ENVIRONMENTAL LAW / BANKING & FINANCIAL LAW
The Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector and its impact on the Luxembourg financial centre
Combating climate change requires strong coordinated actions involving both public and private players. In this respect, the EU legislator has taking new steps to promote sustainability/ESG principles within the financial sector by using different binding tools which are technical and can be difficult to understand at first glance.
For this reason, the Luxembourg association for environmental law (l’Association Luxembourgeoise de Droit de l’Environnement - ALDE) and the Conférence Saint-Yves (CSY) have organised a webinar on 14 June 2021 to provide additional clarity and transparency on the regulation (EU) 2019/2088 on sustainability‐related disclosures in the financial services sector, as amended (“SFDR”).
The event was introduced by the presidents of ALDE and CSY - namely Nathalie PRÜM-CARRÉ and William Lindsay SIMPSON. The subject was then presented and discussed by Ms Francoise THOMA (President of the Spuerkees), Mr. Bertrand de MAZIÈRES (Director General for Finance at the European Investment Bank), and Me Nicolas PRADEL (lawyer at the law firm Stibbe).
This paper is a transcription of the conference and aims to provide an exhaustive introduction on the SFDR and its main impacts
I. INTRODUCTION BY FRANCOISE THOMA
1. The change of paradigm : from Environmental law to Banking & Financial law
II. PRESENTATION OF THE SFDR BY NICOLAS PRADEL
1. Scope of application of SFDR, targeted « financial products » and product classification
III. THE SFDR ANDTHE EIB : CONCLUDING REMARKS BY BERTRAND DE MAZIÈRES
1. Providing some background on the SFDR regulation