Ana Martínez-Pina analyses the ‘Omnibus Package’ | Expansión

Ana Martínez-Pina, banking and finance partner and head of financial regulation and insurance, analyses the ‘Omnibus Package’, which aims to simplify the sustainability regulations approved by the European Commission in recent years.

On 26 February, the EU Commission adopted the long-awaited ‘Omnibus Package’, which aims to simplify the sustainability legislation adopted in recent years, concretely, two important and closely interconnected directives: the Corporate Sustainability Reporting Directive 2022/2464 (CSRD) and the Corporate Sustainability Due Diligence Directive 2024/1760 (CS3D).

This simplification has been necessary for a number of reasons, such as the loss of competitiveness of European companies, the high costs of complying with the new regulations and the international context set by the US administration, which is less focused on climate policies and the ESG mainstream.

The Omnibus Package marks the start of regulatory simplification in the European Union, which is high on the agenda of regulators and supervisors. However, new questions arise as to which other regulatory texts will need to be amended and how the proposals will affect ongoing transposition processes. This requires careful reflection on the EU’s ‘regulatory policy’, to avoid recent rules with a high impact on business being amended before they are effectively implemented, as competitiveness is closely linked to regulation.

Read more