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Publication
Keeping your dawn raid guidance current
Unannounced inspections or ‘dawn raids’ are used by antitrust authorities to obtain evidence when there are suspicions that individuals or businesses have infringed the antitrust rules.
Global | Publication | December 2022
Requirement | CSRD |
Scope - EU Companies |
Covers EU Companies which are: a) Listed on a regulated market in the EU; or b) A "large company" (listed or non-listed) which has at least two of the following:
|
Scope – Non-EU Companies |
Extends to Non-EU Companies which have the following criteria: a) a turnover of over €150 million in the EU and; b) a subsidiary (which is a large or listed subsidiary) or a branch (with net turnover of €40 million) in the EU. |
Reporting Requirements |
Information must be clearly identifiable in a section of the management report and will cover sustainability matters including:
|
Standards |
Companies will be required to report on sustainability according to mandatory reporting standards. The European Financial Reporting Advisory Group (EFRAG) are developing a framework of reporting standards which will apply to (i) topics and (ii) sectors. Topical standards were drafted by EFRAG on 23 November 2022 which cover to the following topics:
Sectorial standards will be developed by EFRAG to cover:
The Commission is expected to adopt the standards in their final form in June 2023 and 2024 respectively. |
Auditor’s assurance |
Mandatory requirement for review of disclosures and assurance by a statutory auditor or independent assurance services provider that there has been no material misstatement in company’s disclosures. |
Digital Tagging |
Requirement to prepare annual financial reports in XHTML format and mark sustainability information in financial statements and management reports with a digital ‘tag’ so that it is machine readable. |
The CSRD will enter into force 20 days after publication on the EU Official Journal. The provisions will be applicable in stages between 2024 and 2029:
It is estimated that 50,000 companies will be covered by the new rules. Companies will need to assess their reporting strategies in light of the CSRD and develop mechanisms to collect and monitor relevant, verifiable data as well as disclose relevant information in a transparent and efficient manner backed by an independent verification.
The Norton Rose Fulbright Environment team will continue to monitor the CSRD as it gradually comes into force and we will keep a close eye on the accompanying standards as they are developed.
If you have any questions or would like any further information on these issues, please contact the team.
Publication
Unannounced inspections or ‘dawn raids’ are used by antitrust authorities to obtain evidence when there are suspicions that individuals or businesses have infringed the antitrust rules.
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