Sustainability Community

Sorry to bother the group, but I was just wondering if anyone has seen work/research looking at the implications of implementing the new SDR rules? Might it be helpful for us to draw a group together for an online discussion about some of the technicalities of that? Perhaps we could try to draw up a checklist for members (or even better to circulate someone else's if it's thought to be good/comprehensive). Thanks, Will

Hi William,

I think this would be a great idea.

I know working in an Asset Management Firm myself we are currently tackling both what Labels to assign our funds, and overcoming the first hurdle of the anti-greenwashing rule coming into play in May.

Sorry to bother the group, but I was just wondering if anyone has seen work/research looking at the implications of implementing the new SDR rules? Might it be helpful for us to draw a group together for an online discussion about some of the technicalities of that? Perhaps we could try to draw up a checklist for members (or even better to circulate someone else's if it's thought to be good/comprehensive). Thanks, Will

Thanks Francesca. I think there probably are a large number of implementation challenges. I think it would be helpful first to get our heads around what's on that list and then to see if we can provide some proposed good practices on a number of the challenges that might be more common to our members. 

Hi William,

I think this would be a great idea.

I know working in an Asset Management Firm myself we are currently tackling both what Labels to assign our funds, and overcoming the first hurdle of the anti-greenwashing rule coming into play in May.

Sorry to bother the group, but I was just wondering if anyone has seen work/research looking at the implications of implementing the new SDR rules? Might it be helpful for us to draw a group together for an online discussion about some of the technicalities of that? Perhaps we could try to draw up a checklist for members (or even better to circulate someone else's if it's thought to be good/comprehensive). Thanks, Will

Hello Will,

I would highlight this excellent summary from ESG Accord:

https://www.linkedin.com/posts/elly-dowding_esg-accord-ps2316-review-activity-7141384989266382849-29M6/

More than happy to help out here by providing some thoughts from a DFM's perspective too.

Best,

------------------------------
James Peel
Portfolio Manager

Original Message:
Sent: 15-01-2024 09:39
From: William Goodhart
Subject: SDR implementation

Thanks Francesca. I think there probably are a large number of implementation challenges. I think it would be helpful first to get our heads around what's on that list and then to see if we can provide some proposed good practices on a number of the challenges that might be more common to our members. 

------------------------------
William Goodhart
Chief Executive

Original Message:
Sent: 12-01-2024 11:07
From: Francesca Wheble
Subject: SDR implementation

Hi William,

I think this would be a great idea.

I know working in an Asset Management Firm myself we are currently tackling both what Labels to assign our funds, and overcoming the first hurdle of the anti-greenwashing rule coming into play in May.

------------------------------
Francesca Wheble
Responsible Investment Analyst

Original Message:
Sent: 11-01-2024 10:38
From: William Goodhart
Subject: SDR implementation

Sorry to bother the group, but I was just wondering if anyone has seen work/research looking at the implications of implementing the new SDR rules? Might it be helpful for us to draw a group together for an online discussion about some of the technicalities of that? Perhaps we could try to draw up a checklist for members (or even better to circulate someone else's if it's thought to be good/comprehensive). Thanks, Will

------------------------------
William Goodhart
Chief Executive
------------------------------

Hello Will,

I would highlight this excellent summary from ESG Accord:

https://www.linkedin.com/posts/elly-dowding_esg-accord-ps2316-review-activity-7141384989266382849-29M6/

More than happy to help out here by providing some thoughts from a DFM's perspective too.

Best,

Thanks Francesca. I think there probably are a large number of implementation challenges. I think it would be helpful first to get our heads around what's on that list and then to see if we can provide some proposed good practices on a number of the challenges that might be more common to our members. 

Hi William,

I think this would be a great idea.

I know working in an Asset Management Firm myself we are currently tackling both what Labels to assign our funds, and overcoming the first hurdle of the anti-greenwashing rule coming into play in May.

Sorry to bother the group, but I was just wondering if anyone has seen work/research looking at the implications of implementing the new SDR rules? Might it be helpful for us to draw a group together for an online discussion about some of the technicalities of that? Perhaps we could try to draw up a checklist for members (or even better to circulate someone else's if it's thought to be good/comprehensive). Thanks, Will

Thanks James. That is a really good resource, with good signposting to the different measures that firms in different market sectors should take. I guess what I'm wondering about is where they say things like 'firms should prepare...', 'firms should decide...', what's the best way to do that? What should be on a preparation checklist? What should be in a decision-making framework? It would be great to either direct our members to info on that or perhaps to come up with some ideas following a virtual roundtable. Is that something that the community would find useful?

Hello Will,

I would highlight this excellent summary from ESG Accord:

https://www.linkedin.com/posts/elly-dowding_esg-accord-ps2316-review-activity-7141384989266382849-29M6/

More than happy to help out here by providing some thoughts from a DFM's perspective too.

Best,

Thanks Francesca. I think there probably are a large number of implementation challenges. I think it would be helpful first to get our heads around what's on that list and then to see if we can provide some proposed good practices on a number of the challenges that might be more common to our members. 

Hi William,

I think this would be a great idea.

I know working in an Asset Management Firm myself we are currently tackling both what Labels to assign our funds, and overcoming the first hurdle of the anti-greenwashing rule coming into play in May.

Sorry to bother the group, but I was just wondering if anyone has seen work/research looking at the implications of implementing the new SDR rules? Might it be helpful for us to draw a group together for an online discussion about some of the technicalities of that? Perhaps we could try to draw up a checklist for members (or even better to circulate someone else's if it's thought to be good/comprehensive). Thanks, Will

Original Message:
Sent: 1/16/2024 5:09:00 AM
From: William Goodhart
Subject: RE: SDR implementation

Thanks James. That is a really good resource, with good signposting to the different measures that firms in different market sectors should take. I guess what I'm wondering about is where they say things like 'firms should prepare...', 'firms should decide...', what's the best way to do that? What should be on a preparation checklist? What should be in a decision-making framework? It would be great to either direct our members to info on that or perhaps to come up with some ideas following a virtual roundtable. Is that something that the community would find useful?

------------------------------
William Goodhart
Chief Executive

Original Message:
Sent: 16-01-2024 09:07
From: James Peel
Subject: SDR implementation

Hello Will,

I would highlight this excellent summary from ESG Accord:

https://www.linkedin.com/posts/elly-dowding_esg-accord-ps2316-review-activity-7141384989266382849-29M6/

More than happy to help out here by providing some thoughts from a DFM's perspective too.

Best,

------------------------------
James Peel
Portfolio Manager

Original Message:
Sent: 15-01-2024 09:39
From: William Goodhart
Subject: SDR implementation

Thanks Francesca. I think there probably are a large number of implementation challenges. I think it would be helpful first to get our heads around what's on that list and then to see if we can provide some proposed good practices on a number of the challenges that might be more common to our members. 

------------------------------
William Goodhart
Chief Executive

Original Message:
Sent: 12-01-2024 11:07
From: Francesca Wheble
Subject: SDR implementation

Hi William,

I think this would be a great idea.

I know working in an Asset Management Firm myself we are currently tackling both what Labels to assign our funds, and overcoming the first hurdle of the anti-greenwashing rule coming into play in May.

------------------------------
Francesca Wheble
Responsible Investment Analyst

Original Message:
Sent: 11-01-2024 10:38
From: William Goodhart
Subject: SDR implementation

Sorry to bother the group, but I was just wondering if anyone has seen work/research looking at the implications of implementing the new SDR rules? Might it be helpful for us to draw a group together for an online discussion about some of the technicalities of that? Perhaps we could try to draw up a checklist for members (or even better to circulate someone else's if it's thought to be good/comprehensive). Thanks, Will

------------------------------
William Goodhart
Chief Executive
------------------------------

Thanks James. That is a really good resource, with good signposting to the different measures that firms in different market sectors should take. I guess what I'm wondering about is where they say things like 'firms should prepare...', 'firms should decide...', what's the best way to do that? What should be on a preparation checklist? What should be in a decision-making framework? It would be great to either direct our members to info on that or perhaps to come up with some ideas following a virtual roundtable. Is that something that the community would find useful?

Hello Will,

I would highlight this excellent summary from ESG Accord:

https://www.linkedin.com/posts/elly-dowding_esg-accord-ps2316-review-activity-7141384989266382849-29M6/

More than happy to help out here by providing some thoughts from a DFM's perspective too.

Best,

Thanks Francesca. I think there probably are a large number of implementation challenges. I think it would be helpful first to get our heads around what's on that list and then to see if we can provide some proposed good practices on a number of the challenges that might be more common to our members. 

Hi William,

I think this would be a great idea.

I know working in an Asset Management Firm myself we are currently tackling both what Labels to assign our funds, and overcoming the first hurdle of the anti-greenwashing rule coming into play in May.

Sorry to bother the group, but I was just wondering if anyone has seen work/research looking at the implications of implementing the new SDR rules? Might it be helpful for us to draw a group together for an online discussion about some of the technicalities of that? Perhaps we could try to draw up a checklist for members (or even better to circulate someone else's if it's thought to be good/comprehensive). Thanks, Will

Hello Will,

I would highlight this excellent summary from ESG Accord:

https://www.linkedin.com/posts/elly-dowding_esg-accord-ps2316-review-activity-7141384989266382849-29M6/

More than happy to help out here by providing some thoughts from a DFM's perspective too.

Best,

Thanks Francesca. I think there probably are a large number of implementation challenges. I think it would be helpful first to get our heads around what's on that list and then to see if we can provide some proposed good practices on a number of the challenges that might be more common to our members. 

Hi William,

I think this would be a great idea.

I know working in an Asset Management Firm myself we are currently tackling both what Labels to assign our funds, and overcoming the first hurdle of the anti-greenwashing rule coming into play in May.

Sorry to bother the group, but I was just wondering if anyone has seen work/research looking at the implications of implementing the new SDR rules? Might it be helpful for us to draw a group together for an online discussion about some of the technicalities of that? Perhaps we could try to draw up a checklist for members (or even better to circulate someone else's if it's thought to be good/comprehensive). Thanks, Will

Thanks Francesca. I think there probably are a large number of implementation challenges. I think it would be helpful first to get our heads around what's on that list and then to see if we can provide some proposed good practices on a number of the challenges that might be more common to our members. 

Hi William,

I think this would be a great idea.

I know working in an Asset Management Firm myself we are currently tackling both what Labels to assign our funds, and overcoming the first hurdle of the anti-greenwashing rule coming into play in May.

Sorry to bother the group, but I was just wondering if anyone has seen work/research looking at the implications of implementing the new SDR rules? Might it be helpful for us to draw a group together for an online discussion about some of the technicalities of that? Perhaps we could try to draw up a checklist for members (or even better to circulate someone else's if it's thought to be good/comprehensive). Thanks, Will

Hi William,

Where to start...

The first part of the regulation currently comes into play in May, the Anti Greenwashing Rule. Whilst we await the consultation to close, with a response to then be written, we are starting to think about how we will meet the Rule.

From compliance checklists, to creating evidence documents...there is not currently a right or wrong way to meet this.

I guess another burning question is...what funds will be assigned what labels. A Morningstar paper stated that roughly 8% of all UK domiciled funds will be assigned a label (roughly 300 funds). Will we have the same situation where funds will re-assign labels like the SFDR Article 8 and 9.

We then have those funds that require the 'non-label' designation, and then all the reporting to do.

There is a lot to work on, however I guess the first step is working out what the Anti-Greenwashing Rule entails and what we need to do to meet the regulation!

Thanks Francesca. I think there probably are a large number of implementation challenges. I think it would be helpful first to get our heads around what's on that list and then to see if we can provide some proposed good practices on a number of the challenges that might be more common to our members. 

Hi William,

I think this would be a great idea.

I know working in an Asset Management Firm myself we are currently tackling both what Labels to assign our funds, and overcoming the first hurdle of the anti-greenwashing rule coming into play in May.

Sorry to bother the group, but I was just wondering if anyone has seen work/research looking at the implications of implementing the new SDR rules? Might it be helpful for us to draw a group together for an online discussion about some of the technicalities of that? Perhaps we could try to draw up a checklist for members (or even better to circulate someone else's if it's thought to be good/comprehensive). Thanks, Will

Sorry to bother the group, but I was just wondering if anyone has seen work/research looking at the implications of implementing the new SDR rules? Might it be helpful for us to draw a group together for an online discussion about some of the technicalities of that? Perhaps we could try to draw up a checklist for members (or even better to circulate someone else's if it's thought to be good/comprehensive). Thanks, Will

Sorry to bother the group, but I was just wondering if anyone has seen work/research looking at the implications of implementing the new SDR rules? Might it be helpful for us to draw a group together for an online discussion about some of the technicalities of that? Perhaps we could try to draw up a checklist for members (or even better to circulate someone else's if it's thought to be good/comprehensive). Thanks, Will

Good morning everyone.

Very excited to see you tomorrow, 1 - 1:45 pm UK time, online for our SDR Implementation round table. @William Goodhart will be hosting and we have invited speakers from KPMG.

You can still book your free place today using this link.

For those who have booked, the zoom link will be sent to you by my colleagues tomorrow morning.

Thank you and see you there.

Sorry to bother the group, but I was just wondering if anyone has seen work/research looking at the implications of implementing the new SDR rules? Might it be helpful for us to draw a group together for an online discussion about some of the technicalities of that? Perhaps we could try to draw up a checklist for members (or even better to circulate someone else's if it's thought to be good/comprehensive). Thanks, Will

Good morning everyone.

Very excited to see you tomorrow, 1 - 1:45 pm UK time, online for our SDR Implementation round table. @William Goodhart will be hosting and we have invited speakers from KPMG.

You can still book your free place today using this link.

For those who have booked, the zoom link will be sent to you by my colleagues tomorrow morning.

Thank you and see you there.

Sorry to bother the group, but I was just wondering if anyone has seen work/research looking at the implications of implementing the new SDR rules? Might it be helpful for us to draw a group together for an online discussion about some of the technicalities of that? Perhaps we could try to draw up a checklist for members (or even better to circulate someone else's if it's thought to be good/comprehensive). Thanks, Will

Hey Aya, Just wanted to check if the zoom links have been sent out? I registered for the event last week but haven't received any link yet. Is there anyway you could send me the link privately? Thanks!

Good morning everyone.

Very excited to see you tomorrow, 1 - 1:45 pm UK time, online for our SDR Implementation round table. @William Goodhart will be hosting and we have invited speakers from KPMG.

You can still book your free place today using this link.

For those who have booked, the zoom link will be sent to you by my colleagues tomorrow morning.

Thank you and see you there.

Sorry to bother the group, but I was just wondering if anyone has seen work/research looking at the implications of implementing the new SDR rules? Might it be helpful for us to draw a group together for an online discussion about some of the technicalities of that? Perhaps we could try to draw up a checklist for members (or even better to circulate someone else's if it's thought to be good/comprehensive). Thanks, Will

Hi everyone. I wanted to share what we see in the press today about how UK managers are racing to apply SDR Lables. Here's a snap shot:

Financial Times:  In brief, asset managers are actively preparing for SDR implementation by:

• reviewing their communications
• adjusting products to meet criteria
• collaborating with advisers

Luke Murray from Bovill says that managers that use sustainablity language but do not offer sustainability products are now applying rigour to how they communicate to clients through materials on their website for example. Asset managers, according to Luke, are going through the qualifying criteria for labels to ensure their funds meet the requirements. This has taken the form of a mapping exercise to go throught he areas of the criteria, to see where the gaps are in meeting the label.

Stuart Burnside, head of product governance and ESG product at M&G Investments mentions 13 ESG-associated UK funds offered to retail investors by M&G where the SDR and labels regime would be applicable. Out of those 13 funds, 10 are esesntially parallesl to SFDR article 9 funds. They are already quite "dark green". 

Shroder's spokeperson says that they have developed infrastructure and technology to monitor engagement activity, which they believe will help ensure meeting the SDR requirements.

more information here 

Hey Aya, Just wanted to check if the zoom links have been sent out? I registered for the event last week but haven't received any link yet. Is there anyway you could send me the link privately? Thanks!

Good morning everyone.

Very excited to see you tomorrow, 1 - 1:45 pm UK time, online for our SDR Implementation round table. @William Goodhart will be hosting and we have invited speakers from KPMG.

You can still book your free place today using this link.

For those who have booked, the zoom link will be sent to you by my colleagues tomorrow morning.

Thank you and see you there.

Sorry to bother the group, but I was just wondering if anyone has seen work/research looking at the implications of implementing the new SDR rules? Might it be helpful for us to draw a group together for an online discussion about some of the technicalities of that? Perhaps we could try to draw up a checklist for members (or even better to circulate someone else's if it's thought to be good/comprehensive). Thanks, Will

Good morning community.

There is a lot of regulation and updates these days. Many agree that with the UK Sustainable Disclosure Requirements (SDR) and investment labels, the FCA has taken on board much of the feedback from the industry. Many feel optimistic that SDR may not be as big of a minefield as the EU's Sustainable Finance Disclosure Regulation (SFDR).

Here's the brief overview of UK SDR from Novata with a nice summary 

FCA's own summary and timelines are here

What do you think - do you feel optimistic? What are your main challenges that you are foreseeing? Can other members help?

Hi everyone. I wanted to share what we see in the press today about how UK managers are racing to apply SDR Lables. Here's a snap shot:

Financial Times:  In brief, asset managers are actively preparing for SDR implementation by:

• reviewing their communications
• adjusting products to meet criteria
• collaborating with advisers

Luke Murray from Bovill says that managers that use sustainablity language but do not offer sustainability products are now applying rigour to how they communicate to clients through materials on their website for example. Asset managers, according to Luke, are going through the qualifying criteria for labels to ensure their funds meet the requirements. This has taken the form of a mapping exercise to go throught he areas of the criteria, to see where the gaps are in meeting the label.

Stuart Burnside, head of product governance and ESG product at M&G Investments mentions 13 ESG-associated UK funds offered to retail investors by M&G where the SDR and labels regime would be applicable. Out of those 13 funds, 10 are esesntially parallesl to SFDR article 9 funds. They are already quite "dark green". 

Shroder's spokeperson says that they have developed infrastructure and technology to monitor engagement activity, which they believe will help ensure meeting the SDR requirements.

more information here 

Hey Aya, Just wanted to check if the zoom links have been sent out? I registered for the event last week but haven't received any link yet. Is there anyway you could send me the link privately? Thanks!

Good morning everyone.

Very excited to see you tomorrow, 1 - 1:45 pm UK time, online for our SDR Implementation round table. @William Goodhart will be hosting and we have invited speakers from KPMG.

You can still book your free place today using this link.

For those who have booked, the zoom link will be sent to you by my colleagues tomorrow morning.

Thank you and see you there.

Sorry to bother the group, but I was just wondering if anyone has seen work/research looking at the implications of implementing the new SDR rules? Might it be helpful for us to draw a group together for an online discussion about some of the technicalities of that? Perhaps we could try to draw up a checklist for members (or even better to circulate someone else's if it's thought to be good/comprehensive). Thanks, Will

Thanks Aya - i feel optimistic in that the FCA has actively engaged and listened to feedback from firms in its consultation process and will continue to - as noted in recent Sustainability Advisors group announced a few weeks ago, supported by PIMFA as Secretariat.

Immediate challenges are around covering off the requirements to address the new Anti-greenwashing rule from 31 May  - there's a lot of practical considerations and the scope is broad, applying to all communications where sustainability claims or terms are used in conjunction with promotion of FCA regulated investment products and services.  The FCA's draft guidance and consultation on anti-greenwashing outlines some examples of what they see are principles to be applied (now closed end Jan) so will be interesting to see what further examples of good/poor practice and clarifications when the FCA issues its finalised guidance - there are a number of areas that need further clarification and use of sustainability related terms/further examples e.g. when discussing at entity level, use of images, positive examples of language that is acceptable and not misleading etc e.g. see PIMFA's response as an example of one of the many industry bodies that have responded.  

Good morning community.

There is a lot of regulation and updates these days. Many agree that with the UK Sustainable Disclosure Requirements (SDR) and investment labels, the FCA has taken on board much of the feedback from the industry. Many feel optimistic that SDR may not be as big of a minefield as the EU's Sustainable Finance Disclosure Regulation (SFDR).

Here's the brief overview of UK SDR from Novata with a nice summary 

FCA's own summary and timelines are here

What do you think - do you feel optimistic? What are your main challenges that you are foreseeing? Can other members help?

Hi everyone. I wanted to share what we see in the press today about how UK managers are racing to apply SDR Lables. Here's a snap shot:

Financial Times:  In brief, asset managers are actively preparing for SDR implementation by:

• reviewing their communications
• adjusting products to meet criteria
• collaborating with advisers

Luke Murray from Bovill says that managers that use sustainablity language but do not offer sustainability products are now applying rigour to how they communicate to clients through materials on their website for example. Asset managers, according to Luke, are going through the qualifying criteria for labels to ensure their funds meet the requirements. This has taken the form of a mapping exercise to go throught he areas of the criteria, to see where the gaps are in meeting the label.

Stuart Burnside, head of product governance and ESG product at M&G Investments mentions 13 ESG-associated UK funds offered to retail investors by M&G where the SDR and labels regime would be applicable. Out of those 13 funds, 10 are esesntially parallesl to SFDR article 9 funds. They are already quite "dark green". 

Shroder's spokeperson says that they have developed infrastructure and technology to monitor engagement activity, which they believe will help ensure meeting the SDR requirements.

more information here 

Hey Aya, Just wanted to check if the zoom links have been sent out? I registered for the event last week but haven't received any link yet. Is there anyway you could send me the link privately? Thanks!

Good morning everyone.

Very excited to see you tomorrow, 1 - 1:45 pm UK time, online for our SDR Implementation round table. @William Goodhart will be hosting and we have invited speakers from KPMG.

You can still book your free place today using this link.

For those who have booked, the zoom link will be sent to you by my colleagues tomorrow morning.

Thank you and see you there.

Sorry to bother the group, but I was just wondering if anyone has seen work/research looking at the implications of implementing the new SDR rules? Might it be helpful for us to draw a group together for an online discussion about some of the technicalities of that? Perhaps we could try to draw up a checklist for members (or even better to circulate someone else's if it's thought to be good/comprehensive). Thanks, Will