##  [Spain: The CNMV and the ICAC publish a second statement on sustainability reports pending the transposition of the CSRD Directive into the Spanish legal system](/en_GB/new/spain-cnmv-and-icac-publish-second-statement-sustainability-reports-pending-transposition-csrd) 

# Spain: The CNMV and the ICAC publish a second statement on sustainability reports pending the transposition of the CSRD Directive into the Spanish legal system





Spain - 11 / 19 / 2025

















- <a aria-label="Link" class="fs-5" data-content="Copied link" data-placement="top" data-toggle="popover" data-trigger="focus" data-url="https://www.garrigues.com/en_GB/new/spain-cnmv-and-icac-publish-second-statement-sustainability-reports-pending-transposition-csrd" id="get-app-artwork" role="button" tabindex="0"></a>
- [](https://www.linkedin.com/sharing/share-offsite/?url=https://www.garrigues.com/en_GB/new/spain-cnmv-and-icac-publish-second-statement-sustainability-reports-pending-transposition-csrd)
- [](<https://twitter.com/intent/tweet?text=Spain: The CNMV and the ICAC publish a second statement on sustainability reports pending the transposition of the CSRD Directive into the Spanish legal system&url=https://www.garrigues.com/en_GB/new/spain-cnmv-and-icac-publish-second-statement-sustainability-reports-pending-transposition-csrd>)
- [](<https://www.facebook.com/sharer.php?u=https://www.garrigues.com/en_GB/new/spain-cnmv-and-icac-publish-second-statement-sustainability-reports-pending-transposition-csrd&t=Spain: The CNMV and the ICAC publish a second statement on sustainability reports pending the transposition of the CSRD Directive into the Spanish legal system>)

 







   Previous    Next  















**The Spanish National Securities Market Commission (CNMV) and the Institute of Accounting and Auditing (ICAC) have issued a new statement updating their previous** [**statement**](https://www.garrigues.com/es_ES/noticia/cnmv-icac-publican-comunicado-informes-sostenibilidad-espera-transposicion-directiva-csrd) **dated 27 November 2024, given the possibility that the CSRD and other related rules will not be transposed into the Spanish legal system before 31 December 2025.**





In this [statement](https://www.cnmv.es/Portal/verDoc.axd?t=%7b62340d14-9828-4a88-8561-94f2c559d8a8%7d), both bodies recommend that, without prejudice to compliance with the Spanish legislation currently in force:

- Spanish entities included in phase 1 (“wave 1”) of CSRD reporting, required to report sustainability information for the 2025 financial year, should, to the extent possible, publish the Non-Financial Information Statement (EINF) taking into account the European Sustainability Reporting Standards (ESRS), availing themselves of the new EU transitional framework under the “quick fix” Delegated Regulation adopted on 11 July 2025.
- Entities included in phase 2 of the CSRD should assess the advisability of using the ESRS or, where appropriate, the voluntary sustainability reporting standard for small and medium-sized enterprises, in preparing their EINF, taking into account Directive 2025/794 of the European Parliament and of the Council of 14 April 2025 (“stop the clock”) and other ongoing European legislation.

Finally, it notes that the recommendations included in their initial [statement](https://www.cnmv.es/DocPortal/Publicaciones/OTROS/Comunicado_ICAC_CNMV.pdf) regarding the independent assurance of the content of the EINF or Sustainability Report remain in force.









[Spain](/en_GB/tags/spain), [Sustainability](/en_GB/tags/sustainability), [Corporate Governance](/en_GB/tags/corporate-governance)







 

 



 

 

### Contact

 

 ![Foto del socio](/sites/default/files/styles/medium/public/team/photo/Sergio_Gonzalez_Galan_en_20260609.jpg?itok=YzXaCPA6)

[Sergio González](/en_GB/team/sergio-gonzalez-galan)




![](/themes/custom/garriguestheme/img/iconos/email-contacto.svg)[Contact](<mailto:sergio.gonzalez.galan@garrigues.com >)

- +34 91 514 52 00
    
    [Madrid](https://www.garrigues.com/en_GB/office/madrid)
 










 

[Find more professionals](../team)

 

 



 

### Related services 

 

- [Sustainability ](/en_GB/services/sustainability)
 


 

 



 

 

- 
 


 

 



 

## Find a publication

   

- [Administrative and Constitutional Law](/en_GB/markdownify/node/15226?f%5B0%5D=service%3A1422)
- [Agribusiness and Food](/en_GB/markdownify/node/15226?f%5B0%5D=service%3A1417)
- [Automotive](/en_GB/markdownify/node/15226?f%5B0%5D=service%3A1419)
- [Banking and Finance](/en_GB/markdownify/node/15226?f%5B0%5D=service%3A1443)
- [Corporate and M&amp;A](/en_GB/markdownify/node/15226?f%5B0%5D=service%3A1441)
- [Corporate Governance and Sustainable Development](/en_GB/markdownify/node/15226?f%5B0%5D=service%3A12823)
- [Criminal Law and Internal Investigations](/en_GB/markdownify/node/15226?f%5B0%5D=service%3A1434)
- [Data Economy, Privacy and Cybersecurity](/en_GB/markdownify/node/15226?f%5B0%5D=service%3A10913)
- [Dispute Resolution: Litigation and Arbitration](/en_GB/markdownify/node/15226?f%5B0%5D=service%3A1412)
- [Energy](/en_GB/markdownify/node/15226?f%5B0%5D=service%3A10916)
- [EU and Antitrust Law](/en_GB/markdownify/node/15226?f%5B0%5D=service%3A1416)
- [Family Business](/en_GB/markdownify/node/15226?f%5B0%5D=service%3A1413)
- [Fashion Law](/en_GB/markdownify/node/15226?f%5B0%5D=service%3A1435)
- [Financial Regulation](/en_GB/markdownify/node/15226?f%5B0%5D=service%3A10915)
- [G-advisory](/en_GB/markdownify/node/15226?f%5B0%5D=service%3A12821)
- [Human Capital Services](/en_GB/markdownify/node/15226?f%5B0%5D=service%3A1431)
- [Infrastructure](/en_GB/markdownify/node/15226?f%5B0%5D=service%3A10914)
- [Insurance](/en_GB/markdownify/node/15226?f%5B0%5D=service%3A1438)
- [Intellectual Property](/en_GB/markdownify/node/15226?f%5B0%5D=service%3A1421)
- [Labor and Employment](/en_GB/markdownify/node/15226?f%5B0%5D=service%3A1424)
- [Life Sciences and Healthcare](/en_GB/markdownify/node/15226?f%5B0%5D=service%3A1429)
- [Media and Entertainment](/en_GB/markdownify/node/15226?f%5B0%5D=service%3A1433)
- [Planning, Zoning and Environment](/en_GB/markdownify/node/15226?f%5B0%5D=service%3A1444)
- [Private Equity](/en_GB/markdownify/node/15226?f%5B0%5D=service%3A1439)
- [Real Estate](/en_GB/markdownify/node/15226?f%5B0%5D=service%3A10927)
- [Restructuring and Insolvency](/en_GB/markdownify/node/15226?f%5B0%5D=service%3A1420)
- [Securities Markets](/en_GB/markdownify/node/15226?f%5B0%5D=service%3A1442)
- [Sports](/en_GB/markdownify/node/15226?f%5B0%5D=service%3A1430)
- [Startups &amp; Open innovation](/en_GB/markdownify/node/15226?f%5B0%5D=service%3A1426)
- [Sustainability](/en_GB/markdownify/node/15226?f%5B0%5D=service%3A10921)
- [Tax](/en_GB/markdownify/node/15226?f%5B0%5D=service%3A1425)
- [Technology, Communications and Digital](/en_GB/markdownify/node/15226?f%5B0%5D=service%3A1436)
- [Tourism and Hotels](/en_GB/markdownify/node/15226?f%5B0%5D=service%3A1432)
- [Transport, Logistics and Shipping](/en_GB/markdownify/node/15226?f%5B0%5D=service%3A1428)

 Facet Services detail

 



- [Publications](/en_GB/markdownify/node/15226?f%5B0%5D=publication_type%3A794)
- [Newsletters](/en_GB/markdownify/node/15226?f%5B0%5D=publication_type%3A107)
- [Garrigues collection](/en_GB/markdownify/node/15226?f%5B0%5D=publication_type%3A101)
- [Laws: amendments at a glance](/en_GB/markdownify/node/15226?f%5B0%5D=publication_type%3A104)
- [News](/en_GB/markdownify/node/15226?f%5B0%5D=publication_type%3A105)

 Facet Publication type detail

 



  Min  

 Max  

 







 

## News search engine