Agefi Luxembourg - décembre 2025

AGEFI Luxembourg 18 Décembre 2025 Consultance E Y Luxembourg a dévoilé le lauréat de la 7 e édition de son prestigieux prix Entrepre- neur Of The Year lors de la céré- monie organisée le 20 novembre 2025 à LuxExpo The Box. Lancé pour la première fois aux États- Unis en 1986, ce programme s’inscrit dans une initiativemondiale qui rassem- ble plus de 60 pays et 150 villes. Placée sous le thème « Shapers », l’édi- tion 2025 met en lumière les entrepre- neurs qui transforment leurs industries et façonnent l’avenir. Pour participer, les candidats devaient ré- pondre à plusieurs conditions : -DirigeruneentrepriseétablieauLuxem- bourgdepuis aumoins deux ans ; -Êtreactifdanslagestiondepuisdeuxans minimum ; -Démontrerunleadershipinnovantetun impactdurable–économique,socialeten- vironnemental. Le jury, composé de personnalités in- fluentes de l’écosystème économique luxembourgeois –GeorgesRassel (Chair, FEDIL et président du jury EOY 2025), MarcGiorgetti (CEOGroupe FélixGior- getti, lauréat EOY2023), TomTheves (se- crétaire général, ministère de l’Écono- mie), Carole Muller (présidente, LuxembourgConfederation), Yves Stein (Chair, ABBL), Claus Mansfeldt (Chair, LPEA) et Tom Théobald (CEO, Luxem- bourg for Finance) – a ensuite délibéré pour désigner le lauréat. Marc Giorgetti, lauréat 2023, a annoncé le nom du gagnant : René Beltjens. Co-fondateur d’Alter Domus, René Beltjens a été distingué pour son rôle déterminant dans la transformation d’une spin-off locale en un acteur mon- dial de services aux fonds et aux entre- prises. Visionnaire, il a accompagné la croissance d’Alter Domus dans un contexte de digitalisation et d’interna- tionalisation accélérée, en intégrant des solutions technologiques avancées et en renforçant la présence sur les marchés clés. Sous son impulsion, l’entreprise s’est développée dans plus de 20 pays, avec des milliers de collaborateurs et une clientèle internationale, tout en in- vestissant dans des initiatives ESG. Son parcours illustre la capacité à conjuguer stratégie, innovation et responsabilité dans un secteur en pleine mutation. Derrièrecettesuccessstory,ilyaunephi- losophie : « Démarrer, c’est passer outre touteslesraisonspourlesquellesunprojet pourrait échouer. Leplusdur, c’est persé- vérerquandcesraisonssematérialisent» , confie-t-il. Visionnaire discret, RenéBelt- jens illustre comment une ambition lo- cale peut se muer en impact global, tout en restant fidèle à ses valeurs. Et pour symboliser son rôle de Shaper , il choisit le vélo : « La vie, et diriger une entreprise, c’estcommefaireduvélo:sil’onn’avance pas, on finit par tomber. Ce mouvement constant est essentiel pour progresser et rester en équilibre ». « Ce prix célèbre l’audace et la vision des entrepreneurs qui façonnent l’avenir. Nous sommes fiers demettre en lumière des leaders qui inspirent et transforment leurs secteurs », déclare Yves Even, Part- ner en charge du programme EOY à Luxembourg. L’événement est soutenu par Julius Baer, Luxembourg Times, Luxemburger Wort (gold), Chambre de commerce (silver), Lalux, Losch et SteffenTraiteur (bronze). René Beltjens remporte le prix Entrepreneur de l’année EY 2025 T he European Commission’s pro- posal to recast the Sustainable Finance Disclosure Regulation (SFDR 2.0) marks a major shift in the EU’s sustainable finance framework. Instead of simply requiring disclo- sures, the new regime introduces clear product categories and enforceable naming rules. The focus around disclo- sure is shifting from entity- level towards product- level transparency, and using sustainability-rela- ted terms in a product or marketing materials will trigger strict criteria. Cédric DANOIS , senior associate in the funds and asset management practice, and Dara INGALLO , senior knowledge lawyer atA&OShearman outline the potential changes, which might still evolve during the legislative process. Closed-endedproducts, advisors and portfoliomanagement out of scope SFDRremainsatransparencyframeworkfor“finan- cial products”made available to investors in theEU. In practice, this captures UCITS, AIFs and certain insurance-based and pension products. Products that do not raise capital from investors are out of scope of SFDR in any event, but SFDR 2.0 further narrows the scope: - Financial advisers and portfolio management are removed fromscope, and -Existingclosed-endedproducts thatarenotdistrib- uted after SFDR2.0 comes into forcemay opt out. A leaked draft of SFDR 2.0 offered an exemption for AIFs open to professional investors only, but this exemption does not feature in the formal proposal. Industry lobbyingmight lead to its reinstatement. The newproduct categories: a claim-based labelling system SFDR2.0pivots fromadisclosure regime toavolun- tarycategorization framework in theorybutmanda- tory in practice whenever sustainability claims are made in respect of a product. Only products that meet rigorous criteriawill bepermitted tomake sus- tainability-relatedreferencesorclaimsintheirnames or marketing materials. Three categories are pro- posed, removing the current regime: - Transition (new Article 7): For products claiming to invest in undertakings that are on a “measurable pathtowardssustainability”,includingenvironmen- tal or social transition objectives. Recognized path- waysincludeinvestinginundertakingswithcredible transition plans or science-based targets, transitional activitiesundertheEUTaxonomy,orstrategiesusing EU Climate Transition Benchmarks ( CTB ) or Paris-Aligned Benchmarks ( PAB ), or equivalent approaches. - ESGBasics (newArticle 8). For products that inte- grate sustainability factors beyondriskmanagement usingcredibleESGapproaches(forexample,outper- formance ondefined sustainability indicators versus abenchmark, robust best-in-class selection, or equiv- alent investment approach), but which do not fall into the Transition or Sustainable category. - Sustainable (newArticle 9). For products claiming to invest in assets that are already sustainable or that contribute to sustainability, includingby reference to recognized EU tools (e.g., EU Taxonomy-aligned activities, PAB strategies, EU Green Bonds, EuSEFs, or EU-backed funding program instruments). The 70%minimum To fit into a category, a minimum threshold of 70% of the product’s investments must be aligned with the category’s stated claim using appropriate indi- cators (after a ramp-up period). The remainder of the portfolio is available for diversification, hedging and liquidity, provided it does not contradict the sustainability claim. MandatoryPAIsdisclosuresforTransitionandSustainable Categories Product-level principal adverse impact ( PAI ) regime is removed. However, Transition and Sustainable productsmustidentifyanddiscloseinvestmentPAIs and explain actions taken to address them. ESG BasicsproductshavenoPAIdisclosurerequirement. Mandatory exclusions All categories adopt exclusions, that include CTB or PAB exclusions, as well as the funding of excluded companies and companies seriously breaching UNGC/OECD guidelines. The Transition and Sustainable categories also restrict exposures to new coal, oil or gas development projects, with the Sustainablecategoryapplyingthestrictestexclusions (also including PAB exclusions). Safe harbors Products with environmental objectives can benefit fromtheEUTaxonomy,asTaxonomy-alignedinvest- ments reaching at least 15% of the portfolio will be deemedtomeetthe70%thresholdforTransitionand Sustainable categories,whichprovides legal comfort (though the other category criteria still apply). Products replicating or managed in reference to a CTB or PAB depending on the categorization of the product are deemed to meet the Transition or Sustainable category requirements. “Impact” strategies: a defined add-on to categories SFDR2.0will expressly recognize an“impact” add- on, available only to Transition and Sustainable products. To use “impact” in a prod- uct name, theproductmust set apre- defined impact objective, articulate a credible theory of change, and measure, manage and report actual outcomes. Existing “impact” funds that are still open to new investment once SFDR 2.0 comes into force will need to either qualify under the “Transition”or “Sustainable”- category and meet the additional impact criteria or adapt their strategy. ESGBasics andnon-cat- egorized products can- not use “impact” ter- minology, and non- categorized products cannot make sustain- ability claims in names or marketing. Disclosures for categorizedproducts Disclosures are redesigned to be simpler, shorter (maximum 2 pages), comparable and focused on informationuseful formaking investment decisions: - Pre-contractual disclosures: Clarity on the prod- uct’s category, objective and strategy, the binding elements and exclusions, the chosen indicators underpinning the 70% minimum threshold, data sources and use of estimates, and any reference to the EU Taxonomy (if applicable) or climate bench- marks.Where indices are used, alignment and con- sistencymust be demonstrated. - Website disclosures: Limited disclosures with clear cross-referencing to pre-contractual and peri- odic disclosures and information on any ESG rat- ings used. -Periodicdisclosures :Reportingonwhetherthecat- egory’s objective is attained using the chosen indi- cators, along with clear explanations for any short- falls or changes inmethodology or data. Where rel- evant, periodic disclosures must show compliance with exclusions and with the minimum portfolio coverage. In addition, Transition and Sustainable products must identify the PAI of their investments and explain any actions taken to address them. This shifts PAI focus fromentity-level towhere itmatters most for investors: to the product itself. Naming andmarketing rules Only categorized products may use sustainability- relatedtermsinnamesandmarketingmaterials,and only in a way consistent with their category and binding commitments. Funds complying with ESMA’s fund-name guidelineswill need to reassess their ESG-relatedname against the SFDR2.0 criteria Notably, “impact” terms in names are reserved to Transition or Sustainable products as described above. Any ESG claims must be fair, clear and not misleadingacrossalldisclosuresandmarketing,and consistent with the applicable category. Products investing inother products (Article 9a) Funds of funds and similar structures can qualify foracategorybyinvestingatleast70%incategorized products and meeting relevant exclusions (without full look-through) relying on disclosures of the underlyingproducts.Iftheydonotmeetacategory’s full criteria, they must disclose the split of invest- ments by category and explain the uncategorized portion’s approach and exclusions. As a nuance, certain non-categorized products that invest in categorized products may refer to sustain- ability aspects in marketing communications (but not in theirname), provided that claims are fair, clear andfullyconsistentwiththeirdisclosedcomposition and approach. Non-categorized products (Article 6a) Non-categorizedproducts remainpermissible and continue to be subject to baselineArticle 6 sustain- ability risk disclosures. They are not allowed to use sustainability-related terms or claims in their names or inmarketing (subject to theArticle 9a exemption described above) and may only include neutral, non-prominent ancillary sustainability information in disclosures. Any such information needs to be limited to less than 10%of the space used topresent the strategy. This aims to reduce greenwashing and create a clear distinction fromcategorizedofferings. Article 6 existing disclosure on integration of sus- tainability risks will continue to apply to all prod- ucts, with an explanation required if sustainability risks are deemed not relevant. Other changes - Entity-level SFDR disclosures are deleted : The proposal removes the remuneration policy and PAI statement disclosures. This responds to repeated industry concerns about data quality, proportional- ity and burden at entity level, and provides signifi- cant simplification. - Sustainable Investment definition removed : instead, thekeyparametersof thedefinitionare inte- grated as categories criteria. -Data and estimates: Anewrule recognizes the use of estimates and third-party data, with guardrails onmethodology,calibrationandtransparencywhen estimates are used. - EU Taxonomy disclosures evolve : Mandatory Taxonomydisclosures become focusedonproducts with environmental objectives (e.g., statingwhether and how the Taxonomy is used to meet the 70% thresholdrequirement),ratherthangeneralstandard disclaimer. Timing The Commission’s proposal was published on 20 November 2025 andwill proceed through the ordi- nary legislative process. Application is foreseen 18 months after entry into force (with additional 12- month transitional period for insurance-based investment and pension products), with detailed criteria, templates and calculation methodologies delivered through subsequent delegated acts. While timing is subject to the legislative process, market consensus points to adoption around 2027 and application in 2028 at the earliest. SFDR 2.0 pivots the EU regime from a disclosure-only to a categorization and labelling regime. Once the text is final, fundmanagersmust decide whether to opt funds into a category, with strict binding commitments, or remain non-cate- gorized and accept tight restrictions onESGclaims. Either pathwill require earlyplanning across prod- uct classification, calibrating exclusions and indi- cators, redesigning disclosures, mapping portfo- lios, ensuring investor communications anddeter- miningwhether existing “impact” funds can cred- iblymeet the new impact add-on under Transition or Sustainable. SFDR 2.0: From ESG disclosures to ESG labels ©EY