Article 66
Review
By 26 June 2024, the Commission, in close cooperation with EBA and ESMA, shall submit a report, together with a legislative proposal if appropriate, to the European Parliament and to the Council, on the following:
(a)
the provisions on remuneration in this Directive and in Regulation (EU) 2019/2033 as well as in Directives 2009/65/EC and 2011/61/EU with the aim of achieving a level playing field for all investment firms active in the Union, including the application of those provisions;
(b)
the appropriateness of the reporting and disclosure requirements in this Directive and in Regulation (EU) 2019/2033, taking into account the principle of proportionality;
(c)
an assessment, which shall take into account the EBA report referred to in Article 35 and the taxonomy on sustainable finance, on whether any:
(i)
ESG risks are to be considered for an investment firm’s internal governance;
(ii)
ESG risks are to be considered for an investment firm’s remuneration policy;
(iii)
ESG risks are to be considered for the treatment of risks;
(iv)
ESG risks are to be included in the supervisory review and evaluation process;
(d)
the effectiveness of information‐sharing arrangements under this Directive;
(e)
the cooperation of the Union and Member States with third countries in the application of this Directive and of Regulation (EU) 2019/2033;
(f)
the implementation of this Directive and of Regulation (EU) 2019/2033 to investment firms on the basis of their legal structure or ownership model;
(g)
the potential for investment firms to pose a risk of disruption in the financial system with serious negative consequences to the financial system and the real economy and appropriate macroprudential tools to address such a risk and replace the requirements of point (d) of Article 36(1) of this Directive;
(h)
the conditions under which the competent authorities may apply to investment firms, in accordance with Article 5 of this Directive, the requirements of Regulation (EU) No 575/2013.