The final rules amending sectoral legislation to integrate sustainability risks and sustainability factors into decision-making were published in the Official Journal of the European Union on 2 August 2021. They will apply from the dates noted in the table below.

The Commission adopted the delegated regulations and directives on 21 April 2021, which were then subject to a scrutiny period of at least three months by the European Parliament and Council. The final texts are largely unchanged from the versions published in April, despite industry push back in relation to certain aspects such as the consideration of principal adverse sustainability impacts and sustainability risks.

Our previous note on these is available here.

LEGISLATION

TIMING

MiFID II


Commission Delegated Regulation (EU) 2021/1253 amending Delegated Regulation (EU) 2017/565 as regards the integration of sustainability factors, risks and preferences into certain organisational requirements and operating conditions for investment firms

Commission Delegated Directive (EU) 2021/1269 amending Delegated Directive (EU) 2017/593 as regards the integration of sustainability factors into the product governance obligations

Applies from 2 August 2022




Member States will need to amend their national rules to implement the Directive by 21 August 2022, to apply from 22 November 2022

AIFMD


Commission Delegated Regulation (EU) 2021/1255 amending Delegated Regulation (EU) 231/2013 as regards the sustainability risks and sustainability factors to be taken into account by alternative investment fund managers

Applies from 1 August 2022

UCITS


Commission Delegated Directive (EU) 2021/1270 amending Directive 2010/43/EU as regards the sustainability risks and sustainability factors to be taken into account for UCITS

Member States will need to amend their national rules to implement the Directive by 31 July 2022, to apply from 1 August 2022

Insurance (Solvency II and IDD)


Commission Delegated Regulation (EU) 2021/1256 amending Delegated Regulation (EU) 2015/35 as regards the integration of sustainability risks in the governance of insurance and reinsurance undertakings

Commission Delegated Regulation (EU) 2021/1257 amending Delegated Regulations (EU) 2017/2358 and (EU) 2017/2359 as regards the integration of sustainability factors, risks and preferences into the product oversight and governance requirements for insurance undertakings and insurance distributors and into the rules on conduct of business and investment advice for insurance-based investment products

Applies from 2 August 2022



Applies from 2 August 2022