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REPORT (COM(2025)0841 – C100308/2025 – 2025/0361(COD))

On the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (SFDR), Regulation (EU) No 1286/2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs) and repealing Commission Delegated Regulation (EU) 2022/1288

A-10-2026-0234

Committee on Economic and Monetary Affairs · Rapporteur: GerbenJan Gerbrandy

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Written by a language model from the full text only; every figure comes from the text. The paragraph links open the paragraph a statement rests on — check the text itself before relying on it.

Parliament's amended version of the Commission proposal amending Regulation (EU) 2019/2088 on sustainability-related disclosures and Regulation (EU) No 1286/2014 on key information documents, and repealing Commission Delegated Regulation (EU) 2022/1288. It replaces the current Articles 8 and 9 disclosures with three product categories: transition, ESG basics and sustainable, each with a 70% investment threshold, exclusions and disclosure duties. It deletes the definition of sustainable investment, carves investment advice and portfolio management out of scope, and narrows the rules to products making sustainability-related claims. It bans sustainability-related claims in the names and marketing of non-categorised products, restricts the term 'impact', and requires key information documents to state a product's category. It sets application 24 months after entry into force, with earlier application for burden-reducing provisions, and requires the Commission to review the rules after 36 months.

Committee position. The Committee on Economic and Monetary Affairs proposes to adopt Parliament's first-reading position amending the Commission proposal, introducing three product categories with a 70% threshold, deleting the sustainable investment definition, and narrowing the scope to products making sustainability-related claims.

Key points

  1. Financial market participants must disclose on their websites how they integrate sustainability risks, and annually report the share of assets and products in each category.
  2. Products may include ancillary sustainability information in pre-contractual documents only if it is not central, stays out of the key information document, and covers less than 10% of the investment strategy presentation.
  3. The transition category requires a 70% threshold tied to a measurable transition objective, exclusions for harmful activities and fossil fuel revenue, and disclosure of principal adverse impacts.
  4. The ESG basics category requires a 70% threshold for integrating sustainability factors, exclusions for harmful activities, and disclosure of principal adverse impacts.
  5. The sustainable category requires a 70% threshold for a sustainability objective, wider exclusions including new fossil fuel projects, and disclosure of principal adverse impacts.
  6. Products replicating an EU Paris-aligned benchmark qualify for the sustainable and transition categories; those replicating an EU Climate Transition benchmark qualify for the transition category.
  7. Products with at least 15% taxonomy-aligned investments meet the transition contribution criteria; at least 20% meets the sustainable contribution criteria.
  8. General-purpose issuances by Union public sector bodies can count towards the transition threshold by no more than 15 percentage points.
  9. Multi-option products, pension schemes and PEPPs can qualify for a category if their investments meet the 70% threshold and exclusions; otherwise they must disclose their shares of categorised and non-categorised investments.
  10. Financial market participants must document their use of external data and estimates, and provide clients with methodology information on request.
  11. Member States and national authorities may not apply additional requirements on sustainability risk disclosures or product categorisation.
  12. The Commission may adopt delegated acts specifying investment conditions, indicators and disclosure templates, and must review the rules after 36 months.

Who is affected

  • Financial market participants must categorise products, apply exclusions and disclose under the new rules.
  • Retail investors gain comparable product categories and clearer key information documents.
  • Financial advisers providing investment advice are carved out of the regulation's scope.
  • Public sector bodies' general-purpose issuances can count towards the transition threshold under conditions.
  • Alternative investment funds open only to professional investors may opt out of Articles 6a, 7, 8 and 9.

Figures and deadlines

  • 70% minimum of investments must accord with the sustainability-related claim in each category.
  • 15% taxonomy-aligned investments meet the transition contribution criteria.
  • 20% taxonomy-aligned investments meet the sustainable contribution criteria.
  • General-purpose public sector issuances count towards the transition threshold by no more than 15 percentage points.
  • Ancillary sustainability information must be limited to less than 10% of the volume of the investment strategy presentation.
  • The regulation applies from 24 months after entry into force.
  • The Commission must review the regulation by 36 months after the date of application.
  • The ESAs must report on best practices every two years.

Legal basis: Article 294(2) and Article 114 of the Treaty on the Functioning of the European Union.