The European Securities and Markets Authority (ESMA), the regulator and supervisor of financial markets across the EU, has opened a consultation aimed at streamlining how firms report under the Taxonomy Disclosures Delegated Act.
The consultation centres on technical advice that ESMA will provide to the European Commission (EC) on a selection of KPIs, with the goal of easing the reporting load carried by market participants without weakening the value of the information investors receive.
Among the changes put forward are simplifications for non-financial undertakings and asset managers, including adjustments to the operational expenditure key performance indicator (OpEX), an area where stakeholders have voiced concerns over complexity. ESMA is also inviting views on a pragmatic approach to group-level reporting within mixed groups, which would be anchored to the reporting model of the parent undertaking.
The initiative sits within a wider push for simplification stemming from the Commission’s Omnibus package and forms part of the broader review of Taxonomy reporting. The EC has asked each European Supervisory Authority (ESA) to advise on targeted elements of the framework, covering both matters specific to their own remit and horizontal issues shared across the authorities. Parallel consultations have been published by the EBA and EIOPA.
Stakeholders have six weeks to respond, with the window closing on 12 August 2026, running alongside the consultations from the other ESAs. A public hearing will take place on 22 July, giving ESMA the opportunity to present its proposals and hear directly from the market. The authority intends to submit its final technical advice to the EC by the end of October 2026.
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