Irish CSRD Regulations Amended

AC
Arthur Cox

Contributor

Arthur Cox is one of Ireland’s leading law firms. For almost 100 years, we have been at the forefront of developments in the legal profession in Ireland. Our practice encompasses all aspects of corporate and business law. The firm has offices in Dublin, Belfast, London, New York and Silicon Valley.
The European Union (Corporate Sustainability Reporting) Regulations 2024 (the  CSRD Regulations) have been amended by the European Union (Corporate Sustainability Reporting) (No. 2) Regulations 2024.
Ireland Corporate/Commercial Law

The  European Union (Corporate Sustainability Reporting) Regulations 2024  (the CSRD Regulations) have been amended by the European Union (Corporate Sustainability Reporting) (No. 2) Regulations 2024.

The CSRD Regulations, transpose the Corporate Sustainability Reporting Directive (CSRD) into Irish law, amending the Companies Act 2014 and the Irish Transparency Regulations 2007.

As set out in our recent update some anomalies had been identified in the CSRD Regulations. The amendments address two of these issues:

  • Artificial Consolidation: The transitional measure, permitting an in-scope EU subsidiary to prepare a "consolidated sustainability report" including all in-scope EU subsidiaries which share a common non-EU parent, was initially only available from financial years beginning on or after 1 January 2028. The amended provision now provides that "artificial consolidation" is available with immediate effect.
  • Exemptions for Subsidiaries: The exemption for group subsidiaries was initially more restrictive than provided under the CSRD and restricted all large public-interest entities from relying on this exemption. This has been amended, such that only large companies listed on an EU regulated market are precluded from availing of the subsidiary exemption.

The Department of Enterprise Trade and Employment confirmed that it will publish FAQ in the coming weeks addressing some further technical queries that it has received on the CSRD Regulations.

This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More