SFDR 2.0 Enters Trilogue — First Compliance Window Falls Between 2029 and 2030

On June 19, 2026, the EU Council agreed a negotiating mandate on the revised Sustainable Finance Disclosure Regulation, clearing the way for trilogue negotiations with the European Parliament and Commission. The Parliament's ECON committee vote is expected September 2026, with a plenary vote following in September or October before negotiations formally begin in Q4 2026. Key open issues include the transition period (18 vs. 24 months), the criteria for the new fund categories (Sustainable, Transition, ESG Basics), and the scope of the principal adverse impact regime. Based on current timelines, the first compliance window is expected to fall between June 2029 and June 2030. For asset managers and the counsel advising them, the ECON vote is the immediate gate to monitor — it sets Parliament's opening position and shapes how much flexibility remains for product reclassification before rules apply.