Legal Update of the POLSIF Legal Center June 2024

‍ESMA, EBA and EIOPA have published their final reports on greenwashing:
The reports provide recommendations to National Supervisory Authorities (NCA) to improve oversight and mitigate greenwashing risks.

ESAs publish a joint opinion on the SFDR:
The European Supervisory Authorities (ESAs) have issued an own-initiative opinion on the SFDR.

Link to the document

EFRAG is finalising three guidance documents for the implementation of the ESRS:
EFRAG has published three non-binding documents to support the implementation of the European Sustainable Development Reporting Standards (ESRS). These documents relate to the assessment of materiality, the value chain and the ESRS data points.

Link to the document

The IFRS Foundation assumes responsibility for the Disclosure Framework of the Taskforce Transition Plan (TPT):
The IFRS Foundation will add the materials published by the Taskforce Transition Plan to the IFRS Sustainability Knowledge Hub and develop educational materials based on them. The ISSB will review the materials with a view to possibly improving the guidelines for the application of IFRS S2.

Link to the document

The ECB has published climate-related financial disclosures:
Among other things, the ECB announced a 35% reduction in the greenhouse gas emissions of its €367 billion corporate bond portfolio between 2021 and 2023.

Link to the document

The European Council reached an agreement on the Green Claims Directive:
The directive aims to protect consumers against greenwashing by establishing requirements for companies to substantiate and verify claims and labels regarding the environmental characteristics of products and services.

Link to the document

TNFD and EFRAG announced the publication of the TNFD-ESRS Correspondence Mapping document:
This document aims to help nature and biodiversity disclosure companies understand the common features of the European Sustainable Development Reporting Standards (ESRS) and TNFD's disclosure recommendations.