Notícias · 2 min · 04/11/2026
EU Regulators Propose Simplification of Taxonomy Reporting Rules for Banks, Insurers and Investors
Europe’s three primary financial regulatory agencies, the European Supervisory Authorities (ESAs) announced the release of […]
Europe’s three primary financial regulatory agencies, the European Supervisory Authorities (ESAs) announced the release of their finalized advice on measures to simplify reporting obligations for asset managers, banks and insurers under the EU Taxonomy regulation.
The ESAs include The European Securities and Markets Authority (ESMA), The European Banking Authority (EBA), and The European Insurance and Occupational Pensions Authority (EIOPA).
The EU Taxonomy, part of the EU Sustainable Finance Framework, and is aimed at helping to facilitate the flow of capital towards activities that contribute to the EU’s sustainability goals. The taxonomy establishes a classification system for economic activities that play key roles in contributing to at least one of six defined environmental objectives, with criteria for inclusion requiring an activity to contribute substantially to at least one of the objectives, and to cause no significant harm to the other objectives.
Under the European’s Omnibus I simplification initiative, the Commission adopted a series of measures last year to ease the compliance burden of the Taxonomy regulation, including dramatically reducing the number of datapoints in the taxonomy’s reporting templates, and exempting companies from assessing taxonomy alignment for non-material activities.
In March 2026, the Commission issued a request for the ESAs to provide technical advice on additional simplification measures, focused on specific KPIs and other potential technical amendments. The ESA’s launched consultations on their proposals in July.
ESMA’s advice included a focus on the operational expenditure key performance indicator (OpEx), which requires companies to report the proportion of their OpEx associated with Taxonomy-aligned activities, with the regulator noting that its consultation found that respondents felt that the OpEx KPI entails a disproportionate reporting burden and provides limited incremental information. ESMA recommended limiting the mandatory OpEx KPI to non-capitalized R&D expenditure, although its recommendation did not include a voluntary “OpEx+” KPI that it had considered in its initial proposal, due to concerns about comparability and costs.
The EBA’s advice included eliminating some of the Taxonomy’s banking-focused KPIs including the Fees & Commissions KPI, which measure the proportion of advisory and capital markets fee income related to Taxonomy-aligned activities and the Trading Book KPI regarding how much of trading activities involve Taxonomy-aligned securities, with respondents to the consultation agreeing that the KPIs have limited decision-usefulness and high implementation costs.
EIOPA’s advice included recommendations to revise the Taxonomy’s main insurance underwriting KPI to improve the accuracy and comparability of disclosures on insurers’ climate adaptation activities. The regulator also advised against the introduction of a new metric to measure green insured activities that had been considered in its consultation, following opposition from stakeholders, with a recommendation to reconsider this option in five years.
The ESA’s also provided joint recommendations, including advising against the introduction of a voluntary OpEx KPI that would allow financial institutions to incorporate the OpEx KPI reported by non-financial companies into their own Taxonomy KPIs, citing concerns that this would increase cost and complexity and reduce comparability, as well as advice to simplify group-level reporting by replacing the weighted-average group KPI with a parent-level KPI, complemented by simplified disclosures for material subsidiaries.