Timeline
2025
MiFID II: Application of MiFID II (Directive 2014/65/EU)
Low Carbon Benchmark Regulation: The European Commission announces forthcoming measures to enhance the ESG transparency of benchmark methodologies and an initiative to develop standards for the methodology of low carbon benchmarks in the EU. A Technical Expert Group is set up to assist the EU to achieve these objectives
IDD: Application of the IDD (Directive (EU) 2016/97)
GBS: Technical Expert Group publishes the “Interim Report on EU Green Bond Standard”
GBS: Technical Expert Group publishes the final “Report on EU Green Bond Standard”
Low Carbon Benchmark Regulation: The Technical Expert Group (TEG) publishes the “Climate benchmarks and benchmarks’ ESG disclosures” report containing the TEG’s recommendations on standardized disclosures
SFDR: Regulation published in the Journal of the EU
Low Carbon Benchmark Regulation:
- Publication of the Regulation (EU) 2019/2089 in the Official Journal of the EU
- Entry into force of the Low Carbon Benchmark Regulation (Regulation (EU) 2019/2089)
Low Carbon Benchmark Regulation: Benchmark administrators have to comply with the reporting requirements
Taxonomy: Publication of the EU Taxonomy in the Official Journal of the EU
Taxonomy: Entry into force EU Taxonomy
Low Carbon Benchmark Regulation: EU adopts new rules setting out minimum technical requirements for the methodology of EU low carbon benchmarks
Low Carbon Benchmark Regulation:
- Publication of the European Commission Delegated Regulation (EU) 2020/1818 in the Official Journal of the EU
- Entry into force of the European Commission Delegated Regulation (EU) 2020/1818
SFDR: Application of SFDR
CSRD: European Commission issues a proposal for the CSRD to amend the reporting requirements of the NFRD
MiFID II: Adoption of the Delegated Act 2021/1253
IDD: Adoption of the Delegated Regulation (EU) 2021/1257
GBS: The European Commission presents its proposal for a Regulation on EU Green Bond Standard
MiFID II:
- Publication of Delegated Act 2021/1253 integrating sustainability preferences in the Official Journal of the EU
- Entry into force of the Delegated Act 2021/1253
IDD: Publication of the Delegated Regulation (EU) 2021/1257 in the Official Journal of the European Union
IDD: Entry into force of the Commission Delegated Regulation (EU) 2021/1257 of 21 April 2021 amending Delegated Regulations (EU) 2017/2358 and (EU) 2017/2359 as regards the integration of sustainability factors.
Taxonomy:
- Publication of first Delegated Act (EU) 2021/2139 on sustainable activities for climate change adaptation and climate change mitigation objectives in the Official Journal of the EU
- Entry into force of the Delegated Act 2021/2178 on disclosures in line with the EU Taxonomy
Taxonomy: Application of First Delegated Act 2021/2139 for economic activities contributing to climate change adaptation and climate change mitigation
CSDDD: The European Commission issues its proposal for CSDDD
SFDR: Adoption of the SFDR-RTS
CSDDD: The EU Council releases a ‘general approach’ to the proposal
IDD: Application of the Commission Delegated Regulation (EU) 2021/1257.
CSRD:
- Adoption of CSRD by the European Parliament
- Publication of final text of CSRD in the Official Journal of the EU
Taxonomy: Application of the EU Taxonomy extension for specific gas and nuclear activities
CSRD: Entry into effect
SFDR:
- Application date of SFDR-RTS
- Mandatory use of disclosure templates introduced by SFDR-RTS
SFDR: Introduction of revised disclosure templates
GBS: After inter-institutional negotiations, co-legislators reach a provisional agreement regarding the European Commission proposal for a Regulation on EU Green Bond Standard
MiFID II: ESMA issues revised guidelines on MiFID II
Taxonomy:
- Publication of draft second Delegated Act concerning the remaining four objectives by the European Commission
- European Commission publishes additional Delegated Act amending the first Delegated Act 2021/2139
SFDR: Publication of a joint consultation paper by the European Supervisory Authorities following the review of the SFDR Delegated Regulation regarding PAIs and financial product disclosures
MiFID II: Adoption of the Delegated Act 2021/1253
Taxonomy: Close of the feedback period on the second Delegated Act for the remaining 4 environmental objectives
SFDR: Final date to report for the first time over reference year 2022 on PAIs of investment decisions
CSDDD: Proposal adopted by the European Parliament
CSRD: Issuance of the draft Delegated Act, including set 1 reporting standards "ESRS"
SFDR: End of the consultation period for the joint consultation paper published on 12 April 2023 for the revised SFDR-RTS
CSRD: The European Commission adopts the Delegated Act with the first set of ESRS
SFDR: The European Commission publishes its consultation on the implementation of SFDR
MiFID II:
- Application of ESMA’s update of two sets of guidelines on suitability and product governance
- ESMA announces that it will launch a common supervisory action (“CSA”) with national competent authorities (“NCAs”) on the integration of sustainability in credit institutions as well as investment firms’ MiFID 2 suitability assessment and product governance processes and procedures in 2024
GBS:
- Adoption by the European Parliament
- Adoption by the Council
Taxonomy:
- The European Platform on Sustainable Finance launches its Taxonomy Stakeholder Request Mechanism
- The European Commission approves a Delegated Directive to adjust size categories to account for inflation. The Delegated Directive is set for adoption by the European Parliament and the EU Council in Q4 2023
CSRD:
- EFRAG launches its Q&A platform on the ESRS
- EFRAG publishes a draft Excel list containing the ESRS data points
CSRD: Adoption of Set 2 standards
Taxonomy:
- Publication in the Official Journal of the EU of the final text of the Delegated Act (EU) 2023/2486 for the remaining four environmental objectives
- Publication in the Official Journal of the EU of the final text of the Delegated Act (EU) 2023/2485 supplementing the Taxonomy Regulation (EU) 2020/852 and amending Regulation (EU) 2021/2139 on Climate change mitigation and adaptation
Taxonomy: Entry into force of the Delegated Act (EU) 2023/2486 and of the Delegated Act (EU) 2023/2485
Taxonomy: All submitted requests received via the Taxonomy Stakeholder Request Mechanism will be processed by the Platform’s Technical Working Group
SFDR: End of public consultation on SFDR
GBS: Entry into force of the EU GBS Regulation
Taxonomy:
- Application date of the second Delegated Act (EU) 2023/2486 for economic activities contributing to the remaining four environmental objectives
- Application date of the Delegated Act (EU) 2023/2485 supplementing the Taxonomy Regulation (EU) 2020/852 and amending Regulation (EU) 2021/2139 on Climate change mitigation and adaptation
CSRD: Application date of the CSRD
GBS: Deadline to respond to ESMA consultation on "Draft regulatory technical standards (RTS)"
CSRD: Deadline for Member States to implement the requirements into national law
CSRD: Adoption of Set 3 standards foreseen
GBS: Application date of the EU GBS Regulation
CSRD: EU-based companies in scope of the NFRD must report for the financial year 2024
CSRD: Application of CSRD
CSRD: Expected adoption of the Delegated Act with the sector-specific standards.
Regulations – key
Taxonomy
SFDR
MiFID II
IDD
CSRD
CSDDD
Low Carbon Benchmark
GBS
