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Sustainable finance and ESG weekly update—15 February 2024: EU ESRS delay, European Parliament green claims verification, ISDA scenarios, ICMA BDT adoption, LMA external review guidance

Published on: 15 February 2024

Published by a LexisNexis Banking & Finance expert
Legal News
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Article summary

EU developments Sustainability reporting standards for listed SMEs and specific sectors to be postponed

The Council of the EU and the European Parliament have struck a provisional deal to defer by two years the adoption of the European sustainability reporting standards (ESRS) for third-country companies, SMEs and selected sectoral areas, thereby amending Directive (EU) 2022/2464 (the Corporate Sustainability Reporting Directive)...

  • Publication of this ESRS package moves from 30 June 2024 to 30 June 2026.
  • Listed SMEs and companies in specific sectors will benefit from an extra two years to get ready for the revised reporting requirements.
  • The timetable for third-country (ie non-EU) companies is unchanged: CSRD obligations and associated ESRS will apply for financial years starting on or after 1 January 2028.

See: LNB News 08/02/2024 32. Source: Council and Parliament agree to delay sustainability reporting for certain sectors and third-country companies by two years. For further updates on sustainable finance, see Practice Note: Sustainable finance—recent news...

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