AEIP publishes Statement regarding the Regulatory Technical Standards on Sustainable Finance Disclosures Regulation
As a follow up to the meeting of AEIP with DG FISMA’s Asset Management Unit on 30 November, AEIP’s Statement makes a concise overview of the points brought forward, with the aim to assist the EU policy regulators to better understand the particular characteristics of IORPs but to also address these concerns in their future legislative work.
Overall, the statement of AEIP underlines that IORPs are pension institutions with a social purpose, managed jointly by social partners, that provide financial services, so they should not be treated as purely financial service providers. Since most IORPs in the EU are small in size and sensitive to existing and additional fixed costs, it is important that these enjoy a more proportional implementation of ESG disclosure rules. In addition, AEIP stresses that the RTS on disclosures can have negative repercussions on the relationship of PFs with their members, since the requirements risk of creating an overload of “push” information to the individual. Finally, we strongly believe that the communication approach should be kept simple in order to maintain the trust of pension fund members while for those who are interested, more detailed or technical information could be accessible, through the proper layering of information. Please read the full AEIP Statement here.