Publication and entry into force

On February 24, 2026, Directive (EU) 2026/470/EC was formally adopted. Directive (EU) 2026/470published on February 26, 2026 in the Official Journal of the European Union. The rule will enter into force 20 days after its publication, expected in March 2026.

As it is a Directive, it is not directly applicable and requires its transposition into national law.

How do size thresholds change?

One of the most relevant structural changes directly affects the scope of companies required to report sustainability information.

Under the new wording, only companies that:

• Exceed 450 million euros of net turnover, y

• Exceed an average of 1,000 1,000 employees during the fiscal year.

This criterion applies to individual companies as well as to consolidated groups and issuers.

The modification involves:

• The exclusion of numerous companies initially included in the schedule of the Directive (EU) 2022/2464.

• The elimination of the obligation for SMEs listed on regulated markets.

• A concentration of the regime in companies of greater size and impact.

The adjustment significantly reduces the number of obligated entities and reinforces the principle of proportionality.

In the case of subsidiaries and branches of third country companies, the turnover thresholds that trigger the disclosure obligation are also raised.

Simplification of sustainability reporting

The Directive incorporates a set of measures aimed at reducing the administrative burden and streamlining the ESG reporting system.

Among the main decisions adopted, the following stand out:

Revision of the European Sustainability Reporting Standards (ESRS).
The Commission is to reform the first regulatory package to:

• Eliminate data points considered less relevant.

• Prioritize quantitative indicators over extensive descriptions.

• Distinguish clearly between mandatory and voluntary requirements.

• Clarify the principle of materiality.

• Improve consistency with other European legislation and international standards.

Elimination of additional mandatory sectorial standards
The provision to develop new sectorial standards is eliminated, avoiding a progressive expansion of obligations.

Verification and audit adjustments

• The deadline for adopting limited verification standards is extended to July 2027.

• The obligation to develop reasonable verification standards is eliminated.

• Simplified transitional regimes for third country auditors are introduced.

Clarity in digital format
Until specific technical standards for electronic tagging are adopted, it will not be mandatory to digitally tag sustainability information.

How does this Directive protect SMEs in the value chain?

The regulation introduces a maximum limit of information that large companies may require from companies in their value chain with less than 1,000 employees.

Specifically:

• Reporting companies may rely on a self-declaration of the size of their suppliers.

• They may not require information that exceeds the limits set in future voluntary standards.

• Protected companies shall have the right to refuse to provide additional information.

The aim is to curb the regulatory drag effect on SMEs not directly bound by the CSRD by reducing indirect burdens on data collection and verification.The aim is to reduce indirect burdens in the collection and verification of data.

Impact for amec companies

For many industrial exporting companies associated with amec, the impact is significant.

Those that do not exceed the new thresholds will be excluded from the direct reporting obligation, although they may opt for voluntary standards if their clients or markets demand it.

At the same time, membership in international value chains will continue to require structured ESG information management, albeit within a more proportionate framework.

Transposition in Spain and timetable

The deadline for transposition is March 19, 2027.

Until then:

• The current regime in Spain remains in force.

• There is no automatic reduction of obligations.

• Companies must maintain compliance in accordance with the current framework.

Spain will have to adapt its domestic regulations, foreseeably through amendments to Law 11/2018, the Commercial Code, the Capital Companies Law and auditing regulations.

The new configuration of the CSRD will start to be applied de facto as of 2027after completion of national transposition.