The European Securities and Markets Authority (ESMA) has advised the European Commission to amend Level 2 measures under the Benchmarks Regulation (BMR) to alleviate the compliance burden on benchmark administrators.

Findings from ESMA’s 2024 Common Supervisory Action (CSA) call for more consistent and comparable ESG disclosures, aiming to improve usability for benchmark users and strengthen the quality of sustainability-related information.

This initiative marks ESMA’s first coordinated supervisory review with National Competent Authorities (NCAs), highlighting its evolving role as a direct supervisor in the ESG space. The authority will continue working with NCAs to build a harmonized EU supervisory culture around ESG reporting.

The report also underscores the importance of aligning ESG disclosure requirements across EU sustainable finance regulations, promoting a more integrated and efficient regulatory framework.

Looking ahead, ESMA remains committed to enhancing transparency, coherence, and oversight in sustainable finance as part of its broader mission to reinforce trust in EU capital markets.

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