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AEIP suggests that a thorough Sustainable Finance Disclosure Regulation (SFDR) review is needed to make rules fit for pension funds

Homepage News AEIP suggests that a thorough Sustainable Finance Disclosure Regulation (SFDR) review is needed to make rules fit for pension funds

AEIP suggests that a thorough Sustainable Finance Disclosure Regulation (SFDR) review is needed to make rules fit for pension funds

Cécile Henrotte
18/12/2023
News

The European Association of Paritarian Institutions (AEIP) has submitted its feedback to the European Commission’s consultation on the implementation of the Sustainable Finance Disclosures Regulation (SFDR). AEIP fully supports the Commission’s ambition of improving transparency in financial markets regarding sustainability.

 

To best achieve this ambition, we suggest that a significant revision of the Sustainable Finance Disclosure Regulation (SFDR) is required. Significantly our members observe that currently the SFDR is not used as a disclosure framework as intended, but as a labelling and marketing tool (precisely Articles 8 and 9). Important concepts such as the ‘sustainable investment’, are not clearly defined, data gaps exist, and there are significant costs and reporting requirements. Therefore, in our input we suggest removing Article 8 and 9, and we support a categorisation system (if established), that can split categories in a different way than according to existing concepts used in Articles 8 and 9.

 

Recognizing the inherent distinctions between paritarian institutions, such as occupational pension and healthcare funds, and pure financial market entities is crucial. Unlike retail clients who actively choose investment products, pension plan members and beneficiaries are not “customers”; they are automatically enrolled based on their employment relationship, making their engagement with information markedly different. As the SFDR is primarily designed for a pre-contractual phase, where information can be regularly checked, it does not align well with the unique dynamics of pension plan participants.

 

AEIP strongly supports the aim of the Commission to further enhance the financing of the transition to a more sustainable economy. Currently there is a substantial amount of legislation concerning sustainability, and the framework undergoes continuous modifications.

 

Simone Miotto, the Executive Director of AEIP said:

We suggest that the way forward is to shift away from the horizontal approach, to realise the specificities of the different types of investors and respect that IORPs are not pure financial institutions.

 

To read our full feedback see here.

 

For further information please contact: panayiotis.elia@aeip.net

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  • Mapping report of social ID Cards in the Construction Sector Across the European Economic Area
  • The European Association of Paritarian Institutions – AEIP is looking for a Policy Advisor & Project Officer – Construction Sector, Healthcare & Provident Funds to assist in its lobbying & project management activities in Brussels
  • AEIP welcomes the EU eDeclaration proposal and calls for targeted enhancements to ensure fair posting and compliance
  • AEIP underlines the potential of paritarian occupational pensions in securing financial retirement stability for European citizens
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Wednesday, 30, Apr
Mapping report of social ID Cards in the Construction Sector Across the European Economic Area
Tuesday, 22, Apr
The European Association of Paritarian Institutions – AEIP is looking for a Policy Advisor & Project Officer – Construction Sector, Healthcare & Provident Funds to assist in its lobbying & project management activities in Brussels
Friday, 4, Apr
AEIP welcomes the EU eDeclaration proposal and calls for targeted enhancements to ensure fair posting and compliance
Friday, 7, Mar
AEIP underlines the potential of paritarian occupational pensions in securing financial retirement stability for European citizens
Tuesday, 4, Feb
AEIP welcomes the Single Market Strategy’s aim to create new momentum for a modernised single market
Friday, 17, Jan
AEIP reply to EIOPA’s consultation paper on the draft Opinion on the supervision of liquidity risk management of IORPs

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