The EU Corporate Sustainability Reporting Directive (CSRD) framework before the 2026 change<\/strong> is essentially the CSRD Directive (EU) 2022\/2464 as it amended the Accounting Directive (2013\/34\/EU), with a phased-in (\u201cwaves\u201d) application schedule starting from FY 2024 for large \u201cpublic-interest entities\u201d (PIEs) already in the former NFRD perimeter, then expanding in FY 2025 to other large undertakings, and in FY 2026 to listed SMEs and certain financial\/insurance categories\u2014paired with a listed-SME \u201copt-out\u201d until FY 2028<\/strong>. [1]<\/em><\/a><\/p>\n Italy implemented CSRD via Legislative Decree (D.Lgs.) 125\/2024<\/strong>, which (i) sets out the Italian reporting architecture (sustainability information inside the management report), (ii) embeds the double materiality<\/strong> logic, (iii) expects reporting \u201cin accordance with Commission\u2011adopted standards\u201d (ESRS), (iv) introduces assurance (limited assurance at first, with a later possible upgrade to reasonable assurance), and (v) links sustainability reporting to digital-format requirements and taxonomy disclosures. [2]<\/em><\/a><\/p>\n The Italian \u201cdecreto Omnibus\u201d<\/strong> relevant to CSRD is the coordinated text of DL 95\/2025 converted into Law 118\/2025<\/strong>, which amends D.Lgs. 125\/2024<\/strong> mainly to: In parallel, the EU \u201cOmnibus I\u201d reform for sustainability reporting is Directive (EU) 2026\/470<\/strong>, in force since 18 March 2026<\/strong> and to be transposed by Member States by 19 March 2027<\/strong> (for the CSRD\u2011relevant part). It is substantially more transformative than Italy\u2019s 2025 Omnibus: it narrows mandatory CSRD\u2011style reporting<\/strong> to undertakings (and parent groups \/ listed issuers) that simultaneously<\/strong> exceed \u20ac450 million net turnover<\/strong> and 1,000 employees<\/strong>, strengthens \u201cvalue chain\u201d protections for sub\u20111,000 employee suppliers (\u201cprotected undertakings\u201d), introduces a Commission\u2011adopted voluntary reporting standard<\/strong> for undertakings below 1,000 employees by 19 July 2026<\/strong>, and clarifies digital tagging timing (\u201cno tagging required until tagging rules are adopted in the ESEF delegated regulation\u201d). [4]<\/em><\/a><\/p>\n As of 22 March 2026<\/strong>, the immediate legal baseline for Italian companies remains: D.Lgs. 125\/2024 as amended by Law 118\/2025<\/strong> (postponements), while Directive (EU) 2026\/470 is EU law in force but not yet transposed into Italian law<\/strong>, creating a planning period in which companies may be \u201cscheduled-in\u201d under current Italian rules but could later fall outside the mandatory scope once Italy transposes the EU Omnibus (depending on size thresholds). [5]<\/em><\/a><\/p>\n (Entities referenced once: European Union[6]<\/em><\/a>; Italy[7]<\/em><\/a>; European Commission[8]<\/em><\/a>; European Parliament[9]<\/em><\/a>; Council of the European Union[10]<\/em><\/a>; CONSOB[11]<\/em><\/a>; Ministero dell’economia e delle finanze[12]<\/em><\/a>; EFRAG[13]<\/em><\/a>; Gazzetta Ufficiale della Repubblica Italiana[14]<\/em><\/a>.)<\/p>\n This report compares: Interpretive approach and assumptions: The Italian Omnibus changes are narrow and textually identifiable. The table below provides clause-level changes with short excerpts (ellipses indicate truncation for brevity).<\/p>\n
\n– postpone<\/strong> wave 2 and wave 3 start dates in Italy (FY 2025 \u2192 FY 2027; FY 2026 \u2192 FY 2028);
\n– repeal<\/strong> the listed\u2011SME \u201copt\u2011out\u201d clause in D.Lgs. 125\/2024 (largely because, after the postponement, it becomes redundant and would create internal cross\u2011reference issues);
\n– adjust certain governance\/audit mechanics for issuers by inserting a new amendment impacting the corporate governance report audit statement; and
\n– postpone a MEF\/Consob study deadline (from \u201cwithin 18 months\u201d to a fixed 31 October 2028 date). [3]<\/em><\/a><\/p>\nLegal framework and methodology<\/h2>\n
\n– CSRD \u201cpre\u20112026 changes\u201d<\/strong>: the legal configuration created by Directive (EU) 2022\/2464 (CSRD) and the associated \u201cwaves\u201d schedule originally set in CSRD\u2019s transposition\/application article, including the listed\u2011SME opt\u2011out until 2028. [1]<\/em><\/a>
\n– Italian transposition baseline<\/strong>: D.Lgs. 125\/2024\u2019s individual and group sustainability reporting obligations, assurance, digital requirements and enforcement frame. [15]<\/em><\/a>
\n– Italian \u201cdecreto Omnibus\u201d amendments<\/strong>: the specific clause-by-clause changes introduced by DL 95\/2025 \/ Law 118\/2025 (coordinated text) to D.Lgs. 125\/2024. [3]<\/em><\/a>
\n– EU Omnibus I 2026\/470<\/strong>: a separate EU-level reform that (i) changes scope thresholds, (ii) reshapes value-chain data requests, (iii) creates a voluntary SME\/supplier standard, and (iv) clarifies digital tagging timing. [16]<\/em><\/a><\/p>\n
\n– Company-size definitions, \u201cpublic-interest entity\u201d concepts, and other technical definitions are assumed as in the underlying legal texts<\/strong> (Accounting Directive, CSRD amendments, and Italian implementing decree) unless explicitly noted. [17]<\/em><\/a>
\n– \u201cNewly obliged\u201d vs \u201cno longer obliged\u201d is assessed in two ways: (i) relative to the original CSRD schedule<\/strong> (what changes in who must report in 2025\/2026 due to postponements), and (ii) relative to the post\u20112026 EU Omnibus scope<\/strong> (what may cease to be mandatory after transposition). [18]<\/em><\/a>
\n– This is an analytical research report, not legal advice; for binding interpretation, consult counsel and the definitive consolidated legal texts.<\/p>\nSide\u2011by\u2011side table of specific legal\/textual changes<\/h2>\n
Italian Omnibus (DL 95\/2025 \/ Law 118\/2025) amending D.Lgs. 125\/2024<\/h3>\n