The AMF responds to the European Commission’s public consultation on the draft European sustainability reporting standards
AI Analysis
The AMF's response to the European Commission's public consultation advocates for simplified European Sustainability Reporting Standards (ESRS) under the CSRD, emphasizing retained quality in climate reporting, interoperability with ISSB standards, and proportionality while opposing overly complex materiality assessments. This matters for compliance professionals as it signals upcoming ESRS revisions that could reduce reporting burdens but maintain investor-focused disclosures, influencing 2026-2028 sustainability statements for listed firms and financial institutions. https://www.amf-france.org/en/news-publications/news/amf-responds-european-commissions-public-consultation-draft-european-sustainability-reporting
Key dates
- July 31, 2025
- EFRAG submits simplified ESRS draft for consultation. https://www.amf-france.org/en/news-publications/news/corporate-sustainability-reporting-amfs-response-efrags-consultation-simplification-european
- September 29, 2025
- EFRAG consultation closes. https://www.amf-france.org/en/news-publications/news/corporate-sustainability-reporting-amfs-response-efrags-consultation-simplification-european
- End of November 2025
- EFRAG presents technical advice to European Commission. https://www.amf-france.org/en/news-publications/news/corporate-sustainability-reporting-amfs-response-efrags-consultation-simplification-european
- June 2026 Deadline
- Potential ESRS adoption deadline. https://www.amf-france.org/en/news-publications/depth/csrd-sustainability-reporting
- 2026 Financial Year (reports in 2027)
- Voluntary use of simplified standards possible if legislative timeline allows. https://www.amf-france.org/en/news-publications/news/corporate-sustainability-reporting-amfs-response-efrags-consultation-simplification-european ; https://www.amf-france.org/en/news-publications/depth/csrd-sustainability-reporting
- 2027 (reports in 2028)
- Full mandatory application targeted. https://www.amf-france.org/en/news-publications/news/corporate-sustainability-reporting-amfs-response-efrags-consultation-simplification-european
Suggested considerations
- Review and refresh double materiality assessments using "gross" impacts, specifying risks/opportunities per topic.
- Retain "net-zero" definitions in climate plans if used; prepare quantitative climate financial effects data (Option 1).
- Evaluate "undue costs" reliefs for non-climate metrics, documenting with time-bound justifications.
- Monitor EFRAG/EC updates post-November 2025; test voluntary simplified ESRS in 2026 cycles.
What changed
- - Simplified ESRS Structure: EFRAG's draft reduces mandatory datapoints by 57-71% and ESRS length by 55%, focusing on materiality, fair presentation, and quantitative data while streamlining double materiality assessments and eliminating sector-speci
- Materiality Assessment: AMF opposes assessing impact materiality post-mitigation (prefers "gross" approach for relevance and consistency) but supports specifying impacts, risks, or opportunities per topic. https://www.clearygottlieb.com/news-and-insi
- Climate Reporting: AMF regrets removal of "net-zero" target definition (requiring 90-95% gross GHG reduction trajectory) and seeks harmonization for financial actors; supports Option 1 for quantitative anticipated financial effects on climate matters
- Reporting Reliefs: Introduces "undue costs or efforts" exemptions (e.g., for metrics except Scope 3 GHG), with AMF recommending time-bound limits; further simplification proposed for social metrics like adequate wages and gender pay gap. https://www.
- Interoperability: AMF stresses alignment with ISSB, accepting some EU-specific divergences for simplification. https://www.amf-france.org/en/news-publications/news/corporate-sustainability-reporting-amfs-response-efrags-consultation-simplification-eu
Compliance impact
Urgency: Medium – Revisions offer relief (e.g., 57%+ datapoint cuts) but require proactive preparation for voluntary 2026 use and mandatory 2027/2028; critical for 2025 reporters under current ESRS/"quick fix" to avoid enforcement. Matters due to AMF/ESMA supervision ramp-up, investor demands for comparable climate data, and ISSB alignment risks if divergences grow. https://www.esma.europa.eu/esma
Who is affected
Related regulations
References
AI-generated analysis. May contain errors or omissions — verify with the original AMF source before acting. Full disclaimer.
What the AMF said
Periodic & ongoing disclosures Sustainable Finance Regulatory developments The AMF responds to the European Commission’s public consultation on the draft European sustainability reporting standards
Published by AMF . Read the full notice at the source for the authoritative text.