On May 28, FR AFG reminded of V3 modification, application schedule.
FR AFG reminded of modification of ISR label's V3 standard and application schedule.
Follows FR GVT Nov. 2023 Le Maire announced new SRI label's outlines, see #190897.
Initial Audits Transition
The Decree of May 16, 2024 amending the Decree of Jan. 8, 2016 on the ISR label's framework and surveillance plan, modified Annex 6 of the ISR label reference system.
Re funds applying for initial certification, initial certifications are suspended between the publication date and the application date of the V3 framework, on Mar. 1, 2024.
During this period, eligibility requests can be made, but audits cannot be carried out.
Re certifications in progress, the audit may be finalized according to version V2.
If the contract with the certifier was formalized before the date of V3 publication.
And the certificate is issued within a period of 3 months after the date of publication.
Renewal, Follow-up Audits Transition
Funds already labeled with version V2 can have a transition period until Jan. 1, 2025.
Between the date of publication of the final V3 repository and its date of entry into application, monitoring and renewal audits will be carried out with version V2.
Between the date of entry into application of V3 standard and the end of the transition period which is Jan. 1, 2025, audits will be carried out according to version V2.
The funds concerned will also have the possibility of being audited according to V3 of the framework, revealing possible transition non-compliances but with no penalties.
These transition non-compliances will not call into question obtaining the label; they aim to facilitate the transition of funds to V3 from the year following its publication.
From Jan. 1, 2025, monitoring and renewal audit will be carried out with version V3.
Oct. 10, 2024 ISR V3 Securities Label
On Oct. 10, 2024, FR AFG issued articleISR V3 securities label – end of transition period and entry into force on 01/01/2025 (Oct. 7); following SRI label framework in force on Mar. 1, 2024, transition period applies to certified funds invested in securities.
From Jan. 1, 2025, all labelled funds must comply with standard V3 requirements.
Label committee therefore expects management companies to confirm to their certifier the scope of their funds that will remain labeled during 2025, by Dec. 31, 2024.
