EU unveils major deregulatory push to aid businesses
In February, the European Commission will present the first package of regulations aimed at change and simplification. To start, three legal documents will be reviewed. Input from the business sector, pinpointing the biggest bureaucratic challenges, will be crucial for the officials.
In February, the European Commission plans to present the first in a series of deregulation packages, known as omnibuses, to simplify and amend existing regulations. In this process, EC officials meet with business representatives to identify what causes the most significant bureaucratic issues.
The European Commission plans to introduce the first in a series of omnibus packages on February 26, reflecting ongoing business discussions. This package will specify which provisions require modification and outline the proposed changes. Following its presentation, the proposal will need approval from the governments of member states and the European Parliament.
Sustainable development awaits deregulation
Brussels will first focus on three legal acts: the Corporate Sustainability Reporting Directive (CSDR), the Corporate Sustainability Due Diligence Directive (CSDDD), and the Taxonomy Regulation.
CSDR details the obligations regarding reporting environmental, social, and corporate governance (ESG) issues. Meanwhile, CSDDD introduces the requirement to identify, prevent, and minimize the negative impact of company operations on human rights and the environment throughout the value chain.
On the other hand, the Taxonomy Regulation helps investors and companies identify climate-friendly projects and investments and counteract greenwashing (false eco-marketing).
The first in a series of omnibuses marks the beginning of a broad deregulation effort, which Ursula von der Leyen, President of the European Commission, has prioritized. The goal is to create a more business-friendly environment.
