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Official CSRD communication: ICAC and CNMV

Updated on
November 28, 2024

An official communication has just been issued by the National Securities Market Commission (CNMV) and the Institute of Accounting and Auditing (ICAC) in Spain (the authorities who will ensure your sustainability reports are correct).

If you're still confused about the CSRD, that's normal. But we’ve summarized the key updates for you.

Key points of the CSRD communication

1. Transposition of the CSRD in Spain:

There is still no unified European standard for sustainability verification, so each country can use its own national regulations to govern it.

If you haven’t read what we know so far about the transposition of the Spanish CSRD law, including penalties and fines, scope, transitional periods, and much more, you’ll want to check out this article.

2. Verification recommendations:

Until the CSRD is fully implemented into Spanish law, companies may use the ESRS to meet sustainability reporting requirements. The CNMV and ICAC consider it acceptable for companies to follow this approach, as long as they comply with the reliability and relevance criteria established by the ESRS.

Therefore, even in the absence of a finalized transposition law, companies can begin using the ESRS as the foundation for their sustainability reports starting in 2025.

While the final technical standard is being approved, it is recommended that companies follow COESA's guidelines, the ISSA 5000 (international sustainability assurance standard), and the current ESRS.

3. Technical verification standard in Spain:


The ICAC is developing a standard to ensure the proper verification of companies’ sustainability information, and this standard will be approved when certain key laws in Spain are modified.

Key dates

January 1, 2025: frrom this date, entities must present their sustainability information in compliance with the CSRD and ESRS.

December 31, 2024: if the regulation transposing the CSRD is not finalized by this date, the CNMV and ICAC will allow entities to continue using the ESRS to comply with the verification of their non-financial information.

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Cristina Alcalá-Zamora
CSRD Specialist | Content Creator

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