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European Commission publishes Call for Evidence on SFDR revision

Europe
07/05/2025
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On 2 May 2025, the European Commission (“EC”) published its call for evidence to help form an impact assessment on the revision of the EU Sustainable Finance Disclosure Regulation (“SFDR”).

The Call for Evidence, which follows the Platform on Sustainable Finance’s briefing note outlining its proposal for a new categorisation system under the SFDR (which you can read more about here), invites stakeholders to submit general feedback.

The Call for Evidence states that due to a lack of legal clarity on key concepts, the limited relevance of certain disclosure requirements, the overlaps and inconsistencies with other parts of the EU sustainable finance framework, and issues linked to data availability, the current SFDR has given rise to a risk of greenwashing, whilst also resulting in the unwarranted exclusion of some sectors because of how some rules are applied in practice. The EC is therefore exploring the following options for a revised SFDR:

  1. targeted changes and clarifications to the existing SFDR disclosures; or
  2. more far-reaching changes involving establishing several categories reflecting different sustainability objectives of financial products, underpinned by common criteria (e.g. products contributing to a sustainability objective, products contributing to the transition, or products contributing to other ESG strategies).

Next steps

The deadline for feedback to the Call for Evidence is 30 May 2025, and the EC has confirmed that there will not be any further public consultations following the Call for Evidence. Therefore, stakeholders should see this as the potential last opportunity to provide feedback on the SFDR revision.

The EC has also confirmed that the revised SFDR is still planned to be included in its work programme for Q4 2025, in line with the objectives of the EC’s wider “Omnibus” proposals (which you can read more about here).

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