Paris financial center’s position on simplification omnibus package

The Sustainable Finance Institute and Paris Europlace welcome the European Commission’s ‘simplification’ initiative

The Sustainable Finance Institute and Paris Europlace have expressed their support for the European Commission’s recent simplification initiative. This initiative must be implemented in line with the objectives of the European Green Deal, reflecting the need for ecological transition. It also aims to ensure regulatory alignment throughout the financial value chain, while reducing European investors’ excessive dependence on ESG data providers.

Any revision, particularly that of the CSRD and the taxonomy, must be based on the following six key elements, which should serve as a guide for this simplification:

1. Focus on relevant data
2. Harmonise regulations throughout the financial value chain
3. Maintain the principle of double materiality while promoting interoperability
4. Enhance clarity and consistency to ensure legal certainty and stability
5. Ensure the clarity and relevance of ‘sector-agnostic’ standards for all companies in a context of sectoral standards being removed
6. Guarantee fair competition and comparability between similar companies, regardless of their location