..the ESAs have identified significant challenges to deliver the required input in the time requested. These challenges relate to the substantial number of technical components..
Dear Mr Berrigan,
I am writing to you as Chair of the Joint Committee (JC) of the European Supervisory Authorities (ESAs) regarding the mandate the ESAs Chairs received via letter on 28 April 2022 to review the indicators for principal adverse impact (PAI) and the financial product disclosures in Commission Delegated Regulation (EU) 2022/1288 (the “SFDR Delegated Regulation). The ESAs have been asked to provide their input within 12 months from the receipt of the letter (i.e. by 28 April 2023).
The mandate covers amendments to the existing rules in the SFDR Delegated Regulation and, therefore, the submission of these RTS is not subject to a deadline within the SFDR. In this context, the ESAs understand that the requested delivery date reflects the importance of making improvements to the SFDR framework on a timely basis, as well as existing practices regarding the time needed to conduct a partial review.
However, the ESAs have identified significant challenges to deliver the required input in the time requested. These challenges relate to the substantial number of technical components to the work under this mandate to deliver the desired changes to the SFDR Delegated Regulation and the need to seek input from a range of expert bodies or agencies as stated in the mandate. ...
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