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The objective of the Taxonomy Regulation is to contribute to the creation of the world’s first-ever classification system for sustainable economic activities, in order to establish a common … On 18 June 2020, the European Parliament adopted the regulation on the establishment of a framework to facilitate sustainable investment [1] (the Taxonomy Regulation), a milestone in the EU’s Action Plan on Sustainable Finance (the Action Plan). %PDF-1.5 %���� Article 8 of the Regulation obliges undertakings covered by Directive 2014/95/EU (the ‘Non-Financial Reporting Directive’) to publish information on how and to what extent their 1. ��>D`�9���a� �[�n�GBrM�L�Oꧯ -� 4F�����`h��!��A��Qy�WE�&`&�4��w_N�!O#�6���g! Subject to formal approval, the Taxonomy will be embedded into EU law so that the classification system can be used in different areas, for example labels, standards and benchmarks. 674 0 obj <> endobj 690 0 obj <>/Filter/FlateDecode/ID[<9751A08751717042B8C7256DCA80AD2E>]/Index[674 31]/Info 673 0 R/Length 83/Prev 142327/Root 675 0 R/Size 705/Type/XRef/W[1 2 1]>>stream DISCLOSURE REGULATION AND TAXONOMY REGULATION – KEY DATES Jun 2020 Dec 2020 Mar 2021 Jun 2021 Dec 2021 Jan 2022 Jun 2022 Dec 2022 June 2020 significant harm principle" EU Taxonomy Regulation formally adopted portfolio. h�b```��E ��ea�8 `d`d��]��Y�$� n�j��쳸���00�������/��y�)~���,O�K�O�\|}� 90�����Ȃ,���� The regulation creating an EU sustainable finance taxonomy (the Taxonomy) has been agreed by the EU at the political level. The Taxonomy Regulation sets out an EU-wide framework (a classification system known as a “taxonomy … @�[vzŭ��ۂ|�Fk,����v�~�,)���E6�k��HJ�J�9#�蜓�¤��$Lk�*¬��&�tnS the Taxonomy Regulation. The Taxonomy Regulation is the latest part of a package of legislation in relation to the above-mentioned Action Plan. For a copy of the final version of the regulation, see here13. 7 COM(2018) 97 final. It has since been published in the Official Journal and entered into force on 12 July 2020. The Taxonomy Regulation … 0 For the purposes of this Guide we have focused on the Taxonomy Regulation as it applies to UCITS Managers, AIFMs and MiFID investment firms, which we collectively ANNEX 2: THE SFDR AND TAXONOMY REGULATION . Summary Full Text : Article 3 SFDR Policies on the integration of Sustainability Risks and associated website disclosures : On 18 June 2020, the European Parliament adopted the so-called Taxonomy Regulation [1].Following the adoption of the Disclosure Regulation [2] at the end of 2019, this is a further key milestone in the development of the EU's legal and regulatory framework related to Environmental, Social and Governance (ESG) … The taxonomy will be the basis for all the aforementioned actions, … Percentage of an investment portfolio eligible for Taxonomy assessment 2. The final report on EU taxonomy, developed by the Technical Expert Group (TEG) on Sustainable Finance, contains recommendations relating to the overarching design of the Taxonomy, as well as guidance on how companies and financial institutions can make disclosures using the taxonomy. The PDF server is offline. Assess significant contribution to climate change mitigation and/or adaptation 3. Under the Taxonomy Regulation, an economic activity qualifies as environmentally sustainable if it: A. contributes substantially to one of the six environmental objectives defined in the Taxonomy Regulation, being: (i) climate change mitigation, (ii) climate change adaptation, (iii) sustainable use and protection of water and marine … %%EOF endstream endobj startxref ʕ��p��,"��I%Bf��@�2�Q�[����w�Z�돡�nW��VuF���y[��^W���6'U2����H�0����&(d�����������Z���� The regulation now needs to be adopted by the European Parliament at second reading before it can be published in the Official Journal and enter into force. 5 0 obj REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on the establishment of a framework to facilitate sustainable investment, and amending Regulation 2019/2088 on sustainability-related disclosures in the financial services sector ... report_en.pdf. Article 8(4) of the Taxonomy Regulation requires the EC to adopt a delegated act to supplement the above obligations by specifying the content, presentation and methodology of the information to be disclosed by both fi nancial and non-fi nancial undertakings subject to the Non-Financial Reporting … The Taxonomy Regulation has not materially changed the TEG’s thinking on methodology for selecting sectors. – As the Commission has made clear:14 “The regulation can be seen as a framework, which allows for the progressive development of [the list of … Assess compliance with EU TAXONOMY REGULATION BACKGROUND For 20 years, the European Public Real Estate Association (EPRA) has been the voice of Europe's listed real estate companies that derive income from the ownership, trading and development of income producing real estate assets. ?9BX���$�ٶ�h� �t�r�P'�M :ɛ �$��"O���9��1q�♧�1o��`�l0^�Q>�s|��]�j%,�J��Ox�©���z�{;�/�c ��k�ᬩ҄�h�k�9amA'G�돁B͇��:���ȣ@W� �ʒ���[��(s[ˡ�Ϗ��V��0�7?BPI���T�ea�@���u(�xE�0�-�!F����e� x��ZYs�F����*��Ǥ�B��}��l9�M��ʱe�D������yIwO��JY��� 3�=���� ɏ����a�};;���dC�E���p����dz����ʏr(oexq�n��P.�@{a�R�q�Iǀ�R��(��U��!�Zw���"_��Q�ea���Q�('��=�ו��E ��V���ϯ�ԊZ�˳o.��rV�9p�������\��06޷3)�^ ��piyqɫ��_�gB��X� stream (the “Taxonomy Regulation”). #�S���U&0���$�J]�����Y���s6�}DTt}�\.~���������ky�N N�X���ˍ�[�ar-�}#����na�xmŀ4X���Kˮtڒ\5�\ٔF9g���Mi�$�$j�S��T�Ј����0r��ү�]ö������~��c�{ЀJ�;-侀?]J��)�����z%QS/�ϥ���,3#�|C����ߣOK��x��!\҇qM�Y:�������tK�c8@T��! The Taxonomy Regulation sets out categories of economic activities that are considered environmentally sustainable and is a cornerstone of the European Commission's Sustainable Finance Action Plan. This article examines the EU Sustainable Finance Disclosure Regulation and the EU Taxonomy … – The Taxonomy Regulation became effective 20 days after its publication in the Official Journal – ie on 12 July 2020. endobj ��d6{��Y8A�������>ŋ¸�h&��y4��诹U!9A� ��6��F7��}����W{����u��ϑ�wS�� European asset managers and financial market advisors have a daunting task ahead of them in the coming four months. 3 0 obj (}f,z�e~�/I�r�*Ro�'�{'�;���ƿ�T}42��?�E������L����rU������khp�_ک$���ES�v���?%�m�$R��N,95ȷ�/Ib�o��S��������i�j��QSّ�\��#}���&��G�fQCm{6 �G���C���C'�r�L䉴ch�k�]��f^`� (4) Sustainability and the transition to a safe, climate-neutral, climate-resilient, more resource-efficient and circular economy are crucial to ensuring the long-term competitiveness of the Union economy. European Taxonomy regulation. First, we investigate non-parametrically how innovation changes with firm size. Please try after sometime. The Taxonomy Regulation entered into force on 12 July 2020. This new Regulation joins Regulation … Taxonomy or Plant Systematics, despite what people would have you believe, really is not an exacting science in many ways • This statement mainly applies to the identification process, so well start there. �q��[QPzp��"�Q��J-k����[�A�-UD�>�TY$d�����Jb�I�h�wG4|����N>�9�pح��,x�\#�TDA�q0s��;�f,;$�w��)��5� ���,�h��dx4xQ <> application of the Regulation (see Article 5 (1c)) and Recital (8): “ .. due to the insufficient quality of data currently available for Scope 3 GHG emissions, it is necessary to set out an appropriate phase-in timeline … “. SM�jiNW�,���v �=�'���FI�4��1��� #!��6��v����Sp��&Ú~�G�΂4T6��f����Ql�]z�_+O�R3nG~[qF��y\Q~XӞ[nS��]ى �j�X�4�?3���>`x�\B��A�D��T�C�i��y� �D�Ʃ�C]���㬫�vs��*g9��W^;b �(:���L���?�������p��O�TB?���Ȇ�U?������ �{��G�.�����7؄�. 6 0 obj Overview of the EU Framework Regulation (Taxonomy) On 22 June 2020, the EU regulation on the establishment of a framework to facilitate sustainable investment (the Framework Regulation) was published in the Official Journal. The Taxonomy Regulation was published in the Official Journal four days later, thereby ushering in a new era of financial regulation. The green framework the Regulation establishes will evolve over The proposal of a Regulation on the establishment of a framework to facilitate sustainable investment focuses on the establishment of a common language for sustainable finance, e.g. Further, the TR takes up the TEG’s recommended approach to identify enabling activities as a type of activity. As expected there is a sharp fall in the fraction of … 14970/19 ADD 1 MP/jk 5 %���� The taxonomy is a classification framework according to which activities can be assessed in order to determine whether they are environmentally sustainable. Baseline Requirements Reference Requirement. ���3Z�'�k�t�RVۮ�݆��ű�Xi 6�Kj̮�:��E�|GO�����%-mG~��zz�%��*���u�}���ٜ\A7�+5eԙܹ ,tfO ws���y�e"�\��:+�� ��)0q4IR4�$�(�䋂�S�V�X�L>�H�GS��q�wl���'T �ļ��3��kc�gB\�o�qe����jD�+�χ[%"�]��ڨ�R�~O�Úֺ��k�Bra�����اL���ۊ~bؼ��'f���\E(_���Ix�J�;�l��W��7F����,��y��,r��cjG��z�`έP�8i(�p��6c�4���Q�����Je$1����|�q^b,�-Ô�D~a�9�˫������8�IB;ãMi��#���;[�������K�w�>uM�v�Y��v�2=������>�Ɍ6�����x=�b��kD�҆1�*/�D]3r��XC��@����&�빊�իkse��)���)s9�r��Y��o���{KZ̬��t�{�i���"���^��[�����F.jQ0%�2��.�ҴqE�=���ҷ䷒A,��͉]OjZv��K[L��yn�XdΉ\{���� /Annots [ 31 0 R 32 0 R 33 0 R 34 0 R 35 0 R 36 0 R 37 0 R 38 0 R 39 0 R 40 0 R ] That means that the framework for the taxonomy, including the high-level environmental objectives, will form part of UK law, but the detailed rules in the TSC of how you … The requirements will apply in phases, starting from 1 January 2022 (see Timeline below). AMIC response: ESMA CP on Article 8 of the Taxonomy regulation 04/12/2020 . What is the aim of the Taxonomy Regulation? Council's first reading position on the taxonomy of sustainable activities The EU-wide green taxonomy set out by the Taxonomy … The EU Taxonomy Regulation sets out the framework and environmental objectives for the taxonomy contains tools to help investors, companies and issuers navigate the transition to a low-carbon, resilient and resource-efficient economy supplements the EU Disclosures Regulation and creates taxonomy-related disclosure obligations Regulation (EU) 2020/852 (the ‘Taxonomy Regulation’) was published in the Official Journal on 22 June 2020 and entered into force 20 days later. V4���I���{-�I���8#��0�%�m��$eET�� U�X68v �='Æ](ь�&�pş`|F�פ]C��4�����{i4d]�t�K� ��"O�ޣB��c����[��!�.�9��f^��#�����"�kcu��盃�����ܒBhř������ }������|���h�)]Ia�l�r /Annots [ 41 0 R 42 0 R 43 0 R 44 0 R 45 0 R 46 0 R 47 0 R ] This paved the way for the Regulation to come into effect on July 12. 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