SUPERVISION

40) Which authorities are in charge of supervising compliance with the requirements for the sustainability statement prepared in accordance with Articles 19a and 29a of the Accounting Directive? The CSRD does not introduce any changes to the pre-existing EU supervisory regime, which requires Member States to have in place penalties that are effective, proportionate and dissuasive for the cases of non-compliance by limited liability undertakings (Article 51 of the Accounting Directive), and to establish a national supervisory authority with powers to supervise compliance by issuers of transferable securities admitted to trading on an EU regulated market (Articles 28 and subsequent of the Transparency Directive). This means that undertakings’ compliance with sustainability reporting requirements will be subject to the national sanctioning regime in place for the management report of limited liability undertakings (subject to the Accounting Directive) and of issuers of transferable securities admitted to trading on an EU regulated market (subject to the Transparency Directive). As regards issuers of transferable securities admitted to trading on an EU regulated market, ESMA is also required to issue guidelines on the supervision of sustainability reporting by national competent authorities pursuant to Article 28d Transparency Directive. In any case, the sustainability statement to be included in the management report must always be subject to assurance by a statutory auditor, or by an Independent Assurance Services Provider (IASP) where allowed by a Member State, under Article 34 of the Accounting Directive. SECTION IV FAQS ON SUSTAINABILITY INFORMATION REPORTED UNDER ARTICLE 40A OF THE ACCOUNTING DIRECTIVE

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Source: EUR-Lex (Cellar) · retrieved 2026-09-07