The CNMV and the ICAC update their recommendations on sustainability reports in the interim before transposition of the CSRD Directive in Spain

The Spanish National Securities Market Commission (CNMV) and the Spanish Accounting and Audit Institute (ICAC) have issued a new statement updating their previous statement dated November 19, 2025, in the event that on December 31, 2026 Spanish law has not yet been brought into step with EU law, following the approval of Directive (EU) 2026/470 (“Omnibus I”), amending Directive (EU) 2022/2464 (CSRD), and delegated regulations (EU) 2026/1563 and 2026/1560

In this statement both bodies recommend that, to ensure, in line with their earlier joint statements, that the information published in Spain is comparable, as far as possible, with the information published by other entities in the European Union:

• Entities subject to Law 11/2018 that have more than 1,000 employees should publish their non-financial information statements under European sustainability reporting standards (ESRS), to the extent that they are able to do so, and apply any of the alternatives in delegated Regulation (EU) 2026/1563, publishing ESRS 2, without failing to comply with any of the material requirements under Law 11/2018.
• Entities subject to Law 11/2018 that have fewer than 1,000 employees should assess, in the preparation of their non-financial information statements for 2026, whether it is appropriate to apply the European sustainability reporting standards under those alternatives or, if applicable, the voluntary standard approved by delegated Regulation (EU) 2026/1560.

They also provide a reminder that while Law 11/2018 is in force, in-scope entities should continue reporting their non-financial information statements and complying with all the requirements in that law and in Royal Decree 214/2025, because the transitional exemption for 2025 and 2026 allowed by Directive 2026/470 has not been established in Spain. 

Lastly, they point out that the recommendations on independent verification of the non-financial information statement or the sustainability report included in their earlier statements (first statement and second statement) continue to be applicable, and recommend that entities take into account the (unapproved) verification technical standard published by the ICAC in December 2024, the guidelines published by COESA and the ISSA 5000  standard.