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EU opens consultation on ESG disclosure rules

EU parliamentThe three European Supervisory Authorities (the EBA, EIOPA and Esma – collectively known as the ESAs) have opened a consultation on ESG disclosure standards for financial market participants, advisers and products.

The proposed new standards have been developed under the EU Regulation on sustainability-related disclosures in the financial services sector (SFDR), which aims to strengthen protection for end-investors.

The consultation paper also contains proposals under the EU's recently-agreed taxonomy on sustainable investing.

In addition, the proposals require the sustainability characteristics or objectives of financial products to be disclosed in their pre-contractual and periodic documentation and on their website.

They also set out the additional disclosures that should be provided by products that have designated an index as a reference benchmark.

The consultation will run until September 1.

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