When the European Commission adopts the delegated acts on the ESRS, it must consider EFRAG\u2019s draft (December 2025) and request the opinions of a wide range of EU bodies \u2014 including ESMA, EBA, EIOPA, the ECB, the European Environment Agency, the EU Agency for Fundamental Rights (FRA), the Committee of European Auditing Oversight Bodies and the Platform on Sustainable Finance.<\/p>\n
Below is a short overview of the ECB, EBA, ESMA and EIOPA<\/strong> opinions \u2014 all of which shed light on the sustainability information that financial markets need, and the expectations placed on companies, banks and insurers.<\/p>\n You can download a more comprehensive summary here: Summary of ECB, EBA, ESMA and EIOPA opinions on simplified ESRS 05-03-2026<\/a><\/strong><\/p>\n ESMA<\/strong> emphasises that effective digital tagging is essential for the usability of sustainability information. Users must be able to identify and retrieve key data efficiently.<\/p>\n All authorities highlight that the accumulation of relief measures<\/strong> risks undermining the CSRD\u2019s objective: creating a reliable, standardised data ecosystem that enables benchmarking, risk differentiation and comparability.<\/p>\n They warn that several permanent<\/strong> reliefs could create incentives for undertakings to omit relevant information or delay efforts to improve methodologies and data access. This would weaken the integrity and comparability of disclosures \u2014 and increase greenwashing risks.<\/p>\n In many areas, the new ESRS reliefs go beyond<\/strong> those in the IFRS ISSB standards, with potential negative consequences for EU companies\u2019 competitiveness and access to global financial markets.<\/p>\n The ECB<\/strong> recognises that companies may need initial flexibility while building data systems and estimation methods. But it stresses that reliefs must remain exceptional<\/strong>, not become the norm.<\/p>\n For the EBA<\/strong>, once impacts, risks and opportunities (IROs) are identified, undertakings should progressively equip themselves to provide the required ESRS information.<\/p>\n All authorities agree: it is essential to avoid indefinite data gaps<\/strong> and to maintain incentives for companies to start collecting data and improving coverage and quality.<\/p>\n ESMA<\/strong> notes that permanent reliefs will require additional judgement from assurance providers and more documentation from preparers \u2014 potentially increasing the reporting burden.<\/p>\n In addition, the EU Agency for Fundamental Rights (FRA)<\/strong> issued an opinion focused on safeguards for people adversely affected by corporate activities. FRA warns that several changes may make severe or systemic human rights impacts less visible \u2014 especially those occurring deep in value chains or affecting marginalised groups.<\/p>\n FRA\u2019s full opinion is particularly relevant for HR, sustainability and compliance professionals: https:\/\/fra.europa.eu\/en\/news\/2026\/fra-issues-legal-opinion-proposed-simplified-european-sustainability-reporting-standards<\/a><\/p>\n\ud83d\udd39 Digitisation and usability<\/h4>\n
\ud83d\udd39 Concerns about cumulative reliefs<\/h4>\n
\ud83d\udd39 Permanent reliefs and distorted incentives<\/h4>\n
\ud83d\udd39 Competitiveness and alignment with ISSB<\/h4>\n
\ud83d\udd39 Reliefs must remain exceptional<\/h4>\n
\ud83d\udd39 Progressive capability\u2011building<\/h4>\n
\ud83d\udd39 Avoiding long\u2011term data gaps<\/h4>\n
\ud83d\udd39 Assurance implications<\/h4>\n
\ud83d\udc65 FRA\u2019s perspective<\/h2>\n