ESMA guidelines on enforcement of sustainability information
ESMA guidelines on enforcement of sustainability information
ESMA released guidelines on enforcement of sustainability information. The document shows how each National Competent Authority (NCA) is applying ESMA’s guidelines on enforcement of sustainability information (GLESI). In particular, it explains whether each regulator:
The initial years of European Sustainability Reporting Standards (ESRS) application involve a learning curve for all stakeholders, requiring time to achieve a shared understanding of the new requirements. This is compounded by uneven CSRD transposition and the ongoing Omnibus I process to revise the Directive. As ESMA noted in June 2025, enforcement under the GLESI should therefore be proportionate and realistic during this period. The GLESI include built in flexibilities that allow NCAs to adapt their supervisory approach to current circumstances, including the maturity of issuers and the disclosure areas reviewed.
The guidelines can be accessed at the link.
- Complies with the GLESI,
- Intends to comply (often by a future date), or
- Does not comply,
- and why.
The initial years of European Sustainability Reporting Standards (ESRS) application involve a learning curve for all stakeholders, requiring time to achieve a shared understanding of the new requirements. This is compounded by uneven CSRD transposition and the ongoing Omnibus I process to revise the Directive. As ESMA noted in June 2025, enforcement under the GLESI should therefore be proportionate and realistic during this period. The GLESI include built in flexibilities that allow NCAs to adapt their supervisory approach to current circumstances, including the maturity of issuers and the disclosure areas reviewed.
The guidelines can be accessed at the link.