On 15 December 2023, the European Securities and Markets Authority (ESMA) issued a consultation paper containing draft guidelines on enforcement of sustainability information.
The Corporate Sustainability Reporting Directive (CSRD) expands the scope of undertakings who must report sustainability information and requires the European Commission to adopt European Sustainability Reporting Standards as delegated acts. To promote convergent supervision of sustainability reporting by issuers subject to the Transparency Directive, the CSRD mandates ESMA to issue guidelines on the supervision of sustainability reporting by Member State competent authorities. The purpose of the consultation paper is to consult on the first draft of the guidelines which ESMA has prepared in response to this mandate.
The deadline for comments on the consultation paper is 15 March 2024. ESMA expects to publish the final guidelines by Q3 2024.