The European Commission has published its much-anticipated consultation on the Sustainable Finance Disclosure Regulation (SFDR). Open to feedback until 15 December, the consultation kicks off the Commission’s comprehensive assessment of the disclosure regulation and spans issues such as legal certainty, usability, and how SFDR can play its part in tackling greenwashing. The questionnaire asks for feedback on the current requirements of SFDR, its interactions with other sustainable finance legislation, and potential changes to the disclosure requirements for financial market participants. On the latter, the consultation considers a variety of questions that have been raised by investors since Level One first came into effect in 2021, such as the merits of developing “a more precise EU-level product categorisation system based on precise criteria”, following concern that product categories Article 8 and 9 are being used as de facto labels. The consultation has been split into two: a public consultation for a broad range of stakeholders, and a targeted consultation, which will gather input from public bodies and stakeholders more familiar with SFDR and the EU’s sustainable finance framework as a whole, such as investors.