SFDR data collection exercise applicable to investment fund managers (IFMs) and institutions for occupational retirement provision (IORPs) on precontractual disclosures in relation to Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (SFDR) and Regulation (EU) 2020/852 on the establishment of a framework to facilitate sustainable investment (TR)

This communiqué follows up on the CSSF communiqué published on 27 July 2022 announcing the intention of the CSSF to launch a data collection exercise related to SFDR and TR.

The objective of the present communiqué is to provide industry participants with information regarding the launch of the data collection exercise relating to precontractual product disclosure information.

SFDR lays down harmonised rules on transparency regarding the provision of sustainability-related information with respect to financial products. TR provides additional disclosure requirements for those financial products making sustainable investments with environmental objectives. Commission Delegated Regulation (EU) 2022/1288 supplementing SFDR as amended (SFDR RTS) provides further details on the transparency to be ensured by financial market participants (FMPs) in this respect.

In this context, IFMs and IORPs qualifying as FMPs are required to include sustainability-related information in the precontractual disclosures of financial products in accordance with SFDR, TR and the SFDR RTS.

The objective of the current data collection exercise is to collect, in a digital format, information contained in precontractual disclosure documents/templates.

The CSSF is hereby requiring the following FMPs:

(a) UCITS management companies, based in Luxembourg or in another Member State of the European Union, in relation to all Luxembourg-domiciled UCITS they manage;

(b) authorised AIFMs, based in Luxembourg, in relation to all Luxembourg-domiciled regulated and unregulated AIFs (including ELTIFs) they manage;

(c) authorised AIFMs, based in another Member State of the European Union, in relation to all Luxembourg-domiciled regulated AIFs, as well as Luxembourg-domiciled unregulated AIFs (only when they qualify as ELTIFs) they manage;

(d) registered AIFMs, subject to Article 3(3) of the Law of 12 July 2013 (the 2013 Law), based in Luxembourg or in another Member State of the European Union, in relation to all Luxembourg-domiciled regulated AIFs they manage;

(e) IORPs, subject to the Law of 13 July 2005

to participate to this data collection exercise, by providing a set of information relating to precontractual product disclosures for each of the financial products mentioned above, in accordance with the details set out below.

FMPs subject to Articles 2(2) or 3(1) of the 2013 Law can participate to this data collection exercise on a voluntary basis in relation to any Luxembourg-domiciled regulated AIF they manage.

A user guide providing clarifications on the content and the format of the information to be reported as well as technical details on the data collection process is available.

The current reporting of SFDR data is mandatory for all sub-funds of a UCITS/AIF/IORP subject to the scope as defined above. The data is to be completed and provided to the CSSF for each fund/sub-fund, regardless of the regime applicable to those under SFDR (i.e. SFDR Article 6, Article 8 or Article 9). Additional details regarding the scope are available in the user guide.

After the initial declaration, IFMs and IORPs remain responsible to ensure that the information provided is being kept up-to-date; in case of changes to the precontractual documents/templates, IFMs and IORPs must update the data reported under the SFDR data collection by transmitting subsequent declarations.

The deadline for submission of the initial report is 15 June 2023.

The SFDR data concerning UCIs must be submitted by the IFM (or the UCITS/AIF for internally managed UCIs). The SFDR data concerning IORPs must be submitted directly by the IORP. Any question should be addressed to ucisfdr@cssf.lu.

The SFDR data can be submitted to the CSSF via the following channels:

a. A solution based on the submission of a structured file through S3 (“simple storage service”) protocol, which is already available.

This solution allows for an automation by financial market participants and if needed, a testing of the reporting file submission before going into production.

Please refer to the user guide for further details.

b. An online solution via eDesk for manual input by IFMs/IORPs for each fund/sub-fund they manage. This solution will be made available as of 2 May 2023.

Further guidance on this solution will be provided in due course.

The current data collection exercise will be extended in the near future to collect information contained in the PAI statements and in the periodic disclosure templates. Further details on timing and practical proceeding of this extended data collection will be communicated at a later stage.