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  07/07/2025

  Europe

  European Commission adopts delegated act simplifying EU Taxonomy reporting

  In what marks the latest step on the EU’s road to sustainability reporting simplification, on 4 July 2025, the European Commission (“EC”) adopted a Delegated Act amending the currently in-force Taxonomy Disclosure, Climate and Environmental Delegated Acts (the “Delegated Act”).BackgroundThe EC published a draft version of the Delegated Act in February 2025 as part of its first Omnibus simplification package, which you can read more about here. A public consultation period followed, during which the EC sought feedback on (among other things) simplifying the do no significant...

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  04/07/2025

  Europe

  The EU Green Claims Directive - where are we now, and what's next?

  The EU Green Claims Directive Proposal (Proposal) was originally adopted by the EU Commission back in March 2023 as part of the European Green Deal. This development was being closely watched by a wide range of businesses due to the increased responsibilities and constraints it proposed to add to green claims and labels. However, a dramatic turn of events towards the end of June this year ended up with the Commission announcing its intention to withdraw the Proposal just before it should have been discussed at the final trilogue (the inter-institutional discussion process between the European Parliament,...

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  03/07/2025

  Europe

  ESMA Releases Practical Guidance on Sus­tain­ab­il­ity Claims and ESG Credentials

  On 1 July, the European Securities and Markets Authority (“ESMA”) released “thematic notes” on sustainability claims. ESMA emphasises that these are intended to inform and educate market participants about making clear, fair and not misleading sustainability claims, with the initial thematic note focussing on references to “ESG credentials” (e.g. participation or involvement in voluntary alliances or initiatives, ESG labels, ESG awards and comparisons to peers). ESMA states that other thematic notes will follow on other topics as judged necessary.Key ExpectationsBuilding...

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  02/07/2025

  Europe

  Charging ahead: ECJ facilitates amendments of long-term concessions to cover electric vehicle charging in­fra­struc­ture

  On 29 April 2025, the European Court of Justice delivered a landmark judgment that provides legal clarity for contracting authorities and concessionaires managing long-term infrastructure agreements. The Court confirmed that modifications of concession contracts under Article 43 of the Directive 2014/23/EU on the award of concession contracts, do not require a new award procedure, even if the original contract was awarded without a competitive tender to an in-house entity that has since been privatised.Background of the CaseThis ruling arose from a reference for a preliminary ruling by the German...

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  01/07/2025

  Europe

  ESA Consultation Paper on Guidelines for Integrating ESG Risks into Stress Testing

  On 27 June 2025, the European Supervisory Authorities (“ESAs”) jointly published a consultation paper setting out proposed guidelines for integrating environmental, social, and governance (“ESG”) risks into supervisory stress testing activities.The consultation paper is part of the ESAs’ mandate under the revised legislation (including the Capital Requirements Directive and Solvency II) and seeks to establish consistent and robust supervisory practices in assessing ESG risk exposures.In summary, the draft guidelines are intended to harmonise how competent authorities...

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  27/06/2025

  Europe

  EBA Issues No-Action Letter on dual licensing of EMT services under MiCA and PSD2

  On 10 June 2025, the European Banking Authority (“EBA”) published a No-Action Letter addressed to national competent authorities (“NCAs”) across the EU. The letter provides, amongst others, regulatory guidance on how to treat certain crypto-asset services involving Electronic Money Tokens (“EMTs”) during the transitional period before the Payment Services Regulation (“PSR”) and the Third Payment Services Regulation (“PSD3”) come into effect. EBA’s position is that, for now, some EMT-related services will require dual authorization...

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