The head of the European Commission's financial services unit, John Berrigan, has said in a letter to the European Parliament that the application date of the long-awaited RTS under the Sustainable Finance Disclosure Regulation (SFDR) needs to be delayed by six months to 1 July 2022.

"Due to the length and technical detail of those regulatory technical standards...we deem it necessary to facilitate the smooth implementation of the standards by product manufacturers, financial advisers and supervisors. We therefore plan to bundle all 13 of the regulatory technical standards in a single delegated act and defer the dates of application of 1 January 2022 by six months to 1 July 2022".

The Commission has said it will work "intensively" to ensure the earliest possible adoption of the rules.

For more information on the SFDR RTS, see our publications: Final report on draft regulatory technical standards and ESA’s supervisory statement – key takeaways and Coming up: Level 2 SFDR and Taxonomy disclosure requirements in one rulebook.