ISDA et AFME sur la révision du SFDR

ISDA Publishes Position Paper on SFDR Review

Introduction

The International Swaps and Derivatives Association (ISDA), in collaboration with the Association for Financial Markets in Europe (AFME), has released a position paper addressing the review of the Sustainable Finance Disclosure Regulation (SFDR). This paper, published on June 23, 2025, highlights the necessity for revisions to align the SFDR with the overarching goals of the sustainability omnibus, aiming to streamline the EU sustainable finance framework and tackle the implementation challenges faced by market participants.

Key Priorities Outlined in the Position Paper

Streamlining Disclosure Requirements

The position paper emphasizes the need to refine disclosure requirements, ensuring that they focus on the most essential information for investors. This approach aims to enhance transparency and facilitate informed decision-making among investors, thereby fostering a more efficient and effective sustainable finance market.

Transitioning to a Product Categorization System

Another significant priority is the transition to a product categorization system. This transition is intended to minimize market disruption while providing a clear and consistent framework for categorizing financial products. Such a system would aid in the smooth functioning of the market and ensure that products are appropriately aligned with sustainability objectives.

Maximizing Consistency and Alignment with Other Regulations

The paper also calls for maximizing consistency and alignment with other regulations. This involves ensuring that the SFDR is harmonized with existing regulatory frameworks, thereby reducing complexity and enhancing coherence across the regulatory landscape.

Ensuring Consistent Regulatory Treatment of Derivatives

A critical aspect of the position paper is the emphasis on ensuring a consistent regulatory treatment of derivatives across various sustainability metrics. This consistency is crucial for maintaining market stability and ensuring that derivatives are effectively integrated into the sustainable finance framework.

Considering Structured Products

Finally, the paper suggests that the SFDR should consider how structured products could be incorporated into the regulation. This consideration is vital for ensuring that all financial products are adequately addressed within the sustainable finance framework, thereby promoting a comprehensive approach to sustainability.

Conclusion

The position paper by ISDA and AFME represents a significant step towards refining the SFDR to better align with sustainability objectives. By addressing key priorities such as streamlining disclosure requirements, transitioning to a product categorization system, and ensuring consistent regulatory treatment of derivatives, the paper provides a roadmap for enhancing the EU sustainable finance framework.

Quelques pistes pour l'intégration opérationnelle dans votre dispositif :

- Évaluer et ajuster les pratiques de divulgation pour se concentrer sur les informations essentielles pour les investisseurs.

- Préparer la transition vers un système de catégorisation des produits pour minimiser les perturbations du marché.

- Assurer la cohérence et l'alignement avec d'autres réglementations pertinentes.

- Intégrer les produits dérivés dans le cadre de la finance durable de manière cohérente.

- Considérer l'inclusion des produits structurés dans le cadre réglementaire SFDR.