The European Commission (“EU Commission”), the European Securities and Market Authority (“ESMA”) and the European Supervisory Authorities (“ESA”) have recently published new (and eagerly anticipated) guidance for fund management companies on SFDR regulation[1].The trifold guidance (together, “Guidance”) included:


The Guidance promotes supervisory convergence to combat greenwashing. Fund management companies should assess their sustainable finance frameworks, names, the integration of sustainability risks, and fund documents and marketing materials to ensure they comply with the upcoming inspections.

To review the ESMA Supervisory Briefing, please click here.

To review the EU Commission Q&A, please click here.

To review the ESAs Clarification Statement, please click here.

For more information and any guidance or advice on SFDR, Cleveland & Co External in-house counsel™, your specialist outsourced legal team is here to help.

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[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.


[2] Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment.