Recommendations of the Taskforce on Nature-related Financial Disclosures (final v1.0)

Article 29 requires French financial institutions to publish annual reports on how they integrate environmental, social and governance criteria, including a dedicated section on biodiversity-related risks and impacts under a double-materiality approach. Reports must be filed with ADEME and the AMF within six months of year-end.

Enforcement

Mandatory

Effective date

Decree 2021-663 of 27 May 2021, published in JORF n°0122 of 28 May 2021 and in force the day after publication (Art. D. 533-16-1 CMF in force 29 May 2021); first reports due 30 June 2022 covering FY2021

Covered entities

French banks, insurers, asset managers and other financial market participants. Full disclosure obligations apply to entities and funds with assets or assets under management above EUR 500 million; lighter regime below the threshold

The Act sets up a national voluntary market for biodiversity certificates, with each certificate carrying standardised information on the area, project type, threatened species and duration of the work. Participants must follow biodiversity integrity standards and notify the regulator of significant reversals.

Enforcement

Voluntary participation, mandatory rules for participants

Effective date

15 December 2023

Covered entities

Landholders, Indigenous land managers and proponents who choose to register biodiversity projects and issue Biodiversity Certificates; buyers in the voluntary market

The Guidelines set MAS' supervisory expectations for identifying, assessing, monitoring and disclosing environmental risks, expressly covering climate, pollution, land-use change and biodiversity loss. Boards and senior management must integrate these risks into governance, strategy and risk management.

Enforcement

Guidance (supervisory expectations, comply-or-explain in practice)

Effective date

ENRM Guidelines: issued 8 December 2020, effective June 2022 after an 18-month transition. Transition Planning Guidelines: issued 5 March 2026; 18-month transition from issuance (ends September 2027).

Covered entities

All banks, merchant banks and finance companies; insurers; asset managers regulated by MAS

The ISSB is proposing nature-related disclosure requirements as an IFRS Practice Statement that would sit alongside IFRS S1 and IFRS S2 and draw on the TNFD framework. Application would be optional unless a jurisdiction requires it, and an entity that applies it would state compliance with it. The Board cleared the Exposure Draft for balloting in July 2026 with a 120-day comment period and is targeting publication in October 2026.

Enforcement

Voluntary (non-mandatory Practice Statement) unless a jurisdiction requires it

Effective date

Exposure Draft targeted for October 2026 with a 120-day comment period (deadline set on publication); the final Practice Statement would be available for application from its date of issuance, with no comparative information required in the first reporting period

Covered entities

Entities applying IFRS S1 and IFRS S2 that choose to apply the Practice Statement or are required to by their jurisdiction