Lloyd's Maritime and Commercial Law Quarterly


Simon Baughen *


226. Retained EU Law (Revocation and Reform) Bill 2022 (The)

On 22 Sept 2022, the UK Government introduced this Bill, which provides for two sunset dates for existing retained EU law. On 31st December 2023, all retained EU law will expire, unless otherwise preserved. Any retained EU law that remains in force after this date will be assimilated into the domestic statute book, by the removal of the special EU law features previously attached to it. The Bill provides a second sunset date by including an extension mechanism for delaying the expiry of specified pieces of retained EU law until 2026. The Bill will also reinstate domestic law as the highest form of law on the UK statute book. In case of conflict with retained EU law, domestic law will prevail.


227. Directive (EU) 2022/2464 of the European Parliament and of the Council of 14 December 2022 amending Regulation (EU) No 537/2014, Directive 2004/109/EC, Directive 2006/43/EC and Directive 2013/34/EU, as regards corporate sustainability reporting (Text with EEA relevance) 1
The Corporate Sustainability Reporting Directive (CSRD) came into force on 5 January 2023 and replaces the Non-Financial Reporting Directive 2014/95/EU. The reporting obligation applies to:
  • all listed companies on the EU-regulated market (including listed SMEs, but no micro-enterprises) as from 1 January 2024 with reporting in 2025 for financial year 2024;
  • all large companies exceeding two of the three following criteria (as per the Accounting Directive 2013/34/EU): 250 employees during the financial year, balance sheet totalling €20 million or more, net turnover of €40 million or more. The Directive will apply to these companies from 1 January 2025 for reporting in 2026 for financial year 2025;
  • EU small and medium-sized undertakings (“SMEs”) that are listed on EU regulated markets (and which are not micro-undertakings) and which: (i) have securities listed on a regulated EU market;6 and (ii) meet two of the following criteria: Balance sheet total: €4 million; Net turnover: €8 million; and/or an average of 50 employees during the financial year. The Directive will apply to these companies from 1 January 2026 for reporting in 2027 for financial year 2026;
  • non-EU companies generating a net turnover of more than €150 million in the EU and that have at least one subsidiary or branch in the EU must follow the criteria applicable to EU companies.


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