The CSSF launches its SFDR data collection exercise applicable notably to investment fund managers (IFM) on pre-contractual information in relation to Regulation (EU) 2019/2088 on sustainability disclosures in the financial services sector (SFDR) and Regulation (EU) 2020/852 on the establishment of a framework to promote sustainable investment (TR).
As a reminder, the SFDR lays down harmonised rules on transparency rules on the provision of sustainability information for financial products. The TR provides for additional disclosure requirements for financial products that make sustainable investments with environmental objectives. Commission Delegated Regulation (EU) 2022/1288 supplementing the SFDR as amended (SFDR RTS) provides further details on the transparency to be provided by Financial Market Participants (FMPs) in this respect. In this context, IFM qualified as FMPs are required to include sustainability information in the pre-contractual information of financial products, in accordance with the SFDR, TR and SFDR RTS.
The CSSF aims through this data collection to map, in a digital format, the information contained in the pre-contractual information documents/templates.
The following FMPs are targeted by this data collection:
(a) UCITS management companies, based in Luxembourg or in another Member State of the European Union, in relation to all Luxembourg-domiciled UCITS they manage;
(b) authorised AIFMs, based in Luxembourg, in relation to all Luxembourg-domiciled regulated and unregulated AIFs (including ELTIFs) they manage;
(c) 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;
(d) registered AIFMs, subject to Article 3(3) of the Law of 12 July 2013 (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;
(e) IORPs, subject to the Law of 13 July 2005
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.
The reporting of SFDR data is mandatory for all sub-funds of a UCITS/AIF/IORP subject to the scope defined above. The data must be completed and provided to the CSSF for each fund/sub-fund, regardless of the regime applicable to those subject to the SFDR (i.e. Article 6, Article 8 or Article 9 of the SFDR). Further details on the scope are available in the user guide available on the CSSF website (user guide).
After the initial declaration, IFMs and IORPs remain responsible for updating the information provided in case of changes in the pre-contractual documents/templates.
The deadline for submission of the initial report is 15 June 2023.