ESG | Transitional rules on sustainability reporting introduces

On 24 February 2025, Law No. 15 of 21 February 2025 (the “Conversion Law”) was published in the Italian Official Gazette No.  45, converting into law, with amendments, Legislative Decree No. 202 of 27 December 2024 (the Milleproroghe Decree). The Conversion Law introduces two amendments to the Milleproroghe Decree, aimed at facilitating the transition to the new regime introduced by Legislative Decree No. 125 of 6 September 2024, which transposed the Corporate Sustainability Reporting Directive (CSRD) into Italian law. Firstly, paragraph 14-bis has been added to Article 3 of the Milleproroghe Decree, stating that, pending the adoption of the implementing decree by the Italian Ministry of Economy and Finance pursuant to Article 6.1-bis of Legislative Decree No. 39 of  27 January 2010, auditors may continue to issue attestations of conformity for financial statements closed as of 31 December 2024, provided that, by the date of entry into force of the Conversion Law, they have obtained at least five training credits related to sustainability reporting and attestation. Furthermore, the newly introduced paragraph 14-ter of the above mentioned Article 3 extends the penalty regime for non-financial statements related to financial years starting before 1 January 2024. For these financial years, Articles 8 and 9 of Legislative Decree No. 254 of 30 December 2016 will continue to apply, despite their repeal by Legislative Decree No. 125 of 6 September 2024, which took effect on 25 September 2024.

Newsletter n. 105 – March 2025