ESG: a roadmap of incoming EU regulations impacting asset managers
We have produced a timeline which summarises the key dates proposed for implementing the Commission’s package of measures.
We have also prepared a series of notes and blog posts which explain the impact, scope and requirements of the various measures:
- EU Disclosure Regulation
- Applicability of the Disclosure Regulation on UK firms
- EU Taxonomy Regulation
- Draft ESG measures to amend the UCITS, AIFMD and MiFID rules
ESG regulation
Key dates


Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (known as the Disclosure Regulation, ESG Regulation or SFDR), which is part of a broader legislative package under the European Commission’s Sustainable Finance Action Plan.
It requires firms to make strategic business and policy decisions regarding their approach to ESG which must be disclosed on the firm’s website and in pre-contractual and periodic disclosures. Although the focus of the Disclosure Regulation is the provision of information to investors, clients and other stakeholders, it is clear that the preparation of accurate and comprehensive information on ESG will necessitate significant system and control changes, and a material allocation of resource for many firms.
See our blog post for our thoughts on the applicability of the Disclosure Regulation to UK firms.
Regulation (EU) 2020/852 on the establishment of a framework to facilitate sustainable investment and amend the Disclosure Regulation (known as the Taxonomy Regulation or Framework Regulation). It establishes a taxonomy, or glossary, for assessing whether certain economic activities are considered “sustainable” in accordance with one or more of six prescribed environmentally sustainable objectives. In time, the intention is to extend the taxonomy beyond purely environmentally sustainable objectives.
The suite of draft measures (the Draft Delegated Acts), which will affect UCITS and AIF managers and MiFID investment firms (collectively, managers). The Draft Delegated Acts are a further development of the European Commission’s Sustainable Finance Action Plan.
The Draft Delegated Acts follow the Disclosure Regulation (Regulation (EU) 2019/2088) and the Framework Regulation (Regulation (EU) 2020/852) (together, the Regulations), both already published in the Official Journal, and which apply to managers, and which prescribe certain website and investor-reporting disclosures about the firm’s approach to ESG.
This page was updated on 10 November 2020