Regulatory updates

Local Contact

25 Nov 2025
Subject Tax updates
Categories Consulting

Overview:

EMEIA

13 November: Sustainability reporting and due diligence. MEPs back simplification changes.

5 November: The European Banking Authority (EBA) published its final Guidelines on environmental scenario analysis to complement its existing ESG risk management guidelines. 

5 November: The Council of the EU approved an updated nationally determined contribution (NDC) of the EU and its member states. 

4 November: The Joint Committee of the European Supervisory Authorities (ESAs) published an updated version of its consolidated Q&As on the Sustainable Finance Disclosure Regulation. 

4 November: The UK Government published a draft Statutory Instrument (SI) on the regulation of ESG ratings providers.

3 November: The UK Transition Finance Council has launched a second consultation on its draft entity-level Transition Finance Guidelines and Implementation Handbook, following an initial consultation over the summer.

30 October: The Financial Reporting Council (FRC) published final guidance to the UK Stewardship Code 2026. 

24 October: AFM asked listed companies to pay extra attention to the enforcement priorities of the ESMA and to transparent sustainability reporting when preparing their 2025 reports. 

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22 October: ESMA published its 2025 Carbon Market Report on the EU Emissions Trading System (ETS), confirming continued market stability and consistent trading dynamics.

22 October: European Parliament Rejects JURI Position on Omnibus Package.

21 October: The European Commission proposed amendments to the EU Deforestation Regulation (EUDR), which has been under discussion since its initial publication in May 2023.

15 October: ESMA published its final report on three draft regulatory technical standards (RTS) under the ESG Rating Regulation after consulting in May 2025.

15 October: ESMA published its final report on Technical Standards under the Green Bond Regulation.

Seperate: ESMA issued its annual statement on European Common Enforcement Priorities (ECEP) for 2025 corporate reporting.

Global

7 November: The Network for Greening the Financial System (NGFS) published a series of explanatory notes aimed at improving the clarity and usability of its long-term climate scenarios.

6 November: The Taskforce on Nature-related Financial Disclosures (TNFD) has published a set of recommendations on how firms can address nature data challenges.

6 November: The Science Based Targets initiative (SBTi) has published for consultation an updated draft of its revised Corporate Net-Zero Standard.

3 November: The International Organization of Securities Commissions (IOSCO) released a final report examining ESG indices used as benchmarks in comparison to its Principles for Financial Benchmarks (PFBs).

20 October: The Taskforce on Inequality and Social-related Financial Disclosures (TISFD) released a discussion paper titled "Conceptual Foundations". 

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.