On 12 February 2025, the EU Commission published its Work Programme, outlining the Commission's ambition to boost competitiveness, enhance security, and bolster economic resilience in the EU.
Of note are the comments made in relation to regulatory simplification, a priority to ensure that EU markets remain competitive. The has been a significant source of interest among market participants who have spent the last few years grappling with increasingly complex EU sustainability regulations.
Key to the proposed simplification package are the EU's three proposed simplification Omnibuses:
- First Omnibus package on sustainability (expected Q1 2025): this package aims to simplify by 25% reporting requirements on companies, although details of how this will be achieved remain uncertain. Read our more detailed briefing on the sustainability Omnibus here.
- Second Omnibus package on investment simplification (expected Q1 2025): this package is targeted at facilitating the implementation of the InvestEU programme and the European Fund for strategic investments, including by simplifying reporting and boosting investment.
- Third Omnibus package, including on small mid-caps and removal of paper requirements (expected Q2 2025): this package will create a new category of small mid-cap companies with adapted requirements so that such companies may be carved out from the more extensive requirements applying to larger entities.
The Commission Work Programme confirms that the proposals are on track, notwithstanding speculation that the first Omnibus package on sustainability will be delayed.
Scant details were provided on the contents of the Omnibus proposals, although the Work Programme confirmed what we already know from the EU Competitiveness Compass, namely that the simplification measures aim to tackle priority sectors signalled by stakeholders and referred to in the Draghi report, and that a priority area will be ensuring a more coherent interaction between the three complex and technical pillars of EU sustainability regulations (CSRD, CS3D and the EU Taxonomy).
The first Omnibus on sustainability is expected on 26 February 2025 and we will be providing ongoing updates on the implications of this.
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