Upcoming Taxonomy Regulation Compliance Deadlines and the Interplay Between SFDR and MiFID II (Part Two of Two)

The E.U. has long been at the forefront of environmental, social and governance (ESG) regulations, most notably in setting forth the Sustainable Finance Disclosure Regulation (SFDR) and the Taxonomy Regulation. Implementation of those regulations has been haphazard, however, as they have both been beset with delays in various related deadlines. Further, E.U. fund managers are beginning to confront the complicated reality of attempting to simultaneously comply with those new E.U. ESG regulations on the one hand and certain existing E.U. regulations – i.e., the Alternative Investment Fund Managers Directive (AIFMD), Markets in Financial Instruments Directive (MiFID II) and Undertakings for Collective Investment in Transferable Securities (UCITS) – on the other. Those topics and more were examined in a recent Maples Group webinar, which was moderated by partner Peter Stapleton and featured his fellow partners Stephen Carty and Ian Conlon. This second article in a two-part series identifies upcoming requirements associated with the Taxonomy Regulation, as well as certain obstacles when attempting to simultaneously comply with SFDR and MiFID II. The first article offered updates on timing and deliverables under Level 1 and Level 2 of SFDR, as well as its impact on AIFMD, MiFID II and UCITS. See “How ESG Disclosure Requirements Under the E.U.’s SFDR May Impact U.S. Fund Managers” (Sep. 14, 2021).

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