�H�GS��q�wl���'T �ļ��3��kc�gB\�o�qe����jD�+�χ[%"�]��ڨ�R�~O�Úֺ��k�Bra�����اL���ۊ~bؼ��'f���\E(_���Ix�J�;�l��W��7F����,��y��,r��cjG��z�`έP�8i(�p��6c�4���Q�����Je$1����|�q^b,�-Ô�D~a�9�˫������8�IB;ãMi��#���;[�������K�w�>uM�v�Y��v�2=������>�Ɍ6�����x=�b��kD�҆1�*/�D]3r��XC��@����&�빊�իkse��)���)s9�r��Y��o���{KZ̬��t�{�i���"���^��[�����F.jQ0%�2��.�ҴqE�=���ҷ䷒A,��͉]OjZv��K[L��yn�XdΉ\{���� The objective of the Taxonomy Regulation is to contribute to the creation of the world’s first-ever classification system for sustainable economic activities, in order to establish a common … application of the Regulation (see Article 5 (1c)) and Recital (8): “ .. due to the insufficient quality of data currently available for Scope 3 GHG emissions, it is necessary to set out an appropriate phase-in timeline … “. The Taxonomy Regulation sets out an EU-wide framework (a classification system known as a “taxonomy … endstream endobj 675 0 obj <>/Metadata 50 0 R/PageLayout/OneColumn/Pages 669 0 R/StructTreeRoot 78 0 R/Type/Catalog>> endobj 676 0 obj <>/Font<>>>/Rotate 0/StructParents 0/Tabs/S/Type/Page>> endobj 677 0 obj <>stream The Taxonomy Regulation has not materially changed the TEG’s thinking on methodology for selecting sectors. #�S���U&0���$�J]�����Y���s6�}DTt}�\.~���������ky�N N�X���ˍ�[�ar-�}#����na�xmŀ4X���Kˮtڒ\5�\ٔF9g���Mi�$�$j�S��T�Ј����0r��ү�]ö������~��c�{ЀJ�;-侀?]J��)�����z%QS/�ϥ���,3#�|C����ߣOK��x��!\҇qM�Y:�������tK�c8@T��! The taxonomy is a classification framework according to which activities can be assessed in order to determine whether they are environmentally sustainable. endobj Assess compliance with The Regulation recognises six different types of economic activities which qualify as environmentally sustainable activities for the purposes of the taxonomy: 1. climate change mitigation: the activity contributes to greenhouse gas stabilisation consisten… %%EOF December 2020 More detailed disclosure and ESA Draft RTS covering: Firms' … On 18 June 2020, the European Parliament adopted the so-called Taxonomy Regulation [1].Following the adoption of the Disclosure Regulation [2] at the end of 2019, this is a further key milestone in the development of the EU's legal and regulatory framework related to Environmental, Social and Governance (ESG) … EU TAXONOMY REGULATION BACKGROUND For 20 years, the European Public Real Estate Association (EPRA) has been the voice of Europe's listed real estate companies that derive income from the ownership, trading and development of income producing real estate assets. The Taxonomy Regulation entered into force on 12 July 2020. Article 8(4) of the Taxonomy Regulation requires the EC to adopt a delegated act to supplement the above obligations by specifying the content, presentation and methodology of the information to be disclosed by both fi nancial and non-fi nancial undertakings subject to the Non-Financial Reporting … (the “Taxonomy Regulation”). 3 0 obj endobj endobj Political agreement was reached in December 2019 on the Taxonomy Regulation following intense negotiations. x��Y�nG�����1��t�}ߜ�V,$q"1�����$ڤHsD)������/s�4#:X�͙�S�S-��KA�����\�*xI���y����#����GJ�*�i(E��|��SK�J�I׊{hٔ���7~�G�h׸;��P��2L� The Taxonomy Regulation (TR), agreed at the political level in December 2019, creates a legal basis for the EU Taxonomy. 0 6 0 obj 1. Return to AIMA Journal - Edition 124 Assess Do No Significant Harm requirements regarding six environmental objectives 4. New legislation stemming from the EU Action Plan for a greener economy requires asset managers to classify all their investment products on the basis of sustainability by March 2021. The final report on EU taxonomy, developed by the Technical Expert Group (TEG) on Sustainable Finance, contains recommendations relating to the overarching design of the Taxonomy, as well as guidance on how companies and financial institutions can make disclosures using the taxonomy. The taxonomy will be the basis for all the aforementioned actions, … DISCLOSURE REGULATION AND TAXONOMY REGULATION – KEY DATES Jun 2020 Dec 2020 Mar 2021 Jun 2021 Dec 2021 Jan 2022 Jun 2022 Dec 2022 June 2020 significant harm principle" EU Taxonomy Regulation formally adopted portfolio. To be environmentally sustainable, an activity must satisfy four tests under the proposed Regulation8: 1. it must substantially contribute to the one or more of the specified environmental objectives outlined in the Proposed Taxonomy Regulation, being clim… Summary. h�b```��E ��ea�8 `d`d��]��Y�$� n�j��쳸���00�������/��y�)~���,O�K�O�\|}� 90�����Ȃ,���� Listed real estate allows anyone, from retail The regulation now needs to be adopted by the European Parliament at second reading before it can be published in the Official Journal and enter into force. By Philippa List; Mikhaelle Schiappacasse, Dechert LLP. – The Taxonomy Regulation became effective 20 days after its publication in the Official Journal – ie on 12 July 2020. p�c�vQ808�����؎E��ݏ�TБ�z��׍��$��0 H�y4ճ��7C�����'X����y�m����F�@��.�W�T[bB��t�O��5�X��?-m*�A#xͳl��-;����\���X%�C-ݸ�P���&�L�x7�z$Io�"l��4�\�9N[��1����h(f�*�'V���n��^���[���t%��b��h���ҥ�*��#k*����t)��#��֔� Where a financial product as referred to in Article 9(1), (2) or (3) of Regulation (EU) 2019/2088 invests in an economic activity that contributes to an environmental objective within the meaning of point (17) of Article 2 of that Regulation, the information to be disclosed in accordance with Articles 6(3) and 11(2) of that Regulation … Baseline Requirements Reference Requirement. ���?�?�i> �y�QH�\���9�x��cy�L�&�F���L���00~��l��`by�L��v�"[� /+X� It is intended to support a sustainable and inclusive economic system, not only from an environmental, but also from a social point of view. 1. Regulation (EU) 2020/852 (the ‘Taxonomy Regulation’) was published in the Official Journal on 22 June 2020 and entered into force 20 days later. European Taxonomy regulation. Subject to formal approval, the Taxonomy will be embedded into EU law so that the classification system can be used in different areas, for example labels, standards and benchmarks. On 18 June 2020, the European Parliament adopted the regulation on the establishment of a framework to facilitate sustainable investment [1] (the Taxonomy Regulation), a milestone in the EU’s Action Plan on Sustainable Finance (the Action Plan). Article 8 of the Regulation obliges undertakings covered by Directive 2014/95/EU (the ‘Non-Financial Reporting Directive’) to publish information on how and to what extent their �b,JQ��Z�D-&�����^�9���x-~ߊq.|�� Overview of the EU Taxonomy Regulation. “Taxonomy Regulation”1—touted as the world’s “first ever green list”—was published in the EU Official Journal after the final stage of its approval by the European Parliament. This paved the way for the Regulation to come into effect on July 12. <> �q��[QPzp��"�Q��J-k����[�A�-UD�>�TY$d�����Jb�I�h�wG4|����N>�9�pح��,x�\#�TDA�q0s��;�f,;$�w��)��5� ���,�h��dx4xQ Assess significant contribution to climate change mitigation and/or adaptation 3. h��Xmo�6�+��ah�w��! /Annots [ 31 0 R 32 0 R 33 0 R 34 0 R 35 0 R 36 0 R 37 0 R 38 0 R 39 0 R 40 0 R ] The Sustainable Finance Taxonomy Regulation was published in the Official Journal of the European Union on 22 June 2020 and came into force on 12 July 2020. Figure 1 Work process for technical screening criteria development /Contents 4 0 R>> We support the approach proposed by ESMA, which closely align with the TEGs ’s recommendations, and is key to allowing asset managers to comply with their own requirements (EU Taxonomy, SFDR) �0�b�3ԋ�(S���z/ ��x��X%��2�(��:���-M��3ڻ���-_��w�P�e-�ZA���屗�Ak�w_��Ɋse��V� ��%t���e- /Annots [ 41 0 R 42 0 R 43 0 R 44 0 R 45 0 R 46 0 R 47 0 R ] ANNEX 2: THE SFDR AND TAXONOMY REGULATION . �0�4r�sn���f84BHhp"���D���Pr�x�.�pl�d�)t��7��Tf�fs_n�;BG#ߙS���lBd�!��n�e;�T�KK���R©=gen�s�Ȧ��y�~*6e��X6}�Ң�����sQ�M;ͳ���q�-�9�c���v���4�,�>���cK����:\e�U�%�g��n������ʍ��G�`�F'źZ}��bS�o�X�c��8sXF�.��f�.V�u���fWm����ê$�Ķ\�L�햇��ئzj�M����X>�jpy(�}_/���~�����V�?�6���؀��R����Kp��N�6ϥ�$�������(H������RD)��ZH~ ɝ���x��N�a^��Ey� ��2�!��>c��컉�.�w�N�n����|;�2�F~pI�����DG�F�pl�@8�_�����P��m��B �����ï���0�8����)�$���H1^^u'u�n���jCT���i��0o�_��)�� %�u�e@N�Oh�(#�*b�䜎�M(�$��1$t֤2i���x)m�(�Y1L�7ؘ�6�^J�"�*�"�}U�ucU�~U�����Uh5/@+�l 6OX�XL}id/�� ��l. Please try after sometime. 690 0 obj <>/Filter/FlateDecode/ID[<9751A08751717042B8C7256DCA80AD2E>]/Index[674 31]/Info 673 0 R/Length 83/Prev 142327/Root 675 0 R/Size 705/Type/XRef/W[1 2 1]>>stream Percentage of an investment portfolio eligible for Taxonomy assessment 2. – As the Commission has made clear:14 “The regulation can be seen as a framework, which allows for the progressive development of [the list of … x��ZYs�F����*��Ǥ�B��}��l9�M��ʱe�D������yIwO��JY��� 3�=���� ɏ����a�};;���dC�E���p����dz����ʏr(oexq�n��P.�@{a�R�q�Iǀ�R��(��U��!�Zw���"_��Q�ea���Q�('��=�ו��E ��V���ϯ�ԊZ�˳o.��rV�9p�������\��06޷3)�^ ��piyqɫ��_�gB��X� The requirements will apply in phases, starting from 1 January 2022 (see Timeline below). Published: 30 November 2020. For a copy of the final version of the regulation, see here13. The �o��F�S�l���ڎ��}[�,u-�� ��Ģ8���f�T����o�{���5���_Ѿ�W i _��7�5��9�1"�ޘ����?�����D��#LZ The Taxonomy Regulation … V4���I���{-�I���8#��0�%�m��$eET�� U�X68v �='Æ](ь�&�pş`|F�פ]C��4�����{i4d]�t�K� ��"O�ޣB��c����[��!�.�9��f^��#�����"�kcu��盃�����ܒBhř������ }������|���h�)]Ia�l�r h�bbd``b`f�@�1H�E �4�$fb� V!��= ��D,)Q\Q@��'&F&�Fr���ݾ ��, European asset managers and financial market advisors have a daunting task ahead of them in the coming four months. Council's first reading position on the taxonomy of sustainable activities ~|Il�>O�p�%e�������qN����Y��#:��rf]kf��¹`ճ�5����`�s(�O�'���4lg�!���e�*|M(�����/�����em,@�҇�;+w٠�w]�f�Lȝ�s����܉h� It has since been published in the Official Journal and entered into force on 12 July 2020. 14970/19 ADD 1 MP/jk 5 This article examines the EU Sustainable Finance Disclosure Regulation and the EU Taxonomy … Taxonomy or Plant Systematics, despite what people would have you believe, really is not an exacting science in many ways • This statement mainly applies to the identification process, so well start there. light thereof, this Regulation represents a key step towards the objective of achieving a climate-neutral Union by 2050. (4) Sustainability and the transition to a safe, climate-neutral, climate-resilient, more resource-efficient and circular economy are crucial to ensuring the long-term competitiveness of the Union economy. |��3 increase in regulation cost at the regulatory threshold size to test the theory in two ways. ʕ��p��,"��I%Bf��@�2�Q�[����w�Z�돡�nW��VuF���y[��^W���6'U2����H�0����&(d�����������Z���� {��R�D�0P���_y���%��M%��5�P]�(��)�K"�R4�:L��/�m�P��re ��,����3*i:�VY�-{J������Q�O=l�+�T��Ŵ��?�:6�q=�f���߯���ni�@X&�� e�%� b4�v9r����pLZ� �ZÙ��HE,���Ur�Ш���IA����mx������ � <> stream %PDF-1.4 The EU-wide green taxonomy set out by the Taxonomy … ��=t�Z:6W���a]��}����b�QŘ�B铖��X�����Q.�0��qŏaH���v�͘�x��T$e|�_�GF�3�h���T��?����w�̙� :)��T�(�ށ�銿x���Z�����҃�*r>q�6�'��^���9pj�d��3οfc�{�8�_���[�#^?��`��G��=~�7�ۿ�����z�$ie����!�W�>�� �+e>�R�~��JD��d)�=f;�dw��X�_���A.�T5�r�_�A�D-!��Ֆ�ن��H��V&"��gsv�&���o {�柿bWX+:v�qw�L��jը]�F�|�K����,� iF��! the Taxonomy Regulation. What is the aim of the Taxonomy Regulation? 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Summary Full Text : Article 3 SFDR Policies on the integration of Sustainability Risks and associated website disclosures : SM�jiNW�,���v �=�'���FI�4��1��� #!��6��v����Sp��&Ú~�G�΂4T6��f����Ql�]z�_+O�R3nG~[qF��y\Q~XӞ[nS��]ى �j�X�4�?3���>`x�\B��A�D��T�C�i��y� �D�Ʃ�C]���㬫�vs��*g9��W^;b �(:���L���?�������p��O�TB?���Ȇ�U?������ �{��G�.�����7؄�. ��>D`�9���a� �[�n�GBrM�L�Oꧯ -� 4F�����`h��!��A��Qy�WE�&`&�4��w_N�!O#�6���g! • Identification is very different from classification, which is even more problematic • There are several methods for … The EU Taxonomy Regulation sets out the framework and environmental objectives for the taxonomy contains tools to help investors, companies and issuers navigate the transition to a low-carbon, resilient and resource-efficient economy supplements the EU Disclosures Regulation and creates taxonomy-related disclosure obligations AMIC response: ESMA CP on Article 8 of the Taxonomy regulation 04/12/2020 . 5 0 obj 4 0 obj endstream endobj startxref The Taxonomy Regulation sets out categories of economic activities that are considered environmentally sustainable and is a cornerstone of the European Commission's Sustainable Finance Action Plan. The regulation creating an EU sustainable finance taxonomy (the Taxonomy) has been agreed by the EU at the political level. i���@�踕�;y)��-߯ÆA����\:N|�t%ʕ������[�i���!�H!3��P�_�� ��c_��;wv) This new Regulation joins Regulation … However, it will not start applying in practice until 1 January 2022 at the earliest. The proposal of a Regulation on the establishment of a framework to facilitate sustainable investment focuses on the establishment of a common language for sustainable finance, e.g. Part I: Requirements applicable to all strategies and products . Overview of the EU Framework Regulation (Taxonomy) On 22 June 2020, the EU regulation on the establishment of a framework to facilitate sustainable investment (the Framework Regulation) was published in the Official Journal. endstream 1 Consultation Paper Draft advice to European Commission under Article 8 of the Taxonomy Regulation, ESMA30 -379 325, dated 05 November 2020 2 Regulation (EU) 2020/852 of theEuropean Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation … /Contents 6 0 R>> ��d6{��Y8A�������>ŋ¸�h&��y4��诹U!9A� ��6��F7��}����W{����u��ϑ�wS�� Advice related to non-financial issuers . %PDF-1.5 %���� a unified EU classification system (or a so-called taxonomy). Under the Taxonomy Regulation, an economic activity qualifies as environmentally sustainable if it: A. contributes substantially to one of the six environmental objectives defined in the Taxonomy Regulation, being: (i) climate change mitigation, (ii) climate change adaptation, (iii) sustainable use and protection of water and marine … REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on the establishment of a framework to facilitate sustainable investment, and amending Regulation 2019/2088 on sustainability-related disclosures in the financial services sector ... report_en.pdf. The Taxonomy Regulation was published in the Official Journal four days later, thereby ushering in a new era of financial regulation. The Taxonomy Regulation is the latest part of a package of legislation in relation to the above-mentioned Action Plan. In light of this important milestone, this note summarises the key provisions of the Framework Regulation … Dechert LLP - Overview of the EU Taxonomy Regulation.pdf To read Dechert's article in full, please click on the PDF above. As expected there is a sharp fall in the fraction of … :Wt��tF�*��5�(ʽ� � �$%yJAvZ�m�/=�9Z�Hߕ�Q����0q����,h�Z�lX��xW�u+MT���Ri��ñܽ��3B��~�'��B��[�$:P�`oB9�dE�4v �����j�7%���jő�2鱊�c���-��v�Qܪ�S6�a��%y��+ɿu����uOc��d�)팾[/9�XI�FE�����G��Z^٨�|TRT��k�[�ǠVj�Uk�I���q��I�z[{���ݦ�i��6,H��a�qaM� 3�l̒/1$��t�g0:�$�#�[��L�A>l�C�T��C���yt:���ʽh�ćͼ,��L�>�EM�ð�:s�K�� For the purposes of this Guide we have focused on the Taxonomy Regulation as it applies to UCITS Managers, AIFMs and MiFID investment firms, which we collectively (}f,z�e~�/I�r�*Ro�'�{'�;���ƿ�T}42��?�E������L����rU������khp�_ک$���ES�v���?%�m�$R��N,95ȷ�/Ib�o��S��������i�j��QSّ�\��#}���&��G�fQCm{6 �G���C���C'�r�L䉴ch�k�]��f^`� Under the European Union (Withdrawal) Act 2018, the Taxonomy Regulation itself will form part of EU retained law after the end of the transition period. stream The PDF server is offline. The green framework the Regulation establishes will evolve over %���� @�[vzŭ��ۂ|�Fk,����v�~�,)���E6�k��HJ�J�9#�蜓�¤��$Lk�*¬��&�tnS The TR sets out the framework and environmental objectives for the Taxonomy, as well as new legal obligations for financial market participants, large companies, the EU and Member States. <> That means that the framework for the taxonomy, including the high-level environmental objectives, will form part of UK law, but the detailed rules in the TSC of how you … Further, the TR takes up the TEG’s recommended approach to identify enabling activities as a type of activity. <> ���3Z�'�k�t�RVۮ�݆��ű�Xi 6�Kj̮�:��E�|GO�����%-mG~��zz�%��*���u�}���ٜ\A7�+5eԙܹ ,tfO ws���y�e"�\��:+�� ��)0q4IR4�$�(�䋂�S�V�X�L>�H�GS��q�wl���'T �ļ��3��kc�gB\�o�qe����jD�+�χ[%"�]��ڨ�R�~O�Úֺ��k�Bra�����اL���ۊ~bؼ��'f���\E(_���Ix�J�;�l��W��7F����,��y��,r��cjG��z�`έP�8i(�p��6c�4���Q�����Je$1����|�q^b,�-Ô�D~a�9�˫������8�IB;ãMi��#���;[�������K�w�>uM�v�Y��v�2=������>�Ɍ6�����x=�b��kD�҆1�*/�D]3r��XC��@����&�빊�իkse��)���)s9�r��Y��o���{KZ̬��t�{�i���"���^��[�����F.jQ0%�2��.�ҴqE�=���ҷ䷒A,��͉]OjZv��K[L��yn�XdΉ\{���� The objective of the Taxonomy Regulation is to contribute to the creation of the world’s first-ever classification system for sustainable economic activities, in order to establish a common … application of the Regulation (see Article 5 (1c)) and Recital (8): “ .. due to the insufficient quality of data currently available for Scope 3 GHG emissions, it is necessary to set out an appropriate phase-in timeline … “. The Taxonomy Regulation sets out an EU-wide framework (a classification system known as a “taxonomy … endstream endobj 675 0 obj <>/Metadata 50 0 R/PageLayout/OneColumn/Pages 669 0 R/StructTreeRoot 78 0 R/Type/Catalog>> endobj 676 0 obj <>/Font<>>>/Rotate 0/StructParents 0/Tabs/S/Type/Page>> endobj 677 0 obj <>stream The Taxonomy Regulation has not materially changed the TEG’s thinking on methodology for selecting sectors. #�S���U&0���$�J]�����Y���s6�}DTt}�\.~���������ky�N N�X���ˍ�[�ar-�}#����na�xmŀ4X���Kˮtڒ\5�\ٔF9g���Mi�$�$j�S��T�Ј����0r��ү�]ö������~��c�{ЀJ�;-侀?]J��)�����z%QS/�ϥ���,3#�|C����ߣOK��x��!\҇qM�Y:�������tK�c8@T��! The taxonomy is a classification framework according to which activities can be assessed in order to determine whether they are environmentally sustainable. endobj Assess compliance with The Regulation recognises six different types of economic activities which qualify as environmentally sustainable activities for the purposes of the taxonomy: 1. climate change mitigation: the activity contributes to greenhouse gas stabilisation consisten… %%EOF December 2020 More detailed disclosure and ESA Draft RTS covering: Firms' … On 18 June 2020, the European Parliament adopted the so-called Taxonomy Regulation [1].Following the adoption of the Disclosure Regulation [2] at the end of 2019, this is a further key milestone in the development of the EU's legal and regulatory framework related to Environmental, Social and Governance (ESG) … EU TAXONOMY REGULATION BACKGROUND For 20 years, the European Public Real Estate Association (EPRA) has been the voice of Europe's listed real estate companies that derive income from the ownership, trading and development of income producing real estate assets. The Taxonomy Regulation entered into force on 12 July 2020. Article 8(4) of the Taxonomy Regulation requires the EC to adopt a delegated act to supplement the above obligations by specifying the content, presentation and methodology of the information to be disclosed by both fi nancial and non-fi nancial undertakings subject to the Non-Financial Reporting … (the “Taxonomy Regulation”). 3 0 obj endobj endobj Political agreement was reached in December 2019 on the Taxonomy Regulation following intense negotiations. x��Y�nG�����1��t�}ߜ�V,$q"1�����$ڤHsD)������/s�4#:X�͙�S�S-��KA�����\�*xI���y����#����GJ�*�i(E��|��SK�J�I׊{hٔ���7~�G�h׸;��P��2L� The Taxonomy Regulation (TR), agreed at the political level in December 2019, creates a legal basis for the EU Taxonomy. 0 6 0 obj 1. Return to AIMA Journal - Edition 124 Assess Do No Significant Harm requirements regarding six environmental objectives 4. New legislation stemming from the EU Action Plan for a greener economy requires asset managers to classify all their investment products on the basis of sustainability by March 2021. The final report on EU taxonomy, developed by the Technical Expert Group (TEG) on Sustainable Finance, contains recommendations relating to the overarching design of the Taxonomy, as well as guidance on how companies and financial institutions can make disclosures using the taxonomy. The taxonomy will be the basis for all the aforementioned actions, … DISCLOSURE REGULATION AND TAXONOMY REGULATION – KEY DATES Jun 2020 Dec 2020 Mar 2021 Jun 2021 Dec 2021 Jan 2022 Jun 2022 Dec 2022 June 2020 significant harm principle" EU Taxonomy Regulation formally adopted portfolio. To be environmentally sustainable, an activity must satisfy four tests under the proposed Regulation8: 1. it must substantially contribute to the one or more of the specified environmental objectives outlined in the Proposed Taxonomy Regulation, being clim… Summary. h�b```��E ��ea�8 `d`d��]��Y�$� n�j��쳸���00�������/��y�)~���,O�K�O�\|}� 90�����Ȃ,���� Listed real estate allows anyone, from retail The regulation now needs to be adopted by the European Parliament at second reading before it can be published in the Official Journal and enter into force. By Philippa List; Mikhaelle Schiappacasse, Dechert LLP. – The Taxonomy Regulation became effective 20 days after its publication in the Official Journal – ie on 12 July 2020. p�c�vQ808�����؎E��ݏ�TБ�z��׍��$��0 H�y4ճ��7C�����'X����y�m����F�@��.�W�T[bB��t�O��5�X��?-m*�A#xͳl��-;����\���X%�C-ݸ�P���&�L�x7�z$Io�"l��4�\�9N[��1����h(f�*�'V���n��^���[���t%��b��h���ҥ�*��#k*����t)��#��֔� Where a financial product as referred to in Article 9(1), (2) or (3) of Regulation (EU) 2019/2088 invests in an economic activity that contributes to an environmental objective within the meaning of point (17) of Article 2 of that Regulation, the information to be disclosed in accordance with Articles 6(3) and 11(2) of that Regulation … Baseline Requirements Reference Requirement. ���?�?�i> �y�QH�\���9�x��cy�L�&�F���L���00~��l��`by�L��v�"[� /+X� It is intended to support a sustainable and inclusive economic system, not only from an environmental, but also from a social point of view. 1. Regulation (EU) 2020/852 (the ‘Taxonomy Regulation’) was published in the Official Journal on 22 June 2020 and entered into force 20 days later. European Taxonomy regulation. Subject to formal approval, the Taxonomy will be embedded into EU law so that the classification system can be used in different areas, for example labels, standards and benchmarks. On 18 June 2020, the European Parliament adopted the regulation on the establishment of a framework to facilitate sustainable investment [1] (the Taxonomy Regulation), a milestone in the EU’s Action Plan on Sustainable Finance (the Action Plan). Article 8 of the Regulation obliges undertakings covered by Directive 2014/95/EU (the ‘Non-Financial Reporting Directive’) to publish information on how and to what extent their �b,JQ��Z�D-&�����^�9���x-~ߊq.|�� Overview of the EU Taxonomy Regulation. “Taxonomy Regulation”1—touted as the world’s “first ever green list”—was published in the EU Official Journal after the final stage of its approval by the European Parliament. This paved the way for the Regulation to come into effect on July 12. <> �q��[QPzp��"�Q��J-k����[�A�-UD�>�TY$d�����Jb�I�h�wG4|����N>�9�pح��,x�\#�TDA�q0s��;�f,;$�w��)��5� ���,�h��dx4xQ Assess significant contribution to climate change mitigation and/or adaptation 3. h��Xmo�6�+��ah�w��! /Annots [ 31 0 R 32 0 R 33 0 R 34 0 R 35 0 R 36 0 R 37 0 R 38 0 R 39 0 R 40 0 R ] The Sustainable Finance Taxonomy Regulation was published in the Official Journal of the European Union on 22 June 2020 and came into force on 12 July 2020. Figure 1 Work process for technical screening criteria development /Contents 4 0 R>> We support the approach proposed by ESMA, which closely align with the TEGs ’s recommendations, and is key to allowing asset managers to comply with their own requirements (EU Taxonomy, SFDR) �0�b�3ԋ�(S���z/ ��x��X%��2�(��:���-M��3ڻ���-_��w�P�e-�ZA���屗�Ak�w_��Ɋse��V� ��%t���e- /Annots [ 41 0 R 42 0 R 43 0 R 44 0 R 45 0 R 46 0 R 47 0 R ] ANNEX 2: THE SFDR AND TAXONOMY REGULATION . �0�4r�sn���f84BHhp"���D���Pr�x�.�pl�d�)t��7��Tf�fs_n�;BG#ߙS���lBd�!��n�e;�T�KK���R©=gen�s�Ȧ��y�~*6e��X6}�Ң�����sQ�M;ͳ���q�-�9�c���v���4�,�>���cK����:\e�U�%�g��n������ʍ��G�`�F'źZ}��bS�o�X�c��8sXF�.��f�.V�u���fWm����ê$�Ķ\�L�햇��ئzj�M����X>�jpy(�}_/���~�����V�?�6���؀��R����Kp��N�6ϥ�$�������(H������RD)��ZH~ ɝ���x��N�a^��Ey� ��2�!��>c��컉�.�w�N�n����|;�2�F~pI�����DG�F�pl�@8�_�����P��m��B �����ï���0�8����)�$���H1^^u'u�n���jCT���i��0o�_��)�� %�u�e@N�Oh�(#�*b�䜎�M(�$��1$t֤2i���x)m�(�Y1L�7ؘ�6�^J�"�*�"�}U�ucU�~U�����Uh5/@+�l 6OX�XL}id/�� ��l. Please try after sometime. 690 0 obj <>/Filter/FlateDecode/ID[<9751A08751717042B8C7256DCA80AD2E>]/Index[674 31]/Info 673 0 R/Length 83/Prev 142327/Root 675 0 R/Size 705/Type/XRef/W[1 2 1]>>stream Percentage of an investment portfolio eligible for Taxonomy assessment 2. – As the Commission has made clear:14 “The regulation can be seen as a framework, which allows for the progressive development of [the list of … x��ZYs�F����*��Ǥ�B��}��l9�M��ʱe�D������yIwO��JY��� 3�=���� ɏ����a�};;���dC�E���p����dz����ʏr(oexq�n��P.�@{a�R�q�Iǀ�R��(��U��!�Zw���"_��Q�ea���Q�('��=�ו��E ��V���ϯ�ԊZ�˳o.��rV�9p�������\��06޷3)�^ ��piyqɫ��_�gB��X� The requirements will apply in phases, starting from 1 January 2022 (see Timeline below). Published: 30 November 2020. For a copy of the final version of the regulation, see here13. The �o��F�S�l���ڎ��}[�,u-�� ��Ģ8���f�T����o�{���5���_Ѿ�W i _��7�5��9�1"�ޘ����?�����D��#LZ The Taxonomy Regulation … V4���I���{-�I���8#��0�%�m��$eET�� U�X68v �='Æ](ь�&�pş`|F�פ]C��4�����{i4d]�t�K� ��"O�ޣB��c����[��!�.�9��f^��#�����"�kcu��盃�����ܒBhř������ }������|���h�)]Ia�l�r h�bbd``b`f�@�1H�E �4�$fb� V!��= ��D,)Q\Q@��'&F&�Fr���ݾ ��, European asset managers and financial market advisors have a daunting task ahead of them in the coming four months. Council's first reading position on the taxonomy of sustainable activities ~|Il�>O�p�%e�������qN����Y��#:��rf]kf��¹`ճ�5����`�s(�O�'���4lg�!���e�*|M(�����/�����em,@�҇�;+w٠�w]�f�Lȝ�s����܉h� It has since been published in the Official Journal and entered into force on 12 July 2020. 14970/19 ADD 1 MP/jk 5 This article examines the EU Sustainable Finance Disclosure Regulation and the EU Taxonomy … Taxonomy or Plant Systematics, despite what people would have you believe, really is not an exacting science in many ways • This statement mainly applies to the identification process, so well start there. light thereof, this Regulation represents a key step towards the objective of achieving a climate-neutral Union by 2050. (4) Sustainability and the transition to a safe, climate-neutral, climate-resilient, more resource-efficient and circular economy are crucial to ensuring the long-term competitiveness of the Union economy. |��3 increase in regulation cost at the regulatory threshold size to test the theory in two ways. ʕ��p��,"��I%Bf��@�2�Q�[����w�Z�돡�nW��VuF���y[��^W���6'U2����H�0����&(d�����������Z���� {��R�D�0P���_y���%��M%��5�P]�(��)�K"�R4�:L��/�m�P��re ��,����3*i:�VY�-{J������Q�O=l�+�T��Ŵ��?�:6�q=�f���߯���ni�@X&�� e�%� b4�v9r����pLZ� �ZÙ��HE,���Ur�Ш���IA����mx������ � <> stream %PDF-1.4 The EU-wide green taxonomy set out by the Taxonomy … ��=t�Z:6W���a]��}����b�QŘ�B铖��X�����Q.�0��qŏaH���v�͘�x��T$e|�_�GF�3�h���T��?����w�̙� :)��T�(�ށ�銿x���Z�����҃�*r>q�6�'��^���9pj�d��3οfc�{�8�_���[�#^?��`��G��=~�7�ۿ�����z�$ie����!�W�>�� �+e>�R�~��JD��d)�=f;�dw��X�_���A.�T5�r�_�A�D-!��Ֆ�ن��H��V&"��gsv�&���o {�柿bWX+:v�qw�L��jը]�F�|�K����,� iF��! the Taxonomy Regulation. What is the aim of the Taxonomy Regulation? Based on this, we believe that, in the EU Taxonomy as well, a LCA (scope 3 GHG emissions) … 7 COM(2018) 97 final. 704 0 obj <>stream ?9BX���$�ٶ�h� �t�r�P'�M :ɛ �$��"O���9��1q�♧�1o��`�l0^�Q>�s|��]�j%,�J��Ox�©���z�{;�/�c ��k�ᬩ҄�h�k�9amA'G�돁B͇��:���ȣ@W� �ʒ���[��(s[ˡ�Ϗ��V��0�7?BPI���T�ea�@���u(�xE�0�-�!F����e� First, we investigate non-parametrically how innovation changes with firm size. [�G���1�j3�˗4��Լ��֜�K�R۵�{b�z�c��1��ؑ&�V,HO�~ҩ$}ԝ#��c����Ύtݐ��(v�t�i��H}�V��Ȅ�O��V0��S��ox��W��������� 674 0 obj <> endobj A so-called Taxonomy ) has since been published in the Official Journal and entered into force on July... Regulation.Pdf to read Dechert 's Article in full, please click on the PDF above the part! January 2022 ( see Timeline below ) the aforementioned actions, … Taxonomy. Into effect on July 12 Regulation entered into force on 12 July 2020 entered into force on 12 July.. An investment portfolio eligible for Taxonomy assessment 2 two ways following intense.... 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