The European Commission (EC) yesterday announced its first “Omnibus” package of proposals  aimed at simplifying EU rules, boosting competitiveness, and unlocking additional investment capacity. The package consists of two main proposals: (i) “Omnibus I”, which focuses on reducing reporting and compliance burdens and costs of and the EU taxonomy for sustainable activities (EU Taxonomy), postponing the entry into application of the Corporate Sustainability Due Diligence Directive (CSDDD), and simplifying the carbon border adjustment mechanism (CBAM); and (ii) “Omnibus II”, which would amend the regulations for the InvestEU Program to increase its size, efficiency, and accessibility. If adopted, these measures are expected to generate annual administrative cost savings of approximately €6.3 billion and mobilize an additional €50 billion in public and private investment through InvestEU. This bulletin summarizes key amendments included in Omnibus I and Omnibus II: CSRD and EU Taxonomy. The proposed changes in sustainability reporting under the CSRD and EU Taxonomy include: Narrower CSRD scope. Removing around 80% of companies from CSRD requirements, focusing obligations on the largest companies with the greatest environmental and social impact. The reporting requirements would only apply to large undertakings with more than 1,000 employees on average (i.e., undertakings that have more than 1,000 employees and either a turnover above €50 million or a balance sheet above €25 million) Protection for smaller companies. Ensuring large companies’ reporting requirements do not create excessive burdens for smaller businesses in their value chains. Delayed compliance. Postponing CSRD reporting requirements by two years (until 2028) for companies originally scheduled to report in 2026 or 2027. Limit on EU Taxonomy reporting. Reducing the reporting burden and limiting mandatory EU Taxonomy reporting to the largest companies (aligning with the CSDDD), while allowing voluntary reporting for others. Proportionate standard for voluntary reporting. Issuing a recommendation on voluntary sustainability reporting as soon as possible, based on European Financial Reporting Advisory Group’s (EFRAG) sustainability reporting standard for voluntary use by SMEs that are not in…