:||European Union environmental policy|
|Basis:||TFEU , in particular Art. 114|
|Procedure overview:|| European Commission |
|To be used from:||March 10, 2021|
|Reference:||ABl. L 317 vom 09.12.2019, S. 1–16|
|Full text|| Consolidated version (not official) |
|Regulation has entered into force and is applicable.|
|Please note the information on the current version of legal acts of the European Union !|
The Regulation (EU) no. 2019/2088 disclosure regulation , long name Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosure requirements in the financial services sector , is an EU regulation on the disclosure of information of financial market participants to Sustainability of your investment decisions.
Via the abbreviation SFDR for the unofficial English term Sustainable Finance Disclosure Regulation , the short term SFDR or SFDR Regulation has also found widespread use. The abbreviations Offenlegungsverordnung and Offenlegungs-VO are often used in the German financial sector .
The ordinance regulates the disclosure obligations of financial service providers with regard to the consideration of sustainability issues in their strategies , processes and products . In addition to publications on the financial service provider's website, the regulation also deals with publications in pre-contractual information (e.g. fund prospectuses) and regular reports (e.g. annual reports).
With the Regulation (EU) 2020/852 Taxonomy Regulation of June 18, 2020, the classification system ( taxonomy ) for assessing ecologically sustainable economic activities was integrated into the Disclosure Regulation.  
On September 25, 2015, the UN General Assembly adopted a new global framework for sustainable development: the 2030 Agenda for Sustainable Development, the core of which is the Sustainable Development Goals. The Commission Communication of 22 November 2016 entitled "Towards a sustainable future" links these sustainability goals with the Union's political framework to ensure that all internal and external policies and initiatives of the Union meet these goals from the outset to be taken into account. In its conclusions of 20 June 2017, the Council reaffirmed the determination of the Union and its Member States to implement the 2030 Agenda in a fully, coherent, comprehensive, inclusive and effective way, in close cooperation with partners and other actors.
The shift to a CO 2 low-carbon, sustainable, resource-efficient recycling economy in accordance with the objectives for sustainable development is to secure the long-term competitiveness of the economy in the Union is of central importance. The Paris Agreement, under the United Nations Framework Convention on Climate Change, approved by the Union on October 5, 2016 (3) and entered into force on November 4, 2016, aims to address climate change more decisively by: Among other things, the flow of funds must be reconciled with a path towards a development that is low in greenhouse gas emissions and one that is resistant to climate change.
In order to achieve the goals of the Paris Agreement and to significantly reduce the risks and effects of climate change, the global goal is to keep the increase in the global average temperature well below 2 ° C compared to pre-industrial levels and to make efforts to limit the rise in temperature to 1.5 ° C above the pre-industrial level.
Content of the regulation
The main content of the Disclosure Ordinance is the publication (or disclosure) of the following information relating to sustainability:
- Corporate strategy for including sustainability risks in your investment decision-making processes
- Investment processes or whether and how they take into account the most important negative effects of investment decisions on sustainability factors
- Remuneration policy in connection with the consideration of sustainability risks
- Pre-contractual information and information on websites about "normal" financial products
- Pre-contractual information and information on websites in which financial products are advertised based on ecological or social characteristics (or sustainable investments)
- Information in regular reports in which financial products are advertised based on ecological or social characteristics (or sustainable investments)
- Timeliness of the information
- Coherence of the above publications on marketing materials
The SFDR came into force twenty days after publication in the EU Official Journal, i.e. on December 31, 2019. Since an EU regulation is a "legal act with general validity and directly effective in the member states", it is not implemented in national law by the national ones Legislature. In accordance with Article 20 (2), most of the provisions of this regulation apply to the financial service providers concerned from 10 March 2021.
Through this regulation, the European financial supervisory authorities - called ESAs ( EBA , ESMA and EIOPA ) - were commissioned to develop 5 RTS by December 30, 2020 and another RTS by December 30, 2021. In addition, the ESAs can develop an ITS on marketing communications. The ESAs published their draft  in the form of a document for the 6 above-mentioned RTS on April 23, 2020. The consultation phase lasts until September 1, 2020.
- Eva-Maria Ségur-Cabanac, Armin Assadi: EU adopts disclosure requirements regarding sustainability in the financial services sector December 2019.
- Andrea Flunker, Matthias Hadinek: Disclosure Regulation: EU regulation on disclosure obligations. Retrieved July 12, 2020.
- Draft regulatory technical standards of Regulation (EU) 2019/2088. Retrieved May 16, 2020 (English).
- TEG final report on the EU taxonomy. Retrieved May 16, 2020 (English).
- Technical annex to the TEG final report on the EU taxonomy. Retrieved May 16, 2020 (English).
- Technical expert group on sustainable finance (TEG). Retrieved May 16, 2020 (English).