Taxonomy Regulation: Recommendations from ESMA and the EBA

On 29 October 2026, ESMA and the EBA submitted recommendations to the European Commission regarding changes to reporting under the Taxonomy Regulation (Regulation (EU) 2020/852).

The recommendations contain proposals to simplify reporting in accordance with Delegated Regulation (EU) 2021/2178. For example, the proposals for non-financial undertakings include changes to the disclosure of OpEx. Prior to this, a public consultation on draft proposals was held in the summer of 2026, during which the DRSC submitted two comment letters. Further recommendations from EIOPA are still expected.

Background: In March 2026, the European Commission mandated the ESAs to draw up recommendations for amending the reporting of taxonomy disclosures by October 2026. The European Commission intends to adopt a delegated act amending the reporting requirements in the first quarter of 2027.