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14 Nov 2022


EU: Draft due diligence law allegedly faces calls from several member states to exclude finance

"Finance should be excluded from sustainability law, says some EU states", 10 Nov 2022

A European Union draft law forcing large companies to check if their suppliers use slave or child labour is facing calls from several member states to shield or even fully exclude the financial sector, EU documents seen by Reuters showed.

The European Commission, the EU's executive body, proposed the Corporate Sustainability Due Diligence directive (CSDDD) in February...

EU states and the European Parliament have the final say, but the strength of unease among major member states means some changes are likely.

Luxembourg, Ireland and Germany have indicated they want to exclude asset managers and institutional investors from scope, with France and Italy going further and calling for the entire financial sector to be left out, an EU diplomat familiar with the negotiations said.

Ireland said in a submission it could not signal its agreement to including financial undertakings...

The Netherlands, however, has said that excluding the finance would the wrong signal, the EU diplomat said.

The current proposal calls for EU states to designate an authority to impose sanctions for non-compliance.

EU president Czech Republic said in a note to EU states that its proposed compromises should "disperse concerns of some member states as regards the regulation of financial undertakings".