S.L. 386.31 Art. 41Transitory provisions.

(1) Until 6th January 2030, a Union subsidiary undertaking which is subject to regulations 6 to 14 relating to sustainability reporting or regulations 15 to 22 relating to consolidated sustainability reporting, and whose parent undertaking is not governed by the laws of a Member State may prepare consolidated sustainability reporting, in accordance with regulations 15 to 22, that includes all Union subsidiary undertakings of such parent undertaking that are subject to sustainability reporting in terms of regulations 6 to 14 or consolidated sustainability reporting in terms of regulations 15 to 22.

(2) Until 6th January 2030, the consolidated sustainability reporting referred to in sub-regulation (1) shall include the disclosures stipulated in Article 8 of Regulation (EU) 2020/852, on the establishment of a framework to facilitate sustainable investment, and sustainability-related disclosures in the financial services sector, covering the activities carried out by all Union subsidiary undertakings of the parent undertaking referred to in sub-regulation (1) that are subject to sustainability reporting in terms of regulations 6 to 14 or consolidated sustainability reporting in terms of regulations 15 to 22.

(3) The Union subsidiary undertaking referred to in sub-regulation (1) shall be one (1) of the Union subsidiary undertakings of the group that generated the greatest turnover in the Union in at least one (1) of the preceding five (5) financial years, on a consolidated basis, where applicable.

(4) The consolidated sustainability reporting referred to in sub-regulation (1) shall be published in accordance with article 183 of the Act.

(5) For the purpose of the exemption stipulated in regulation 14(1) to (8) and regulation 22(1) to (8), reporting in accordance with regulation 41(1) shall be considered to be reporting by a parent undertaking at group level with respect to the undertakings included in the consolidation. Reporting in accordance with regulation 41(1) and (2) shall be considered to fulfil the conditions referred to in regulation 14(3)(c) and regulation 22(3)(c), respectively.