A group of European industry associations have written to the European Commission raising concerns about the timing for implementation of the Regulation on disclosures relating to sustainable investments and sustainability risks, and amending the IROP II Disclosure.
They warn that there is a risk that the Regulation is very likely to become applicable before the related, final Level 2 measures are adopted, thereby potentially leading to compliance challenges, liability risks and investor confusion. They therefore recommend that the timetable is revised to ensure the implementation date for the Level 1 Regulation is set 12 months after OJ publication of the Level 2 measures.
The signatories to the letter are:
- the Association for Financial Markets in Europe;
- the Alternative Investment Management Association;
- the Association of Mutual Insurers and Insurance Cooperatives in Europe;
- the European Association of Cooperative Banks;
- the European Banking Federation;
- the European Fund and Asset Management Association;
- Insurance Europe; and