Following the collection of data related to the precontractual information on financial products under Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability‐related disclosures in the financial services sector (SFDR), launched by the communication of 24 March 2023, and extended to 31 October 2023, the Luxembourg Commission de Surveillance du Secteur Financier (CSSF) is now launching a SFDR data collection with regards to the periodic information, for Article 8 and Article 9 products, in accordance with its recent publication (the Periodic Data Collection).
The objective of the Periodic Data Collection is to collect, in a digital form and on an annual basis, information in relation to the disclosures published in SFDR periodic reports.
Who should contribute to the Periodic Data Collection?
Participation to the Periodic Data Collection is required, inter alia, for the following entities:
- UCITS management companies, based in Luxembourg and in other EU Member States, in relation to the Luxembourg-domiciled UCITS that they manage;
- Authorised AIFMs, based in Luxembourg, in relation to all Luxembourg-domiciled regulated and unregulated AIFs they manage;
- Authorised AIFMs, based in another EU Member States, in relation to all Luxembourg-domiciled regulated AIF as well as any unregulated ELTIF they manage;
- Internally managed AIFs within the meaning of point (b) of Article 4(1) of the Law of 12 July 2013; and
- Registered AIFMs, based in Luxembourg or in another Member State of the EU, in relation to all Luxembourg-domiciled regulated AIFs they manage.
What information should be covered?
The information to communicate refers to the disclosures contained in SFDR periodic reports of the Article 8 and Article 9 funds and sub-funds managed by any in-scope entity.
This yearly exercise covers all the SFDR periodic reports issued as from 1 January 2023 and with financial year end on or after 30 September 2022.
When and how should it be submitted?
- For periodic reports issued between 1 January 2023 and 31 December 2023, information shall be provided by 31 January 2024 the latest; and
- For periodic reports issued as from 1 January 2024, information shall be provided at the latest one month after the legal deadline to publish the annual report or to make it available to investors.
Accordingly, the aforementioned information shall be submitted to the CSSF, at the latest, 5 months after financial year-end for UCITS, respectively 7 months for AIFs.
The content and format of the information to be provided is explained in the technical guidance and can be submitted to the CSSF via (i) the submission of a structured file through S3 protocol, which is already available; and (ii) an online solution vie eDesk for manual inputs, which will be made available as of 30 November 2023.
The CSSF also confirms that the data collection exercise will be extended in the future to the information contained in the principal adverse impact (PAI) statements, to the extent applicable.
If you have any questions on this topic, please feel free to contact our experts Aurélien Hollard, Julie Pelcé, Nicolas Lorgé or Julien Robert for further information.