EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.
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EY’s ESG reporting service for asset managers and life-insurers
EY is an advocate for the standardization of the ESG data exchange and has therefore been deeply involved in the FinDaTex working group, which is working collectively to establish the European ESG Template (EET). The EET builds on the outstanding success of the EPT and EMT standardization. It is thus no surprise that EY’s life insurance clients see the EET as a natural extension to EY’s PRIIPS data collection service and EY’s data hub, which is connected to 300+ asset managers.
From 1st August 2022, distributors and insurers must comply with the MiFID II & IDD SFDR requirements for suitability assessment. In order to facilitate this regulatory requirement, asset managers will need to disclose the EET by 1st June 2022 (MiFID and IDD fields only).
While the RTS requirements for SFDR and Taxonomy disclosures have been postponed to 1st January 2023, the CSSF is encouraging early compliance on a best effort basis. Many asset managers are now focusing on developing pre-contractual information in a separate PDF document and sharing this with distributors and insurers ahead of the deadline.
Meanwhile, the UK’s FCA has published the TCFD final rules for entity and product reporting dedicated to asset managers, life insurers and FCA regulated pension providers. The first reporting date is set to 30th June 2023. On the one hand, asset managers will need to prepare the reports for their funds and portfolios. On the other hand, funds, which are not directly in scope (such as those that are EU domiciled) might need to share the TCFD information through the EET template, because they are included in a UK product.
Have you considered how to efficiently produce the EET, TCFD report, pre-contractual (PCD) and periodic documents (PD) in the relevant languages? Do you know what steps to take to comply?
Contact us to find out everything you need to start producing your SFDR disclosures, Taxonomy alignment and TCFD reporting as well as to familiarize yourself with the 600+ EET fields.
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EY’s regulatory reporting’s service comprises the generation of SFDR and TCFD related product reports for asset managers, insurers and pension funds.
The key centerpiece is the EET which will enable distributors, insurers, pension funds and fund of funds to provide the following:
- Suitability assessment required for MiFID II and IDD
- SFDR disclosure of life-insurance products, through the provision of links to the pre-contractual documents (separate single PDF to the prospectus) and periodic documents
- Client journey for distributors and insurer by filtering information on investor’s sustainability preferences
- SFDR/Taxonomy & TCFD look-through, in order to provide relevant information to fund of funds, pension funds or insurance products for their own disclosure
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