The AMF publishes its conclusions on the revision of the SFDR Regulation

In March 2026, the Sustainable Finance Advisory Committee of the AMF launched a working group dedicated to the evolution of the European Regulation on sustainability‐related disclosures in the financial services sector (SFDR). This regulation sets out the information that professionals in the financial sector must disclose about the consideration of sustainability issues in their financial products.

This initiative is a continuation of the work already undertaken on this subject, in particular when analysing the European Commission’s proposal, in November 2025, to revise the SFDR Regulation.

The work this year focused mainly on two subjects: the credibility of the transition plans associated with ‘Transition’ category products and the consideration of the principal adverse impacts (PAIs) of investment decisions in terms of sustainability for ‘Sustainable’ and ‘Transition’ category products.

These categories, which make it possible to distinguish the different types of products with regard to their sustainability characteristics, are expected to evolve and be supplemented as part of the revision of the regulation.

The discussions on the credibility of transition plans highlighted the importance of having clear trajectories, measurable objectives and commitments that can be monitored over time, and of defining key criteria and indicators to assess their credibility. These factors should help in better recognising the value of the transition initiatives undertaken by professionals and in providing investors with information that enables them to more easily assess the reality and progress of these trajectories.

The SFDR Regulation requires professionals who manage and market financial products to disclose information on the principal adverse impacts of their investment decisions, i.e., the negative effects that these investments may have on the environment and society. 

In this area, this work focuses on how these impacts could be better integrated and on how to strengthen the quality and readability of the information made available to investors.

Thus, the ‘Sustainable’ and ‘Transition’ categories constituted the main remit of the discussions. The ‘ESG Basics’ category and its associated criteria nevertheless remain an important aspect of the discussion on the revision of the regulation. Their inclusion in future work will help ensure the overall coherence of the future system and to enhance its clarity for stakeholders and investors.

Through this work, the AMF wishes to make a constructive contribution to the evolution of the regulation, with the objective of promoting a clearer, more coherent and more effective framework, that serves European sustainable finance ambitions and better investor protection. The AMF, with the support of its Sustainable Finance Advisory Committee will further explore these issues, particularly on issues related to ESG selectivity and exclusion policies.

The report contains 14 recommendations, relating in particular to the use of a recognised reference document to verify compatibility with the goals of the Paris Agreement, the definition of clear targets for reducing greenhouse gas emissions, as well as to the actions undertaken and the financial resources mobilised to achieve these objectives.

This report was prepared and drafted by members of the Sustainable Finance Advisory Committee working group that brings together representatives from various financial market sectors, the civil society and academia. It has been approved by the AMF Board.

About the AMF

As an independent public authority, the Autorité des Marchés Financiers (AMF) protects savings invested in financial products, ensures that investors receive clear and reliable financial information, and maintains orderly financial markets. Through its engagement with European and international regulatory bodies, the AMF contributes to financial stability and effective regulation. The AMF develops and enforces regulatory standards, supervises market participants and market infrastructures, and takes action against misconduct and regulatory breaches. It also supports the transformation of the financial sector, particularly in the areas of innovation and sustainable finance. As an impact-driven regulator, the AMF acts in the public interest.

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