Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 92

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 92
---
 after the application date apply the Guidelines immediately.

| 55 |

| Deutsche Bank                   |
| Annual Report 2024 on Form 20-F |

In the UK, the FCA released their final Sustainability Disclosure Requirements (SDR) via a Policy Statement (PS23/16), incorporating anti-Greenwashing rules (finalized later via a Guideline document FG24/3), a financial product labelling regime and naming and marketing rules for funds using sustainable terms but without a label. SDR applies to UK firms and their UK domiciled products, with a view to expand to overseas products sold into the UK. The labelling rules became available to use from July 31, 2024, and include four labels: Sustainability Focus, Sustainability Improvers, Sustainability Impact and Sustainability Mixed Goals. Entities need to comply with specific and general qualifying criteria at a minimum of 70% of a fund’s assets, to apply any label. Rules come with associated consumer-facing, pre-contractual and periodic reporting disclosure requirements. Specific criteria apply if using sustainability terms in a fund name (without using a label), which was set to apply from December 2, 2024, but on September 9, 2024, the FCA introduced temporary measures to give firms more time to comply. For funds that submitted their extension requests, they have until April 2, 2025, to comply with the “naming and marketing” element of SDR. All other relevant rules must be complied with. Rules come with associated consumer-facing and pre-contractual disclosure requirements, and also a statement on why no label is being used. SDR is also under consultation to be extended to Portfolio Management (CP24/8). Entity-level reporting becomes necessary based on size of the firm from December 2, 2025, onwards. Distributors have a responsibility to make labels and any consumer-facing disclosures available to consumers. In the U.S., the Securities and Exchange Commission (SEC) adopted final rules on climate related disclosures in March 2024, however on April 4, 2024, they issued a voluntary stay order on these adopted disclosure rules pending ongoing legal challenges to the rules. These rules require certain registrants to disclose information about their material direct greenhouse gas (GHG) emissions (Scope 1), and material indirect emissions from purchased electricity or other forms of energy (Scope 2), as well as detailed disclosures regarding, among other things, climate-related risks, risk management and governance, climate-related targets and goals, and certain climate