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ARTICLE · 06 OCTOBER 2025

CSSF Feedback Report On ESMA Common Supervisory Action On Integration Of Sustainability Risks And SFDR Disclosures

Arendt & Medernach
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Although the CSSF notes an overall satisfactory level of compliance with SFDR disclosure requirements in the investment management sector, the regulator still noted...

LuxembourgFinance and Banking
Valérian de Jamblinne
Valérian de Jamblinne
Maya Perrier
Maya Perrier
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Although the CSSF notes an overall satisfactory level of compliance with SFDR disclosure requirements in the investment management sector, the regulator still noted some room for improvement and has asked all Luxembourg supervised entities to assess their compliance with the findings of the CSA and adopt any necessary improvements.

Background

In July 2023, ESMA launched a Common Supervisory Action (CSA) to assess compliance of supervised entities in the investment manager sector with SFDR disclosure requirements, including taxonomy alignment, ESMA's supervisory briefing principles on sustainability risks and disclosures and AIFMD/UCITS Directive rules on sustainability risk integration. ESMA's June 2025 report found satisfactory compliance overall, with some areas needing improvement.

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