EN 
RO As is already well known, the European Parliament voted in April 2025 to approve the European Commission's Stop-the-clock initiative (Omnibus I - COM(2025) 80), an initiative which leads to the postponement of the application of the provisions of the SRFD. This does not mean a repeal of the Directive's provisions, but a change in the pace of implementation. If also endorsed by the European Council (a step considered a formality), the new implementation timetable will be published in the Official Journal of the European Union and will look like this:
| Company type | Initial calendar | Updated calendar | |
| VALUL 1 | Large listed companies (of public interest, with more than 500 employees)
| Financial year 2024 - reporting in 2025
| Unchanged
|
| VALUL 2 | Other large companies (that fulfil 2 out of 3 criteria:
| Financial year 2025 - reporting in 2026
| Financial year 2027) - reporting in 2028
|
| VALUL 3 | SMEs listed (that fulfil 2 out of 3 criteria:
| Financial year 2026 - reporting in 2027
| Financial year 2028 - reporting in 2029
|
| VALUL 4 | Non-EU third-country parent companies of large EU companies, which fall under the scope of the CRSD through extraterritorial applicability
(>150 million Euro turnover in the EU and >40 million Euro EU branch or subsidiary that fulfils the general CSRD assessment criteria) | Financial year 2028 - reporting in 2029
| Unchanged
|
Note that the European Commission's second proposal (Omnibus II - Com(2025) 81) provides for a modification of the scope of the CSRD, thus aiming to reduce the number of companies obliged to report. Under this proposal, only large companies with more than 1000 employees and either a turnover of more than €50 million or total assets of more than €25 million will be obliged to report. All SMEs listed on EU regulated markets will be exempted from the mandatory requirements. The Omnibus II proposal has not yet been voted in the European Parliament.
