The European Supervisory Authorities subsequently submitted to the European Commission a proposal for Regulatory Technical Standards  (RTS), adopted on 6 April 2022. The RTS are the delegated acts that specify and develop certain technical aspects of the Regulation and aim to promote harmonisation of the various European standards.
The broad nature of the definitions provided by the regulatory framework leaves room for interpretation by the entities concerned on certain articles of the SFDR. All financial actors were therefore eagerly awaiting the publication of the final version of the SFDR, which addresses two obligations that are subject to varying degrees of apprehension:
- consideration of the “main negative impacts” of investment decisions
- transparency of financial products Article 8 and Article 9.
This text, dubbed “SFDR level 2”, goes into detail on transparency obligations and provides templates and methodologies with which market participants must comply.