ESMA Consultation Paper on Article 8 of the Taxonomy Regulation

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Triq l-Imdina, Zone 1 Central Business District, Birkirkara CBD 1010 +356 2144 1155 communications@mfsa.mt www.mfsa.mt ESMA Consultation Paper on Article 8 of the Taxonomy Regulation
1.0 Background
The Authority would like to draw your attention to the Consultation Paper1 , containing the draft n Article 8 of the Taxonomy Regulation2 (hereinafter
Article 8 of the Regulation prescribes transparency requirements in non-financial statements of any
undertaking subject to publish non-financial information pursuant to Article 19a or Article 29a of the Accounting Directive3 , being articles introduced through the Non-Financial Reporting Directive4 .
2.0 Overview of the Consultation Paper
The Consultation Paper may be of particular interest to entities falling within the scope of Article 8 of the Regulation, as well as investors and other users of non-financial information. s the content, methodology and presentation of the key performance -financial undertakings and asset managers are required to disclose as a proportion to environmentally sustainable activities. In this regard, Article 8(2) of the Regulation The Consultation Paper is comprised of the following sections:

• Section 1 Executive Summary;
• Section 2 Opening considerations and short introduction to the Regulation;
• Section 3 -financial undertakings;
• Section 4
• Annex I
• Annex II Collection of consultation questions;
  1 Consultation Paper Draft advice to European Commission under Article 8 of the Taxonomy Regulation, ESMA30-379-325, dated 05 November 2020 2 Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 3 Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC as amended 4 Directive 2014/95/EU of the European Parliament and of the Council of 22 October 2014 amending Directive 2013/34/EU as regards disclosure of non-financial and diversity information by certain large undertakings and groups 13 November 2020

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Triq l-Imdina, Zone 1 Central Business District, Birkirkara CBD 1010 +356 2144 1155 communications@mfsa.mt www.mfsa.mt

• Annex III -financial undertakings to present
  the three mandatory KPIs;
• Annex IV -
  which E being required; and
• Annex V An analysis providing top-down estimates for the three KPIs included in the call for
  advice.
  3.0 Next Steps
  ESMA will consider feedback received in relation to the Consultation Paper by 04 December 2020, which is when the consultation closes. ESMA will deliver its final advice to the EC by 28 February 2021.
  4.0 Contacts
  Should you have any queries relating to the above, kindly contact the Authority on transparency@mfsa.mt with respect to non-financial undertakings, or funds@mfsa.mt with respect to asset managers.