IDS Insights – Regulatory News

New PRIIPs template EPT V2.1

Wed, 10 Aug 2022 00:00:00 +0200

To reflect the UK PRIIPs regime and the recent FCA amendments, FinDaTex has updated the European PRIIPs Template (EPT). The new version EPT V2.1 is under public consultation until 19 August 2022. Besides, the transition period for the implementation of the revised PRIIPs RTS has begun.

IDS implements EPT V2.0

Tue, 03 May 2022 00:00:00 +0200

After public consultation, the Financial Data Exchange Templates group (FinDatEx) published the final version of the European PRIIP Template Version (EPT) v2.0 on 8 February 2022. IDS will be able to provide the EPT in the desired or both versions during the transition phase.

Change to XML format for data delivery to WM Datenservice

Tue, 12 Apr 2022 00:00:00 +0200

In the course of April 2023, WM Datenservice will switch the delivery of fund-related data to the technical format XML. This will impact several CRR II / CRD V client reporting reports.

VAG Reporting: new version successfully implemented

Tue, 22 Feb 2022 00:00:00 +0100

For the first time, a new version of the VAG Report was delivered in January 2022 with a deadline of 31 December 2021. IDS has successfully implemented the associated changes - despite tight deadlines and unresolved questions in some cases. As a result, IDS' clients are able to meet their reporting obligations to their regulated investors.

New version of Solvency II Tripartite Template (TPT V6.0)

Thu, 03 Feb 2022 00:00:00 +0100

FinDatEx (Financial Data Exchange Templates) published on 10 January 2022 version 6.0 of the Solvency II tripartite template (TPT).

New PRIIPs RTS published in the EU Official Journal

Tue, 25 Jan 2022 00:00:00 +0100

The European Council has cleared the EU Taxonomy Climate Delegated Act (DA) after the extended scrutiny period ended on Wednesday 9 December. No objections were raised by the Council, leading to its publication in the EU Official Journal.

European Council clears the EU Taxonomy Climate Delegated Act

Wed, 22 Dec 2021 00:00:00 +0100

SFDR Level 2 implementation postponed until 1 January 2023

Mon, 13 Dec 2021 00:00:00 +0100

In a letter dated 25 November 2021, the European Commission has confirmed that the application date of Level 2 of the Sustainable Finance Disclosure Regulation (SFDR) will be deferred by another six months to 1 January 2023.

ESAs propose new rules for taxonomy-related product disclosures

Tue, 26 Oct 2021 00:00:00 +0200

On 22 October 2021 the three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) have delivered to the European Commission (EC) their Final Report with draft Regulatory Technical Standards (RTS) regarding disclosures under the Sustainable Finance Disclosure Regulation (SFDR) as amended by the Regulation on the establishment of a framework to facilitate sustainable investment (Taxonomy Regulation). The disclosures relate to financial products that make sustainable investments contributing to environmental objectives.

The Final Report with draft Regulatory Technical Standards (RTS) contains proposals:

For products under Articles 5 and 6 of the Taxonomy Regulation
For pre-contractual and periodic disclosures

Next steps

The EC will scrutinise the draft RTS and decide whether to endorse them within 3 months of their publication.
The Commission has informed the European Parliament and Council that it intends to incorporate all the SFDR RTS, meaning both the original ones submitted to the Commission in February 2021 as well as the ones covered in this Final report, in one instrument.

ESAs press release

Application of the SFDR RTS postponed until 1 July 2022

Wed, 21 Jul 2021 00:00:00 +0200

The European Union has postponed the second phase of the Sustainable Finance Disclosure Regulation (SFDR) until 1 July 2022. Phase two of SFDR was set to apply on 1 January 2022 and would require additional detailed entity and product level 2 disclosures, including the Principal Adverse Impacts Statement (PAI).

The European Commission stated in a letter dated 8 July 2021 addressed to the Ecofin Council and the Committee on Economic and Monetary Affairs, that the draft regulatory technical standards (RTS) under the Sustainable Finance Disclosure Regulation (SFDR) could not be adopted within the required three-month period.

“Due to the length and technical detail of those regulatory technical standards, the late submissions to the Commission, and envisaged amendments, we deem it necessary to facilitate the smooth implementation of the standards by product manufacturers, financial advisers and supervisors.” indicated in this letter John Berrigan, head of the European Commission’s financial services unit.

Therefore the European Commission plans to bundle all 13 of the regulatory technical standards in a single delegated act and defer the dates of application of 1 January 2022 by six months to 1 July 2022.