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Publication
Development finance facilities: Prospects for APAC
Sponsors and project developers across the renewables and energy transition space are currently facing a challenging macroeconomic environment.
Luxembourg | Publication | August 2022
The final text of the Commission Delegated Regulation (EU) of 2022/1288 of 6 April 2022, supplementing Regulation (EU) 2019/2088 of 27 November 2019 on sustainability-related disclosures in the financial services sector (SFDR), with regard to regulatory technical standards (SFDR RTS), was published in the Official Journal of the European Union on 25 July 2022.
Also, the Luxembourg Supervisory Commission of the Financial Sector (Commission de Surveillance du Secteur Financier – CSSF) has published a communication in relation to the update of the pre-contractual documents of CSSF-supervised financial products on 27 July 2022 (the CSSF Communication).
Please find below a summary of these two publications:
The SFDR RTS is applicable to all funds (CSSF-supervised or not) and their AIFM / management company.
The SFDR RTS provide guidance on the content, methodology and presentation of the information to be disclosed in pre-contractual documents, on websites and in periodic reports in relation to :
Also, the SFDR RTS require financial market participants to insert their mandatory website product disclosures in a separate website section to be titled “Sustainability-related disclosures”.
The SFDR RTS will apply from 1 January 2023. In relation to their financial products subject to Articles 8 and 9 of SFDR, financial market participants will have to present, by 1 January 2023, the relevant pre-contractual and periodic disclosure information in the format of templates set out in the annexes of the SFDR RTS.
Furthermore, Regulation (EU) 2020/852 of 18 June 2020 on the establishment of a framework to facilitate sustainable investments (the Taxonomy Regulation) amending SFDR requires financial market participants (for those financial products subject to Articles 8 and 9 of SFDR) to provide by 1 January 2023 for transparency in pre-contractual documents and periodic reports with regard to the environmental objectives referred to in Article 9, points (c) to (f) of the Taxonomy Regulation.
The CSSF Communication is applicable to CSSF-supervised funds.
In its CSSF Communication, the CSSF has required that UCTIS/AIFs shall submit to the CSSF their updated issuing document/prospectus in accordance with the provisions of the SFDR RTS and Taxonomy Regulation by 31 October 2022 at the latest, in which case the CSSF will endeavour to release the visa stamp thereon prior to 31 December 2022, noting that:
We are available to assist you in this respect. In particular, we can have a discussion with you on the above to determine what needs to be done and by what date. Also, if you wish, we can prepare the necessary documentation and disclosures and take care of the CSSF approval process, as the case may be.
Publication
Sponsors and project developers across the renewables and energy transition space are currently facing a challenging macroeconomic environment.
Publication
The case of Robert Kneschke v. LAION e.V. marks a significant milestone in the legal landscape concerning the use of copyright works for AI training. As the first of its kind in Germany, the outcome of the case has the potential to reshape the intersection of AI development and copyright law, setting a precedent with broad implications for the AI industry and intellectual property protection. With many stakeholders tracking the case closely, the decision in the case could influence similar legal battles across Europe and beyond.
Publication
On 21 May 2024, the European Council (or Council) adopted the so-called ‘Hydrogen and decarbonised gas market package’ (the Gas Package). The package contains a recast of the 715/2009 gas regulation (Gas Regulation) and a recast of the 2009/73 gas directive (Gas Directive) aimed at reforming the existing EU regulatory framework to support the deployment of renewable and low-carbon gases, in particular hydrogen. As such, it represents a major development in the EU gas market.
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