SFDR data collection exercise applicable to investment fund managers (IFMs) and institutions for occupational retirement provision (IORPs) on periodic disclosures in relation to Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (SFDR) and Regulation (EU) 2020/852 on the establishment of a framework to facilitate sustainable investment (TR)
This Communiqué follows up on (i) the CSSF communiqué published on 27 July 2022 announcing the intention of the CSSF to launch a data collection exercise related to SFDR and TR and (ii) the CSSF communiqué published on 24 March 2023 in relation to the data collection exercise dedicated to pre-contractual disclosures.
The objective of the present Communiqué is to provide industry participants with information regarding the launch of the data collection exercise relating to the disclosures in periodic reports for financial products disclosing under Article 8 or Article 9 of SFDR.
SFDR lays down harmonised rules on transparency regarding the provision of sustainability-related information with respect to financial products. TR provides additional disclosure requirements for those financial products making sustainable investments with environmental objectives. Commission Delegated Regulation (EU) 2022/1288 supplementing SFDR as amended (SFDR RTS) provides further details on the transparency to be ensured by financial market participants (FMPs) in this respect.
In this context, IFMs and IORPs qualifying as FMPs are required to include sustainability-related information in the periodic reports of financial products disclosing under Article 8 or Article 9 of SFDR.
The objective of the current data collection exercise is to collect in a digital format on an annual basis, in accordance with the financial year-end of the financial products, information in relation to the disclosures in periodic reports.
2. Scope of the data collection, practical and technical details
The CSSF is hereby requiring the following FMPs to participate to this data collection exercise:
- UCITS management companies, based in Luxembourg and subject to Chapter 15 of the Law of 17 December 2010 relating to undertakings for collective investment (the “2010 Law”) or in another Member State of the European Union, in relation to all Luxembourg-domiciled UCITS they manage;
- UCITS investment companies which did not designate a management company within the meaning of Article 27 of the 2010 Law;
- authorised AIFMs, based in Luxembourg and subject to Article 4 of the Law of 12 July 2013 on alternative investment fund managers (the “2013 Law”), in relation to all Luxembourg-domiciled regulated and unregulated AIFs (including ELTIFs) they manage;
- internally managed alternative investment funds within the meaning of point (b) of Article 4(1) of the 2013 Law;
- authorised AIFMs, based in another Member State of the European Union, in relation to all Luxembourg-domiciled regulated AIFs, as well as Luxembourg-domiciled unregulated AIFs (only when they qualify as ELTIFs) they manage;
- registered AIFMs, subject to Article 3(3) of the 2013 Law, based in Luxembourg or in another Member State of the European Union, in relation to all Luxembourg-domiciled regulated AIFs they manage;
- IORPs, subject to the Law of 13 July 2005.
The data collection exercise on periodic disclosure information is mandatory for all (sub-)funds of a UCITS/AIF/IORP disclosing under Article 8 or 9 of SFDR and subject to the scope as defined above.
FMPs, subject to Articles 2(2) or 3(1) of the 2013 Law, can participate to this data collection exercise on a voluntary basis in relation to any Luxembourg-domiciled regulated AIF they manage.
On that basis, FMPs, for each financial product in the scope as defined above, are required to provide a set of information relating to disclosures in periodic reports, included in the annual reports issued as from 1 January 2023 and with a financial year-end on or after 30 September 2022, according to the following deadlines:
- For periodic reports issued, in accordance with the legal deadline to publish the annual report or to make it available to investors, between 1 January 2023 and 31 December 2023, information shall be provided to the CSSF by 31 January 2024 at the latest.
- For periodic reports issued as from 1 January 2024, information shall be provided to the CSSF, at the latest, one month after the legal deadline to publish the annual report or to make it available to investors.
Accordingly, the aforementioned information shall be submitted to the CSSF, at the latest, 5 months after financial year-end for UCITS, respectively 7 months for AIFs and IORPs.
The SFDR data concerning UCIs must be submitted by the IFM (or the UCITS/AIF for internally managed UCIs). The SFDR data concerning IORPs must be submitted directly by the IORP. Any question should be addressed to email@example.com.
A user guide providing clarifications on the content and the format of the information to be reported as well as technical details on the data collection process are available under SFDR UCI periodic data collection – Practical and technical guidance.
The SFDR data can be submitted to the CSSF via the following channels:
- A solution based on the submission of a structured file through S3 (“simple storage service”) protocol, which is already available. This solution allows for an automation by FMPs and, if needed, a testing of the reporting file submission before going into production. Please refer to the user guide for further details.
- An online solution via eDesk for manual input by IFMs/IORPs for each fund/sub-fund they manage. This solution will be made available as of 30 November 2023. Further guidance on this solution will be provided in due course.
3. Additional information
The current data collection exercise will be extended in the future to collect information contained in the PAI statements. Further details on timing and practical proceeding of this extended data collection will be communicated at a later stage.