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Ref. Ares(2022)6565660 - 23/09/2022
FISMA/14134 - SFDR
Meeting date and place
Meeting held on 30/06/2022 10:00 SPA2
Participating organisation(s) representative(s)
BVI Bundesverband Investment und Asset Management e.V.
ContactRequester
BVI Bundesverband Investment und Asset Management e.V.
Participant
BVI Bundesverband Investment und Asset Management e.V.
Participant
BVI Bundesverband Investment und Asset Management e.V.
Participant
BVI Bundesverband Investment und Asset Management e.V.
Participant
BVI Bundesverband Investment und Asset Management e.V.
Participant
BVI Bundesverband Investment und Asset Management e.V.
Participant
Main issues discussed
In the first part of the meeting, BVI emphasised the need for EU-wide harmonised minimum standards for ESG 
strategies, especially under Article 8 SFDR; mentioned low Taxonomy alignment even for an ESG-Strategy portfolio 
applying minimum exclusions criteria, which shows substantially better sustainability features than a non-ESG-Strategy 
portfolio, therefore, the EU taxonomy alone cannot be interpreted as a measure of the sustainable qualities of an 
ESG-Strategy portfolio (the main reason for low Taxonomy alignment is the current narrow framework of the Taxonomy, 
which focuses only on climate considerations, without addressing other key environmental and social dimensions of 
sustainability); and noted the unclarity on how to calculate sustainable investments under SFDR (entity or activity level) 
and implications for investment advice.
Regarding the above, BVI provided suggestions that might, in their opinion, address the concerns raised such as 
distinguish ESG strategies according to the investors underlying idea that could be clearly communicated to investors, 
more flexibility for products offered exclusively to professional investors, or the targeted review of the ESG disclosure 
rules and concepts.
In the second part of the meeting, BVI talked about the AIFMD/UCITS review, in particular some of the changes 
introduced by the Council. They expressed concerns on the new reporting mechanism for risk and portfolio 
management functions delegated to third-parties (with a risk of duplication in the case of notifications done via the 
existing reporting schemes) as well as on the proposed rules for benchmark administration for funds.
Directorate or unit
FISMA.C.4
Internal participants
FISMA C/4
ParticipantRequested for
FISMA C/4
Participant
FISMA C/4
(
Participant
FISMA C/4
NotetakerParticipant
FISMA C/4
NotetakerParticipant


Validator and validation date
Electronically signed on 23/09/2022 09:10 (UTC+02) in accordance with Article 11 of Commission Decision (EU) 2021/2121