The European Commission adopted a package of measures on sustainable finance, including:
- the EU Taxonomy Climate Delegated Act (DA): The College of Commissioners has reached a political agreement on the text, including the annex on adaptation screening criteria. The DA will be formally adopted at the end of May once translations are available in all EU languages. An EC Communication, also adopted today, sets out the Commission’s approach in more detail.
- a proposal for a Corporate Sustainability Reporting Directive (CSRD): The proposal aims to revises and strengthens the existing rules introduced by the Non-Financial Reporting Directive (NFRD).
- six amending Delegated Acts: These include amendments to delegated acts on investment and insurance advice, fiduciary duties, and product oversight and governance, including:
– Solvency II: amendments to Delegated Regulation as regards the integration of sustainability risks in the governance of insurance and reinsurance undertakings (here).
– Insurance Distribution Directive (IDD): as regards Delegated Regulations (EU) 2017/2358 and (EU) 2017/2359 as regards the integration of sustainability factors, risks and preferences into the product oversight and governance requirements for insurance undertakings and insurance distributors and into the rules on conduct of business and investment advice for insurance-based investment products (here).
The full set of documents published as part of the package and the EC press release are available here.
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