Over the previous months, I have written mainly concerning sustainability, specifically in the context of the development of Directives 2013/34/EU and the well-known CSRD – (EU) 2022/2464.
In the current context, the Commission continues to underline the importance of an efficient regulatory system by committing to streamlining and simplifying reporting requirements. Notably, the Commission is aware that proper monitoring and enforcement of the legislation can be burdensome, and, in this regard, on 17 October 2023, it launched the proposed amendment regarding the adoption of deadlines for the adoption of sustainability reporting rules for specific sectors and for certain third country companies. This is an extension of the deadlines for adopting the European Sustainability Reporting Standards (ESRS).
The critical change is the adoption of the sectoral NEIS by 30 June 2026 at the latest, instead of 30 June 2024, at the expense of the first set of NEIS dated 31 July 2023, which is currently under review by the European Parliament and the Council. It is also essential to highlight the proposal’s consistency under existing policies and the search for a balance between the need for transparency and accountability and reducing administrative burdens on businesses.
In summary, the proposal seeks to extend the deadlines for adopting sustainability reporting rules, thus allowing companies more time to adapt and reducing administrative burdens. This approach is aligned with the Commission’s broader objective of making regulation more efficient without compromising its fundamental objectives.