lexiara

1.3. Sustainability information to be reported at individual level (sustainability statement) or – for parent undertakings of large groups – at consolidated level (consolidated sustainability statement) under Article 4(5) of the Transparency Directive by issuers of transferable securities admitted to trading on an EU regulated market)

Commission Notice on the interpretation of certain legal provisions in Directive 2013/34/EU (Accounting Directive), Directive 2006/43/EC (Audit Directive), Regulation (EU) No 537/2014 (Audit Regulation), Directive 2004/109/EC (Transparency Directive), Delegated Regulation (EU) 2023/2772 (first set of European Sustainability Reporting Standards, ‘first ESRS delegated act’), and Regulation (EU) 2019/2088 (Sustainable Finance Disclosures Regulation, ‘SFDR’) as regards sustainability reporting · European Union

Based on Article 4(5) of the Transparency Directive, which cross-refers to Articles 19a and 29a of the Accounting Directive, issuers of transferable securities admitted to trading on an EU regulated market (49) (regardless of whether they are governed by the law of a Member State or by the law of a third country), excluding micro-undertakings, must include in their annual financial reports a management report that includes sustainability information at individual level (sustainability statement) or – for parent undertakings of large groups – at consolidated level (consolidated sustainability statement) in compliance with the same requirements specified under paragraph 1.1 above, points (i) to (v). The publication rules are those established for the annual financial report under Article 4 of the Transparency Directive (50). Issuers of transferable securities admitted to trading on an EU regulated market that are large undertakings or SMEs (excluding micro-undertakings) or parent undertakings of large groups as defined in the Accounting Directive, will also have to publish the management report in compliance with the requirements set out in the Accounting Directive and specified under paragraphs 1.1 and 1.2 above. Exemption rules under Articles 19a(8) and 19a(9) of the Accounting Directive also apply. These requirements must be complied with based on the following phased approach (51): for financial years starting on or after 1 January 2024 (i.e. with publication in 2025): issuers that are large undertakings exceeding on their balance sheet dates an average number of 500 employees during the financial year, as well as issuers that are parent undertakings of a large group exceeding on its balance sheet dates, on a consolidated basis, an average number of 500 employees during the financial year; for financial years starting on or after 1 January 2025 (i.e. with publication in 2026): other issuers that are large undertakings, as well as to other issuers that are parent undertakings of a large group; for financial years starting on or after 1 January 2026 (i.e. with publication in 2027): issuers that are SMEs (excluding micro-undertakings); issuers defined as small and non-complex institutions provided they are large undertakings or SMEs (excluding micro-undertakings) with transferable securities admitted to trading on an EU regulated market; and issuers defined as captive insurance undertakings and captive reinsurance undertakings provided that they are either large undertakings or SMEs (excluding micro-undertakings) with transferable securities admitted to trading on an EU regulated market.

· All articles ·

Source: EUR-Lex (Cellar) · retrieved 2026-09-07 · Text as adopted (Official Journal); later amendments are not incorporated in this text.