As previously communicated, the Commission had a Draft Delegated Act targeting CSRD Wave 1 companies (those that are due to report in 2025 for financial year 2024) to introduce several ESRS reporting exemptions. The Commission has now adopted this Delegated Act, known as "quick fix", introducing the following measures (full details and derogations in the document attached).

• Wave 1 companies will not need to report additional ESRS information for financial years 2025 and 2026 compared to 2024 (full list in the document attached).
• For financial years 2025 and 2026, Wave One companies with more than 750 employees will benefit from most of the same phase-in provisions that currently apply to companies with up to 750 employees.

NEXT STEPS

In the meantime, thanks to your feedback, FESI signed a joint industry statement (attached) asking the Council and Parliament to not object this Delegated Act, as the entry into applicability is still subject to their approval. The Council and Parliament have now two months to potentially object this Delegated Act. If they do not do so by then or notify the Commission that they do not intend on objecting it, the Act is published in the EU Official Journal and, in this case, it will enter into force and start applying from the third day following its publication.