EC Seeks Technical Advice on Taxonomy Regulation Disclosures

JD Supra Trade Law

Published March 12th, 2026

Detected March 13th, 2026

Summary

The European Commission has requested technical advice from the European Supervisory Authorities (ESAs) on key performance indicators (KPIs) for the Disclosures Delegated Act under the Taxonomy Regulation. The EC aims to review and simplify taxonomy reporting, with advice due by October and potential amendments targeted for Q1 2027.

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What changed

The European Commission (EC) has initiated a call for technical advice to the European Supervisory Authorities (ESAs) regarding specific Key Performance Indicators (KPIs) within the Disclosures Delegated Act of the EU Taxonomy Regulation. This consultation seeks input on operational expenditure, commissions and fees, trading book, and underwriting KPIs, as well as general usability enhancements for taxonomy reporting. The EC is looking to simplify and potentially amend these disclosure requirements, particularly for measures not covered by the recent Omnibus Delegated Act.

The ESAs are expected to deliver their advice by October. The EC plans to adopt any resulting amendments to the Disclosures Delegated Act in Q1 2027, with an intended entry into force in Q3 2027. This timeline precedes the expiration of transitional relief for financial undertakings on December 31, 2027. Regulated entities, particularly financial institutions, should monitor the progress of this consultation and prepare for potential changes to their sustainability reporting obligations.

What to do next

Monitor ESAs' technical advice delivery by October.
Prepare for potential amendments to the Disclosures Delegated Act in Q1 2027.
Review current taxonomy reporting KPIs in light of the EC's simplification goals.

Source document (simplified)

March 12, 2026

EC issues call for technical advice to ESAs on Disclosures Delegated Act

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The European Commission (EC) has issued a call for technical advice to the European Supervisory Authorities (comprising the European Banking Authority, European Insurance and Occupational Pensions Authority and European Securities and Markets Authority) (ESAs) on key performance indicators (KPIs) and other aspects of the Disclosures Delegated Act under Article 8 of Regulation (EU) 2020/852 on the establishment of a framework to facilitate sustainable investment (Taxonomy Regulation). The EC is seeking technical input to complete the review and simplification of taxonomy reporting under the Disclosures Delegated Act. The review will focus on measures that were not included in Delegated Regulation (EU) 2026/73 (Omnibus Delegated Act) and will take place alongside ongoing work to amend the Sustainable Finance Disclosure Regulation.

The EC states that the advice should mainly focus on the following KPIs provided in the Disclosures Delegated Act: the operational expenditure (OpEx) KPI of non-financial firms, commissions and fees KPI and trading book KPI of credit institutions, and the underwriting KPI of insurance/reinsurance undertakings. In addition, the ESAs can advise on whether other targeted technical amendments to the Disclosures Delegated Act are necessary to simplify and enhance the usability of taxonomy reporting.

The EC requests delivery of the final advice by the ESAs by October. The EC is aiming to adopt any amendments to the Disclosures Delegated Act in Q1 2027, with entry into force in Q3 2027. This is before the transitional relief for taxonomy reporting provided to financial undertakings in the Omnibus Delegated Act expires on 31 December 2027. The EC also notes that the more general review of taxonomy technical screening criteria is ongoing and is due to be finalised in Q3.

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