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| 89) | Do third-country issuers have to include Article 8 Taxonomy Regulation disclosures in their sustainability statement? Without prejudice to Article 23 of the Transparency Directive, third-country issuers reporting in accordance with Article 19a or 29a of the Accounting Directive must include Article 8 Taxonomy disclosures in their sustainability statements. Article 4(5) of the Transparency Directive requires EU and third-country issuers of transferable securities admitted to trading on an EU regulated market (excluding micro-undertakings) to draw up their management report in accordance with Articles 19, 19a, 20, and 29d(1) of the Accounting Directive (or Articles 29, 29a and 29d(2) of the Accounting Directive in the case of a consolidated management report) and to include the specifications adopted pursuant to Article 8(4) Taxonomy Regulation, ‘ when drawn up by undertakings referred to in those provisions ’. In line with the co-legislators’ clear intention to extend the sustainability reporting requirements set out in the Accounting Directive (which only applies to EU undertakings) to EU and third-country issuers, ‘ when drawn up by undertakings referred to in those provisions ’ is to be interpreted as referring to the categories of undertakings referred to in Articles 19a and 29a of the Accounting Directive (i.e. large undertakings, listed SMEs excluding micro-undertakings, and parent companies of large groups). Since the Transparency Directive applies to all EU and third-country issuers (including micro-undertakings), this sentence is needed to ensure that listed micro-undertakings are not subject to sustainability reporting requirements. Article 8 of the Taxonomy Regulation requires companies subject to Articles 19a or 29a of the Accounting Directive to publish how and to what extent the company’s activities are associated with economic activities that qualify as environmentally sustainable. The wording of Article 4(5) of the Transparency Directive indicates that where an EU or third-country issuer is subject to sustainability reporting requirements under Articles 19a or 29a of the Accounting Directive, it must include Article 8 Taxonomy Regulation disclosures in its management report.

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Source: EUR-Lex (Cellar) · retrieved 2026-09-07 · Text as adopted (Official Journal); later amendments are not incorporated in this text.