ESG 5.1 Preparation of sustainability disclosures

A manager must prepare the disclosures in ESG 5.1.1R(2) in accordance with this chapter where it:

1. (a)

   is undertaking sustainability in-scope business in relation to a sustainability product that is not a feeder fund; and

2. (b)

   uses either a sustainability label or one or more of the terms in ESG 4.3.2R(2) in accordance with ESG 4.3.2R(1) in relation to that product.

The disclosures are:

1. (a)

   a consumer-facing disclosure for retail clients as set out under ESG 5.2; and

2. (b)

   a pre-contractual disclosure as set out under ESG 5.3.

A manager must ensure that the consumer-facing disclosure and the pre-contractual disclosure for the sustainability product remain consistent with the sustainability label or the terms set out in ESG 4.3.2R(2) that are used in accordance with ESG 4.3.2R(1) in relation to the product.

A manager must keep a consumer-facing disclosure and a pre-contractual disclosure under review, as follows:

1. (a)

   in relation to a consumer-facing disclosure, a manager must, at least every 12 months, review the disclosure and provide any updates as appropriate to ensure it accurately reflects the sustainability product – in particular:

   1. (i)

      the manager must, where it uses a sustainability label, at a minimum provide an update on the progress of the sustainability product in achieving its sustainability objective; and

   2. (ii)

      in providing any updates, the manager must ensure that up-to-date metrics and information are used;

2. (b)

   in relation to a consumer-facing disclosure and a pre-contractual disclosure, a manager must review the disclosure prior to any proposed change to a sustainability product and make any updates as appropriate to ensure that it continues to reflect the sustainability product accurately.

This rule applies where a manager has revised a consumer-facing disclosure or a pre-contractual disclosure when either ceasing or revising the use of a sustainability label in relation to a sustainability product.

The manager must publish, as soon as reasonably practicable, the information specified in ESG 5.1.3R(3) on the relevant digital medium for the business of the manager, in a prominent place on the specific webpage or page on a mobile application or other digital medium at which the sustainability product is offered.

The information which must be published in accordance with ESG 5.1.3R(2) is:

1. (a)

   the revised consumer-facing disclosure or pre-contractual disclosure;

2. (b)

   the reasons for the revision; and

3. (c)

   in the case of a consumer facing disclosure, the date of the revised disclosure.