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European Insurance and Occupational Pensions Authority
News article4 December 20231 min read

ESAs put forward amendments to sustainability disclosures for the financial sector


The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) are today publishing their Final Report amending the draft Regulatory Technical Standards (RTS) to the Delegated Regulation supplementing the Sustainable Finance Disclosure Regulation (SFDR). The ESAs propose adding new social indicators and streamlining the framework for the disclosure of principal adverse impacts of investment decisions on the environment and society.

The ESAs also suggest new product disclosures regarding “greenhouse gas emissions reduction” targets.

Additionally, the ESAs propose further technical revisions to the SFDR Delegated Regulation:

  • Improvements to the disclosures on how sustainable investments “Do No Significant Harm” (DNSH) to the environment and society;
  • Simplification of the pre-contractual and periodic disclosure templates for financial products; and
  • Other technical adjustments concerning, among others, the treatment of derivatives, the calculation of sustainable investments, and provisions for financial products with underlying investment options.

Read the report

Next steps

The European Commission will study the draft RTS and decide whether to endorse them within three months of today’s publication by the ESAs. These draft RTS would be applied independently of the comprehensive assessment of SFDR announced by the European Commission in September 2023 and before changes resulting from that assessment would be introduced.


The Joint Committee of the ESAs received a mandate from the European Commission on 28 April 2022 to review and revise the RTS laid down in the SFDR Delegated Regulation with a deadline of 12 months within which to deliver amended RTS. The ESAs notified the Commission of an extension to this deadline to allow time to carry out a more thorough review and allow adequate time for public consultation and consumer testing.



Publication date
4 December 2023