Article 11
Transparency of the promotion of environmental or social characteristics and of sustainable investments in periodic reports
Where financial market participants make available a financial product as referred to in Article 8(1) or in Article 9(1), (2) or (3), they shall include a description of the following in periodic reports:
for a financial product as referred to in Article 8(1), the extent to which environmental or social characteristics are met;
for a financial product as referred to in Article 9(1), (2) or (3):
the overall sustainability‐related impact of the financial product by means of relevant sustainability indicators; or
where an index has been designated as a reference benchmark, a comparison between the overall sustainability‐related impact of the financial product with the impacts of the designated index and of a broad market index through sustainability indicators;
for a financial product subject to Article 5 of Regulation (EU) 2020/852, the information required under that Article;
for a financial product subject to Article 6 of Regulation (EU) 2020/852, the information required under that Article.
The information referred to in paragraph 1 of this Article shall be disclosed in the following manner:
for AIFMs, in the annual report referred to in Article 22 of Directive 2011/61/EU;
for insurance undertakings, annually in writing in accordance with Article 185(6) of Directive 2009/138/EC;
for IORPs, in the annual report referred to in Article 29 of Directive (EU) 2016/2341;
for managers of qualifying venture capital funds, in the annual report referred to in Article 12 of Regulation (EU) No 345/2013;
for managers of qualifying social entrepreneurship funds, in the annual report referred to in Article 13 of Regulation (EU) No 346/2013;
for manufacturers of pension products, in writing in the annual report or in a report in accordance with national law;
for UCITS management companies, in the annual report referred to in Article 69 of Directive 2009/65/EC;
for investment firms which provide portfolio management, in a periodic report as referred to in Article 25(6) of Directive 2014/65/EU;
for credit institutions which provide portfolio management, in a periodic report as referred to in Article 25(6) of Directive 2014/65/EU;
for PEPP providers, in the PEPP Benefit Statement referred to in Article 36 of Regulation (EU) 2019/1238.
When developing the draft regulatory technical standards referred to in the first subparagraph, the ESAs shall take into account the various types of financial products, their characteristics and objectives and the differences between them. The ESAs shall update the regulatory technical standards in the light of regulatory and technological developments.
The ESAs shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 December 2020.
Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulations (EU) No 1093/2010, (EU) No 1094/2010 and (EU) No 1095/2010.
When developing the draft regulatory technical standards referred to in the first subparagraph of this paragraph, the ESAs shall take into account the various types of financial products, their characteristics and objectives and the differences between them and, where necessary, shall develop draft amendments to the regulatory technical standards referred to in paragraph 4 of this Article. The draft regulatory technical standards shall take into account the respective dates of application set out in points (a) and (b) of Article 27(2) of Regulation (EU) 2020/852 in respect of the environmental objectives set out in Article 9 of that Regulation. The ESAs shall update the regulatory technical standards in the light of regulatory and technological developments.
The ESAs shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission:
in respect of the environmental objectives referred to in points (a) and (b) of Article 9 of Regulation (EU) 2020/852, by 1 June 2021; and
in respect of the environmental objectives referred to in points (c) to (f) of Article 9 of Regulation (EU) 2020/852, by 1 June 2022.
Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulations (EU) No 1093/2010, (EU) No 1094/2010 and (EU) No 1095/2010.