New CNMV and ICAC statement to guide companies on sustainability reporting until the CSRD is transposed in Spain
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The CNMV and the ICAC have issued their third joint statement as the CSRD has still not been transposed in Spain. They recommend that entities subject to Law 11/2018 with more than 1,000 employees prepare their 2026 sustainability report under the ESRS, so that it is comparable with that of other European issuers.
Key points
- The CNMV will accept ESRS-based reports provided they also comply with Law 11/2018.
- Other entities are advised to consider the ESRS or the voluntary standard.
- Assurance providers should take into account the ICAC draft technical standard, COESA guidelines and ISSA 5000.
Who is affected
Large issuers and companies required to report on sustainability, and their assurance providers.
Deadlines
Applies to the 2026 sustainability report.
Plain-language version
Spain's market watchdog, the CNMV, and the ICAC, which oversees auditors, advise companies with over 1,000 staff to write their 2026 sustainability report using the EU standards (ESRS). Spain has not yet brought the EU law on this into national law. Following the standards means their environmental and workforce data can be compared with other European companies.
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