The European Securities and Markets Authority (ESMA) has opened a consultation on technical advice to the European Commission concerning selected KPIs under the Taxonomy Disclosures Delegated Act, with the goal of easing reporting demands on market participants.
The initiative follows recent streamlining work carried out through the Commission’s Omnibus package and is intended to feed into the wider review of Taxonomy reporting. The regulator’s stated ambition is to make the framework less onerous without diminishing the value of the information that investors rely on.
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 flagged excessive complexity and cost. The watchdog 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.
ESMA is acting on a request from the European Commission, which asked each European Supervisory Authority to advise on targeted elements of the Taxonomy disclosure framework review. Each ESA is tackling matters within its own remit alongside horizontal themes of shared interest, with the EBA and EIOPA running parallel consultations of their own.
The consultation window lasts six weeks, closing on 12 August 2026, running alongside the exercises led by the other ESAs. A public hearing is scheduled for 22 July, giving stakeholders the chance to hear the proposals and respond directly. ESMA intends to submit its final technical advice to the Commission by the end of October 2026.
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