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On October 20, 2026, the Spanish Securities and Exchange Commission ("CNMV") and the Spanish Accounting and Audit Institute ("ICAC") published their third joint communication (the "Communication"), providing guidance to companies on how to draft their corporate sustainability reports in the absence of CSRD transposition and the amendments under the Omnibus I Reform.
Background
In Spain, the obligation to prepare the non-financial information statement and have it verified by an independent provider arose, as a general rule, from Act 11/2018, which transposed Directive 2014/95/EU (the "“Non-Financial Reporting Directive” or “NFRD”) into Spanish law and is currently the applicable framework in this area.
In the European scenario, Directive 2022/2464/EU (“CSRD”), in force since January 2023, replaced the NFRD, making it mandatory to report following the European Sustainability Reporting Standards (“ESRS”), set one of which (“Set 1”) was adopted through Commission Delegated Regulation (EU) 2023/2772. However, the CSRD is still pending transposition in Spain.
Later, the Omnibus I package, adopted by the European Commission (“EC”) on February 26, 2025, lead to Directive 2026/470/EU, amending the CSRD (see our Post | Publication of Omnibus I Directive), and was completed on July 3, 2026, with Commission Delegated Regulation (EU) 2026/1563, simplifying the ESRS (“Set 2”), and Commission Delegated Regulation (EU) 2026/1560, approving a voluntary standard (“VSME”).
Due to the delayed transposition, the CNMV and the ICAC published two joint communications on November 27, 2024 and on November 19, 2025, to provide guidance to entities and their assurance service providers when preparing the relevant information for the 2024 and 2025 financial years.
New developments under Omnibus I
The Communication highlights the following new developments arising from Directive 2026/470/EU and its implementing delegated acts.
| Term for transposition | Member States must transpose the Directive no later than March 19, 2027. The new framework will apply to financial years starting from January 1, 2027, meaning that the first report will be required in 2028. |
| New scope of application | The obligation is limited to companies with over 1,000 employees and a net turnover exceeding €450 million, which affects only some “wave one” companies and all “wave two” companies under the CSRD that exceed these thresholds. |
| Transitional exemption period | The Directive allows Member States to exempt, in the 2024 and 2025 financial years, any companies that reported in 2024 and do not exceed the new thresholds. As the transposition as not been carried out in Spain, this exemption does not apply in Spain. |
| Simplified ESRS (Set 2) | Commission Delegated Regulation (EU) 2026/1563 will apply to the financial years starting from January 1, 2027. For 2026, companies can choose between applying: (i) Set 1 with the “Quick fix” (Commission Delegated Regulation 2025/1416), (ii) Set 2, or (iii) Set 1 with the “Quick fix” and the exemptions under Set 2. |
| Voluntary standard | Commission Delegated Regulation 2026/1560, inspired by EFRAG's VSME, serves as a reference for voluntary reporting by the exempt companies and for limiting the information that can be requested in the value chain. |
| Assurance | The EC has postponed adoption of the limited assurance regime until July 1, 2027; meanwhile, Member States can apply national technical rules. |
Updated recommendations for 2026 financial year
The CNMV and the ICAC update their recommendations with the aim of ensuring “that the information published in Spain is comparable to that published by the other entities in the European Union”:
- Entities with over 1,000 employees: are recommended to publish their NIFS in line with the ESRS, where possible, availing of one of the alternatives under Commission Delegated Regulation (EU) 2026/1563, while ensuring they meet all the relevant requirements under Act 11/2018.
- Entities with fewer than 1,000 employees: are recommended to assess the suitability of applying the ESRS (using one of the alternatives under Set 2) or, where applicable, the voluntary standard under Delegated Act 2026/1560.
- In any case, entities subject to Act 11/2018 must continue to report the NIFS while that act is in force, meeting all its requirements as well as those in Royal Decree 214/2025, implementing Act 7/2021 on Climate change and Energy Transition.
- Independent assurance: the information supplied in the previous communications continues to apply. It is recommended to consider the technical regulations on assurance (not yet approved) published by the ICAC in December 2024, the guidelines by the Committee of European Auditing Oversight Bodies ("CEAOB”), and the International Standard on Sustainability Assurance 5000 ("ISSA 5000").
Conclusion
The Communication confirms that, during the 2026 financial year, Spanish companies will continue to operate under two regimes: Act 11/2018, still in force, and a simplified European framework pending transposition.
We advise companies, particularly those with over 1,000 employees, to promptly decide which ESRS alternative they will apply in the 2026 financial year and coordinate the assurance approach with their assurance service provider.
Here at Cuatrecasas, we will continue to provide updates on the transposition of the CSRD and developments in the Omnibus I reform.
For more information, please contact our specialists through the Knowledge and Innovation Area.
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