The Sustainable Finance Disclosure Regulation (SFDR) was introduced as part of the European Commission’s action plan on financing sustainable growth. Effective from March 10, 2021, SFDR is now a cornerstone of the EU’s sustainable finance framework, alongside Commission Delegated Regulation (EU) 2022/1288 and the EU Taxonomy. SFDR mandates that financial market participants (FMPs) and financial advisors in the EU disclose how environmental, social, and governance (ESG) factors are integrated into the investment process. A comprehensive assessment of the SFDR Framework was conducted through consultations organized by Commissioner Mairead McGuinness between September and December 2023. The feedback from these consultations was published on May 3, 2024, revealing key issues such as the use of SFDR as a labeling tool, the need for clarity in definitions, and the challenges of obtaining high-quality data. 

Respondents largely agreed on the relevance of SFDR but noted its dual role as a disclosure and marketing tool. Clarity in requirements, especially the concept of “sustainable investment,” remains a significant challenge, posing risks of legal uncertainties, greenwashing, and mis-selling. Data quality for compliance also emerged as a critical issue, with many respondents actively engaging with investee companies for better reporting. The consultations revealed concerns about the proportionality of the costs associated with SFDR disclosures relative to the benefits. More than half of the respondents found the costs disproportionate. 

SFDR interacts with various EU directives and regulations, including the Benchmarks Regulation (BMR), Corporate Sustainability Reporting Directive (CSRD), and Markets in Financial Instruments Directive II (MiFID II). Respondents emphasized the need for aligning definitions across these legislations to avoid investor confusion and streamline disclosures. Opinions are split on whether SFDR should set entity-level disclosure requirements. While most FMPs and financial advisors opposed it, a majority of NGOs supported it, citing its value in combating greenwashing and providing valuable information to investors. 

Half of the respondents favored uniform disclosure requirements for all financial products (FPs) in the EU, regardless of sustainability claims, to enhance transparency and comparability. However, others opposed it, citing unnecessary costs for non-sustainable products. A majority supported establishing an EU-regulated labeling system for FPs, which would help combat greenwashing and facilitate investor understanding of products’ sustainability strategies. Respondents favored integrating labels into key information documents and aligning criteria with EU ESG benchmarks. 

A hybrid approach combining SFDR concepts with a voluntary labeling framework received significant support. The new Commission, following the European Parliament elections, is expected to publish a full review report with potential amendments to the SFDR by the end of 2024. The establishment of a labeling system is anticipated to be a focal point in the forthcoming proposals. 

출처: 

https://www.nortonrosefulbright.com/en/knowledge/publications/5ae56278/the-future-of-the-sfdr-views-from-market-participants 

https://www.mondaq.com/uk/financial-services/1495500/the-future-of-the-sfdr-views-from-market-participants