On 25 April 2025, the sustainability reporting board (“SRB”) of the European Financial Reporting Advisory Group (“EFRAG”), agreed the internal timeline for delivering advice to the European Commission on the simplification of the European Sustainability Reporting Standards (“ESRS”), which is at the centre of the Corporate Sustainability Reporting Directive’s
Environmental, Social and Corporate Governance (ESG)
Sustainability-Related Governance, Incentives and Competence – FCA Confirms No New Rules for Now
By John Verwey, Rachel Lowe, Sulaiman Malik & Michael Singh on
Background
In February 2023, the United Kingdom Financial Conduct Authority (“FCA”) published a discussion paper (DP23/1) to encourage an industry-wide dialogue on firms’ sustainability-related governance, incentives, and competence (the “Discussion Paper”).
On 2 April 2025, the FCA published a summary of the feedback received on the Discussion Paper, as well as…
Final Approval for Simplification – Council of the European Union Formally Approves to “Stop-the-Clock” on Sustainability Reporting and Diligence Requirements
By John Verwey, Rachel Lowe, Sulaiman Malik & Michael Singh on
On 14 April 2025, the Council of the European Union (the “Council”) has given the greenlight for the “Stop-the-clock” proposal, which will postpone the application of sustainability reporting and diligence requirements. This marks the final approval for delaying the application of the Corporate Sustainability Reporting Directive (“CSRD”) and Corporate…
State Climate Disclosure Bills – A Growing Trend?
By Aliza Cinamon & Hilary Finkelstein on
With the uncertainty plaguing the ultimate status of the SEC’s climate disclosure rules on the federal level (we reported on the most recent developments in The SEC Votes to “End its Defense” of Climate Change Rules and SEC Asks Court to Put Climate Change Litigation on Hold), a number of U.S. states have continued…
Have your say on CSRD: EFRAG Launches Public Call for Input on Revisions to ESRS
By John Verwey, Rachel Lowe, Sulaiman Malik & Michael Singh on
The European Financial Reporting Advisory Group (EFRAG) has launched a public call for input (Call for Input) on 9 April 2025, seeking feedback from stakeholders and, in particular, from the first wave of preparers who applied the European Sustainability Reporting Standards (ESRS) in their 2024 Corporate Sustainability Reporting Directive…
Changes on the Horizon for UK Alternative Investment Fund Management Regulation
By John Verwey, Rachel Lowe, Sulaiman Malik & Michael Singh on
On 7 April 2025, HM Treasury published a consultation to overhaul the regulation of Alternative Investment Fund Managers (“AIFMs“) in the United Kingdom (“Consultation“). The Financial Conduct Authority (“FCA“) has published a call for input alongside the Consultation (“Call for Input“), which indicates its approach to regulating…
CSRD and CSDDD Officially Delayed, With Huge Majority of MEPs in Support
By John Verwey, Rachel Lowe, Sulaiman Malik & Michael Singh on
On 3 April 2025, the European Parliament voted to postpone the implementation dates for corporate sustainability due diligence and reporting requirements, as the first step in the European Commission’s “Omnibus” simplification package to reduce administrative requirements of companies and aimed to bolster the competitiveness of the European Union. With 531 votes for, 69 against and…
Momentum on Voting on the Omnibus Delay and Updating Corporate Sustainability Reporting Requirements
By John Verwey, Rachel Lowe, Sulaiman Malik & Michael Singh on
Vote to delay
On 1 April 2025, the European Parliament approved the “urgent procedure” with regards to the “Omnibus” package of proposals to streamline corporate sustainability requirements.
The next step to vote on the “stop-the-clock” proposal will take place on 3 April 2025.
The approval of the urgent procedure of the Omnibus passed with…
European Council Greenlights First Step of Omnibus – The ‘Stop-the-clock’ Proposal
By John Verwey, Rachel Lowe, Michael Singh & Sulaiman Malik on
On 26 March 2025, the European Council approved its position, known as a “negotiating mandate”, on a key element of the European Commission’s proposal to streamline corporate sustainability requirements which are captured in an “Omnibus”. Specifically, they approved a delay to the current timetable of the Corporate Sustainability Reporting Directive (“CSRD”)…
EU Platform on Sustainable Finance Focuses on Usefulness of Taxonomy in Response to European Commission Proposal
By John Verwey, Rachel Lowe, Sulaiman Malik & Michael Singh on
On the 26 March 2025, the EU Platform on Sustainable Finance (“Platform”) responded to the European Commission’s call for evidence on the draft delegated regulation amending the Taxonomy Delegated Acts[1] (the “Taxonomy”).
The Platform welcomes many of the proposed amendments and notes that several of the Platform’s recommendations from their…