What changed, Commission Delegated Regulation (EU) 2021/2178 of 6 July 2021 supplementing Regulation (EU) 2020/852

+ **1a.** By way of derogation from paragraph 1, for the turnover KPI referred to in Section 1.1.1 of Annex I to this Regulation, non-financial undertakings may omit assessing whether some of their economic activities are taxonomy-eligible or taxonomy-aligned where the cumulative turnover resulting fr…
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+ **1b.** By way of derogation from paragraph 1, for the CapEx KPI referred to in Section 1.1.2 of Annex I to this Regulation, non-financial undertakings may omit assessing whether some of their economic activities are taxonomy-eligible or taxonomy-aligned where the cumulative capital expenditure rela…
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+ **1c.** By way of derogation from paragraph 1, for the OpEx KPI referred to in Section 1.1.3 of Annex I to this Regulation, where the operational expenditure is not material for the business model of non-financial undertakings, those undertakings may omit assessing whether operational expenditure re…
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+ Where the operational expenditure is in principle material for the business model of non-financial undertakings, those non-financial undertakings may omit assessing whether some of their economic activities are taxonomy-eligible or taxonomy-aligned where the cumulative operational expenditure relate…
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+ **1d.** The turnover, capital expenditure and operational expenditure related to the activities to which paragraphs 1a to 1c are applied shall be reported separately as non-material turnover, capital expenditure or operational expenditure.
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+ **1a.** By way of derogation from paragraph 1, asset managers may omit assessing whether the assets under management whose use of proceeds is known are taxonomy-eligible or taxonomy-aligned where the cumulative value of those assets is below 10 % of all assets under management whose use of proceeds …
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+ The assets to which the first subparagraph is applied shall be reported separately as non-material assets.
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+ **1a.** By way of derogation from paragraph 1, credit institutions may omit assessing whether the on-balance sheet assets whose use of proceeds is known are taxonomy-eligible or taxonomy-aligned where the cumulative value of those assets is below 10 % of all on-balance sheet assets whose use of proc…
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+ The assets to which the first subparagraph is applied shall be reported separately as non-material assets.
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+ **1b.** By way of derogation from paragraph 1, credit institutions may omit assessing whether the financial guarantees supporting loans and advances or debt securities whose use of proceeds is known are taxonomy-eligible or taxonomy-aligned where the cumulative value of those financial guarantees is…
+ The financial guarantees to which the first subparagraph is applied shall be reported separately as non-material financial guarantees.
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+ **1c.** By way of derogation from paragraph 1, credit institutions may omit assessing whether assets under management whose use of proceeds is known are taxonomy-eligible or taxonomy-aligned where the cumulative value of the assets under management is below 10 % of all assets under management whose …
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+ The assets under management to which the first subparagraph is applied shall be reported separately as non-material assets under management.
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+ **1d.** By way of derogation from paragraph 1, credit institutions may omit assessing whether the fees and commission income related to specific economic activities are taxonomy-eligible or taxonomy-aligned where the cumulative value of that income is below 10 % of the value of all fees and commissi…
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+ The fees and commission income to which the first subparagraph is applied shall be reported separately as non-material fees and commissions.
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+ **1e.** By way of derogation from paragraph 1, credit institutions may omit assessing whether financial assets whose use of proceeds is known held for trading are taxonomy-eligible or taxonomy-aligned where the cumulative value of those assets is below 10 % of all financial assets held for trading w…
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+ The financial assets to which the first subparagraph is applied shall be reported separately as non-material assets.
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+ **1f.** By way of derogation from paragraph 1, a credit institution may omit reporting the KPIs referred to in Annex V where the cumulative value of the net turnover generated by the activities covered by those KPIs is below 10 % of the total net turnover of that credit institution.
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+ **1a.** By way of derogation from paragraph 1, investment firms dealing on their own account may omit assessing whether the assets whose use of proceeds is known are taxonomy-eligible or taxonomy-aligned where the cumulative value of those assets is below 10 % of all assets whose use of proceeds is …
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+ The assets to which the first subparagraph is applied shall be reported separately as non-material assets.
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+ **1b.** By way of derogation from paragraph 1, investment firms not dealing on their own account may omit assessing whether the revenue from investment services and activities, other than dealing on their own account, relating to specific economic activities are taxonomy-eligible or taxonomy-aligned…
+ The revenue to which the first subparagraph is applied shall be reported separately as non-material revenue.
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+ **1a.** By way of derogation from paragraph 1, non-life insurance or reinsurance undertakings may omit assessing whether the gross premiums written, non-life insurance revenue or, as applicable, reinsurance revenue are taxonomy-eligible or taxonomy-aligned where the cumulative revenue of those gross…
− **2.** The information referred to in paragraph 1 shall be presented in tabular form by using the templates set out in Annex X to this Regulation.
+ The gross premiums written or revenue to which the first subparagraph is applied shall be reported separately as non-material gross premiums written or non-material revenue.
− ### Article 7 — Disclosure rules common to all financial undertakings
+ **1b.** By way of derogation from paragraph 1, insurance or reinsurance undertakings may omit assessing whether the assets whose use of proceeds is known are taxonomy-eligible or taxonomy-aligned where the cumulative value of those assets is below 10 % of all assets whose use of proceeds is known th…
− **1.** The exposures to central governments, central banks and supranational issuers shall be excluded from the calculation of the numerator and denominator of key performance indicators of financial undertakings.
+ The assets to which the first subparagraph is applied shall be reported separately as non-material assets.
− **2.** Derivatives shall be excluded from the numerator of key performance indicators of financial undertakings.
+ **2.** The information referred to in paragraph 1 shall be presented in tabular form by using the templates set out in Annex X to this Regulation.
− **3.** Exposures to undertakings that are not obliged to publish non-financial information pursuant to Article 19a or 29a of Directive 2013/34/EU shall be excluded from the numerator of key performance indicators of financial undertakings.
+ ### Article 7 — Disclosure rules common to all financial undertakings
− **4.** Without prejudice to paragraph 1, environmentally sustainable bonds or debt securities with the purpose of financing specific identified activities that are issued by an investee undertaking shall be included in the numerator of key performance indicators up to the full value of Taxonomy-alig…
+ **1.** The exposures to central governments, central banks and supranational issuers shall be excluded from the calculation of the numerator and denominator of key performance indicators of financial undertakings.
− Exposures whose purpose is not to finance specific identified activities shall be included in the numerator weighted by the turnover KPI and CapEx KPI of the issuer in accordance with the methodology laid down in Annexes III, V, VII, and IX.
+ **2.** Derivatives, cash and cash equivalents, on demand interbank loans, and other categories of assets that are not referred to in Article 7(6), including goodwill and commodities, shall be excluded from the denominator of key performance indicators of financial undertakings.
− Where an investee undertaking has issued the environmentally sustainable bonds or debt securities with the purpose of financing specific identified activities, financial undertakings shall discount the KPI of the investee undertaking accordingly to avoid double counting.
+ **3.** All exposures to undertakings that are not obliged to include sustainability information in their management report pursuant to Article 19a or Article 29a of Directive 2013/34/EU, or that do not belong to groups of undertakings that are obliged to include sustainability information in their m…
− **5.** Where the technical screening criteria laid down in the delegated acts adopted pursuant to Articles 10(3), 11(3), 12(2), 13(2), 14(2) or 15(2) of Regulation (EU) 2020/852 are amended, special purpose loans and the instruments referred to paragraph 4 held by financial undertakings that finance…
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− **6.** Financial undertakings shall provide for a breakdown in the numerator where applicable and denominator of the key performance indicators for:(a) exposures to and investments in non-financial undertakings;(b) exposures to and investments in financial undertakings;(c) exposures to and investmen…
+ **5.** Where the technical screening criteria laid down in the delegated acts adopted pursuant to Articles 10(3), 11(3), 12(2), 13(2), 14(2) or 15(2) of Regulation (EU) 2020/852 are amended, the loans and instruments whose use of proceeds is known and that are held by financial undertakings that fin…
− **7.** Financial undertakings may use estimates for assessing the Taxonomy-alignment of their exposures to undertakings referred to in paragraph (6), points (e) and (f), where those financial undertakings are able to demonstrate compliance with all criteria of Article 3 of Regulation (EU) 2020/852, …
+ **6.** Financial undertakings shall provide for a breakdown in the numerator and denominator of the key performance indicators, where applicable, for:(a) exposures to and investments in non-financial undertakings;(b) exposures to and investments in financial undertakings;(c) taxonomy-eligible exposu…
− Financial undertakings shall formalise, document and make public the methodology upon which such estimations are based, including the approach and research methodology, the main assumptions and precautionary principles used.
+ **8.** When reporting the key performance indicators in accordance with this Regulation, financial undertakings shall include in the reporting templates:(a) exposures and investments financing non-material economic activities of their counterparties that are non-financial undertakings reported in ac…
− Financial undertakings shall disclose:
+ **9.** Until 31 December 2027, with the exception of Article 8(2) and this paragraph 9, Articles 2 to 8 shall not apply to financial undertakings that do not claim under Articles 3 and 9 of Regulation (EU) 2020/852 that they have economic activities that are associated with that Regulation, provided…
− (a) the proportion of Taxonomy-aligned exposures based on estimates separately from their key performance indicators disclosed pursuant to this Regulation;
+ ‘No activities are claimed as being associated with economic activities that qualify as environmentally sustainable under Articles 3 and 9 of Regulation (EU) 2020/852 (Taxonomy Regulation)’.
− (b) the measures taken and the period of time necessary to demonstrate compliance with the criteria laid down in Article 3, point (b) of Regulation (EU) 2020/852.
+ **6.** Where performing or financing the economic activities as referred to in Sections 4.26, 4.27 and 4.28 of Annexes I and II to Delegated Regulation (EU) 2021/2139, non-financial undertakings and financial undertakings shall disclose the proportion of:(a) taxonomy-aligned economic activities as r…
− **6.** Non-financial undertakings and financial undertakings shall disclose the amount and proportion of:(a) the taxonomy-aligned economic activities referred to in Sections 4.26, 4.27 and 4.28 of Annexes I and II to Delegated Regulation (EU) 2021/2139 in the denominator and the numerator of their k…
+ **7.** Where performing or financing the economic activities as referred to in Sections 4.29, 4.30 and 4.31 of Annexes I and II to Delegated Regulation (EU) 2021/2139, non-financial undertakings and financial undertakings shall disclose the proportion of:(a) taxonomy-aligned economic activities as r…
− **7.** Non-financial undertakings and financial undertakings shall disclose the amount and proportion of:(a) the taxonomy-aligned economic activities referred to in Sections 4.29, 4.30 and 4.31 of Annexes I and II to Delegated Regulation (EU) 2021/2139 in the denominator and the numerator of their k…
+ **8.** The information referred to in paragraphs 6 and 7 shall be presented in tabular form by using the templates set out in Annexes II, IV, VI, VIII, and X to this Regulation.
− **8.** The information referred to in paragraphs 6 and 7 shall be presented in tabular form by using the templates set out in Annex XII to this Regulation.
+ Sections 1.2.3 and 1.2.4 of Annex V shall apply from 1 January 2028.
− Sections 1.2.3 and 1.2.4 of Annex V shall apply from 1 January 2026.