Regulation 2019/2088 - Sustainability‐related disclosures in the financial services sector - Main contents
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Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability‐related disclosures in the financial services sector| Legal instrument | Regulation |
|---|---|
| Number legal act | Regulation 2019/2088 |
| Original proposal | COM(2018)354  |
| CELEX number i | 32019R2088 |
| Document | 27-11-2019; Date of signature |
|---|---|
| Publication in Official Journal | 09-12-2019; OJ L 317 p. 1-16 |
| Signature | 27-11-2019 |
| Effect | 29-12-2019; Entry into force Date pub. +20 See Art 20.1 29-12-2019; Application Partial application See Art 20.3(a) 12-07-2020; Application Partial application See Art 20.3(b) 10-03-2021; Application See Art 20.2 01-01-2022; Application Partial application See Art 20.3(c) And 20.3(d) 01-01-2023; Application Partial application See Art 20.3(c) |
| Deadline | 30-12-2020; See Art 2a.2 01-06-2021; See Art 8.4(a) And 9.6(a) And 11.5(a) 01-06-2022; See Art 8.4(b) And 9.6(b) And 11.5(b) 10-09-2022; At the latest See Art 18 30-12-2022; See Art 7.1 And 19.1 |
| End of validity | 31-12-9999 |
9.12.2019 |
EN |
Official Journal of the European Union |
L 317/1 |
REGULATION (EU) 2019/2088 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
of 27 November 2019
on sustainability‐related disclosures in the financial services sector
(Text with EEA relevance)
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 114 thereof,
Having regard to the proposal from the European Commission,
After transmission of the draft legislative act to the national parliaments,
Having regard to the opinion of the European Economic and Social Committee (1),
Acting in accordance with the ordinary legislative procedure (2),
Whereas:
(1) |
On 25 September 2015, the UN General Assembly adopted a new global sustainable development framework: the 2030 Agenda for Sustainable Development (the ‘2030 Agenda’), which has at its core the Sustainable Development Goals (SDGs). The Commission Communication of 22 November 2016 on the next steps for a sustainable European future links the SDGs to the Union policy framework to ensure that all Union actions and policy initiatives, both within the Union and globally, take the SDGs on board at the outset. In its conclusions of 20 June 2017, the Council confirmed the commitment of the Union and its Member States to the implementation of the 2030 Agenda in a full, coherent, comprehensive, integrated and effective manner, and in close cooperation with partners and other stakeholders. |
(2) |
The transition to a low‐carbon, more sustainable, resource‐efficient and circular economy in line with the SDGs is key to ensuring long‐term competitiveness of the economy of the Union. The Paris Agreement adopted under the United Nations Framework Convention on Climate Change (the ‘Paris Agreement’), which was approved by the Union on 5 October 2016 (3) and which entered into force on 4 November 2016, seeks to strengthen the response to climate change by, inter alia, making finance flows consistent with a pathway towards low greenhouse gas emissions and climate‐resilient development. |
(3) |
In order to reach the objectives of the Paris Agreement and significantly reduce the risks and impacts of climate change, the global target is to hold the increase in the global average temperature to well below 2 °C above pre‐industrial levels and to pursue efforts to limit the temperature increase to 1,5 °C above pre‐industrial levels. |
(4) |
Directives 2009/65/EC (4), 2009/138/EC (5), 2011/61/EU (6), 2013/36/EU (7), 2014/65/EU (8), (EU) 2016/97 (9), (EU) 2016/2341 (10) of the European Parliament and of the Council, and Regulations (EU) No 345/2013 (11), (EU) No 346/2013 (12), (EU) 2015/760 (13) and (EU) 2019/1238 (14) of the European Parliament and of the Council share the common objective of facilitating the uptake and pursuit of the activities of undertakings for collective investment in transferable securities (UCITS), credit institutions, alternative investment fund managers (AIFMs) which manage or market alternative investment funds, including European long‐term investment funds (ELTIFs), insurance undertakings, investment firms, insurance intermediaries, institutions for occupational retirement provision (IORPs), managers of qualifying venture capital funds (EuVECA managers), managers of qualifying social entrepreneurship funds (EuSEF managers) and providers of pan‐European personal pension products (PEPPs). Those Directives and Regulations ensure the more uniform protection of end investors and make it easier for them to benefit from a wide range of financial products, while at the same time providing rules that enable end investors to make informed investment decisions. |
(5) |
Disclosures to end investors on the integration of sustainability risks, on the consideration of adverse... |
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