La Francaise Group has joined a coalition of investors led by Eurosif, IIGCC and the PRI that has issued a joint Statement on a potential Omnibus Directive from the European Commission to streamline the reporting rules under the CSRD, CSDDD and the Taxonomy Regulation. Although the objective put forward is to simplify these regulations, there is a real risk that Member States and Members of the European Parliament will take this opportunity to significantly renegotiate the texts. In turn, this could substantially destabilize and roll back the Union’s financial regulatory framework, with corresponding detrimental impacts to responsible banks, asset owners, investors, and insurers.
The joint Statement aims at preserving the ‘integrity and ambition’ of these rules, therefore proposing to focus on streamlining technical issues and improving implementation guidance.
La Francaise Group, as much as companies and financial markets participants, needs long term perspectives and stability to support its own implementation efforts. It values regulatory stability and is in favour of an evolution of the technical standards of the directives rather than their revision.
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