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On 20 November 2025, the European Commission published its final legislative proposal to update the EU Sustainable Finance Disclosure Regulation (SFDR), commonly known as SFDR 2.0.
The finalised proposal contains a range of important changes from the leaked draft text which was circulated earlier in November 2025. Travers Smith's Financial Services and Markets and Operational Risk and Environment teams have published an updated briefing setting out the key changes from the leaked draft and providing an updated overview of the SFDR 2.0 framework.
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