Background
Earlier this year, the European Commission (Commission) called the European Supervisory Authorities (ESAs) to develop targeted technical advice to support the review of the Disclosures Delegated Act under Article 8 Taxonomy Regulation. The EBA intends to respond to this request.
Discussion paper
The discussion paper provides an initial assessment and proposals on the issues that the Commission put forward in its request. It addresses issues specific to the EBA’s remit as well as the horizontal issues relevant to all ESAs, on which the EBA will provide advice in coordination with the other ESAs. The issues devoted to the EBA include the following:
- Limiting the Fees and Commissions KPI to capital markets-related activities.
- Connecting the Trading Book KPI to market liquidity.
- Narrowing the ‘other services’ KPI of investment firms.
- Aligning the grandfathering rules with the approach under the EU Green Bond Standard.
The discussion paper also provides an analysis of certain horizontal issues including the development of simple but meaningful rules for disclosing Taxonomy KPIs at group level and for subsidiary disclosures. It also examines the potential voluntary use by non-financial undertakings of operational expenditure information disclosed by non-financial undertakings.
Next steps
The deadline for comments on the discussion paper is 12 August 2026.