The European Banking Federation submitted a response to the European Commission’s consultation on revised European Sustainability Reporting Standards and the voluntary standards, limited to the Commission’s proposed changes versus EFRAG’s version, backing EFRAG’s standards as an acceptable compromise, calling for a regulatory pause to assess implementation and inform any post-implementation review, and seeking clarifications on the practical application of the value chain cap, the treatment of sanctions and fines only after a final non-appealable decision, the evidence needed to support non-materiality conclusions in complex groups, and flexibility in data sourcing where counterparty-level information is unavailable.
European Banking Federation2026-06-04
European Banking Federation urges regulatory pause and targeted clarifications in response to revised sustainability reporting standards consultation
The European Banking Federation responded to the European Commission’s consultation on revised European Sustainability Reporting Standards and related voluntary standards, supporting the European Financial Reporting Advisory Group’s standards as an acceptable compromise. It called for a regulatory pause to assess implementation and requested clarifications on the value chain cap, treatment of sanctions and fines, evidence for non-materiality conclusions in complex groups, and flexibility in data sourcing where counterparty-level information is unavailable.