SFDR data collection exercise for investment fund managers (IFMs) on regulatory requirements in relation to Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (SFDR)

On 2 February 2023, the Commission de Surveillance du Secteur Financier (CSSF) published a communication, providing industry participants with information on the launch of the first part of a data collection exercise related to the Sustainable Finance Disclosure Regulation (SFDR), which mainly focuses on the collection of information regarding organisational arrangements of investment fonds managers (IFMs).
As previously analysed in eventid=16863 on the Communication to the investment fund industry on regulatory requirements in relation to Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (SFDR) and upcoming entry into force of SFDR Level 2 provisions (SFDR RTS) published on 27 July 2022, the SFDR already requires IFMs that qualify as financial market participants (FMPs) and/or financial advisers (FAs) to comply with a set of rules regarding the integration of sustainability risks in their activities by 10 March 2021. The SFDR also outlines the mandatory website disclosure requirements applying to IFMs. Furthermore, the Sustainable Finance Disclosure Regulation Regulatory Technical Standards (SFDR RTS) applies as of 1 January 2023, providing further details on the transparency to be ensured by FMPs and FAs.
The current data collection exercise is necessary to allow the CSSF to fulfill its supervisory duties, notably in relation to the assessment of the compliance of IFMs with the requirements applicable under SFDR and SFDR RTS. The CSSF expects the organisational arrangements of IFMs to take due account of the integration of sustainability risks, notably in terms of human resources and governance, the investment decision or advice process, the remuneration and risk management policies and the management of conflicts of interest.
UCITS management companies, SICAVs that did not designate a management company (SIAGs), alternative investment funds that did not appoint an external AIFM (FIAAGs), managers of a qualifying venture capital funds and managers of a qualifying social entrepreneurship funds are required to complete a dedicated questionnaire via the launch of a new eDesk module „SFDR-IFM disclosures“ as of 2 February 2023. The submission deadline for the questionnaire is 2 March 2023. The questionnaire must be completed and submitted by an eDesk user linked to the IFM. It should be stressed that after the initial declaration and in case of changes, IFMs shall remain responsible to ensure that the information provided is being kept up-to-date. A specific update function („Create update declaration“) is available under the new eDesk module to allow the amendment of information initially submitted.
Any question should be addressed to ifmsfdr@cssf.lu.