Since March 2021, financial market participants have had to disclose in their company documents how they deal with sustainability risks (e.g. global warming, extreme weather events or human rights violations). The negative effects of sustainability factors (so-called PAIs for Principal Adverse Impact Indicators) should also be named using different specifications and deadlines, which are based on the company category and size. This is accompanied by increased reporting requirements for Article 8 and 9 funds. But not only that, because the PAIs must now also apply to non-sustainable funds. In addition, the legislation specifies the specific regulatory technical standards (RTS) that define the content, methodology and presentation of the information to be disclosed. The detailed regulation, referred to as the Level 2 Regulation, officially came into effect on August 14, 2022, and affects financial service providers and fund companies. However, it only has to be applied from 1st of January 2023 onwards. Which KPIs are to be reported exactly depends on the fund category and the conditions to which the fund has committed itself. There are two mandatory indicators for PAI reporting in the real estate industry: energy efficiency and the relationship between property and fossil fuels. There is also a choice indicator, usually energy consumption intensity. Who audits the reported figures, is currently not regulated. As with financial publications, it has become established as best practice in the industry to proceed via the auditor and an expert. It remains to be seen how long the technical and regulatory provisions will apply in their current form, as a revision is already being worked on.