ESMA issued Guidelines on enforcement of sustainability information and Statement on first years of the supervision
In 2025, large public-interest entities published their first sustainability statements under the European Sustainability Reporting Standards (ESRS). On 29 April 2025, ESMA issued Guidelines on Enforcement of Sustainability Information, prepared together with national supervisory authorities. The Guidelines apply to the enforcement of sustainability information of listed companies published from 1 January 2025.
The ESMA Guidelines contain definitions and requirements concerning, among other things, the objective of enforcement, the characteristics enforcers should possess, the enforcement methodology to be followed and the coordination of enforcement within ESMA. In accordance with the ESMA regulation, competent authorities must make every effort to comply with those guidelines and inform ESMA whether they will comply with them. The Financial Supervisory Authority (FIN-FSA) has notified it will comply with the Guidelines.
However, the Omnibus I proposal issued by the EU Commission in February 2025 would modify the final scope of application of the Corporate Sustainability Reporting Directive (CSRD) and ease the reporting requirements under the ESRS. Furthermore, the CSRD has not yet been transposed in all EU Member States, and therefore the reporting and enforcement environment is not completely harmonised across Europe.
Due to the above, on 20 June 2025, ESMA issued a Statement guiding the implementation of enforcement during the first years. The FIN-FSA has also adjusted its enforcement actions. The emphasis is on listed companies that will remain subject to the reporting obligation and on the ESRS requirements that will have to be complied with in the future. The FIN-FSA will monitor the development of regulation concerning sustainability reporting and emphasise a dialogue with listed companies in its enforcement actions.
For further information, please contact:
Tiina Visakorpi, Head of Division, tiina.visakorpi(at)fiva.fi
Niina Turri, Chief Specialist, niina.turri(at)finanssivalvonta.fi
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ESMA Guidelines on Enforcement of Sustainability Information (ESMA32-992851010-1815)
ESMA Statement Navigating change together: ESRS supervision in the Omnibus environment (ESMA32-992851010-2254)