The ESG register · EU

Sustainable Finance Disclosure Regulation (SFDR)

Entity and product level disclosure, with principal adverse impacts and the article 8 and 9 categories.

Identifier

Förordning (EU) 2019/2088 — CELEX 32019R2088

Status

in force

Applies

2021-03-10

Supervisor

Nationella finanstillsynsmyndigheter, ESMA, EBA, Eiopa

Who is covered

Financial market participants and financial advisers offering products in the union.

Requirements in the text

• Artikel 4

  Principal adverse impacts

  The financial market participant must state on its website whether and how investment decisions consider principal adverse impacts on sustainability factors. Those that consider them publish a statement with the mandatory indicators, actions taken and the engagement policy applied. Those that do not must give clear reasons.

  Example — A fund manager publishes indicators for greenhouse gas intensity, fossil fuel exposure and the share of holdings without a waste policy, and describes how voting was used in three holdings during the year.

• Artikel 8

  Products promoting environmental characteristics

  A product promoting environmental or social characteristics must state, in pre-contractual disclosures, how those characteristics are met, any index used as a reference benchmark and how that index aligns with the characteristics. The information is repeated in periodic reporting with outcomes, and binding elements of the strategy must be visible.

  Example — A mixed fund states that at least 60 percent of holdings must have an approved climate plan and reports in its annual disclosure that the share stood at 64 percent at year end.

• Artikel 9

  Products with sustainable investment as objective

  A product with sustainable investment as its objective must state the objective, how it will be attained and which indicators measure attainment. Where an index is designated as reference, the disclosure explains how it aligns with the objective and how it differs from a broad market index. All holdings must be sustainable investments, apart from liquidity and hedging.

  Example — A bond fund with an emission reduction objective measures in tonnes of carbon dioxide equivalent per million invested and states that the 3 percent liquidity sleeve sits outside the objective measurement.

Counterpart in the other regime

• SEC Names Rule · United States · 17 CFR § 270.35d-1 (Release IC-35000)

Official source — EUR-Lex, förordning (EU) 2019/2088 · read 2026-09-01 · Taxonomy and financial products