VSME/VS and VS news and regulatory monitoring: Omnibus, delegated act

Legal status — as of 8 November 2026. The VSME/VS is a standard developed by EFRAG and endorsed by a European Commission recommendation (soft law, non-binding). The voluntary standard (VS), adopted by the Commission on 3 July 2026 as a delegated act, was published in the Official Journal of the European Union on 21 September 2026 (Delegated Regulation (EU) 2026/1560) and has been in force since 24 September 2026. The value chain cap it sets applies to financial years beginning on or after 1 January 2027, and its reach in France depends on the transposition of the Omnibus I directive.

SME sustainability law is moving fast. Between a soft-law recommendation, two so-called “Omnibus” directives and a delegated act published in the Official Journal on 21 September 2026, it is easy to confuse the texts, their dates and their scope. This page keeps the regulatory timeline of the VSME/VS standard and the voluntary standard (VS) up to date, source by source. Every fact is dated and linked to its official source. Anything not yet in force is presented in conditional terms.

To place the standard in context before following the news, start with the page VSME/VS standard: definition, modules and status. For a dated analysis of the French dimension, read Omnibus and VSME/VS: what changes, and when it applies in France.

Regulatory timeline (2023 → 2027)

The VSME/VS did not stem from a single text, but from a sequence that began in 2023 with the Commission’s intention to reduce the administrative burden on SMEs. Here are the main milestones, from the political mandate to the first expected application.

Regulatory timeline of the VSME standard, source by sourceVertical dated timeline of EU texts: Recommendation (EU) 2025/1710 of 30 July 2025 establishing the voluntary VSME framework; “stop-the-clock” Directive (EU) 2025/794 postponing CSRD deadlines; Omnibus Directive (EU) 2026/470 raising the scope threshold to 1,000 employees AND €450 million in turnover; Commission consultation opened on 6 May 2026 on the draft delegated act; delegated act of 3 July 2026 (Delegated Regulation (EU) 2026/1560) adopting the voluntary VS standard, based on the VSME, with its Basic Module B1 to B11 and Comprehensive Module C1 to C9; entry into force of the regulation on 24 September 2026; value chain cap (Article 3) applicable to financial years beginning on or after 1 January 2027. Legal status as of 08/11/2026.NEWS·VSMERegulatory timelineLegal status as of 08/11/202630 July 2025RECOMMENDATION (EU) 2025/1710Establishes the VSME, a voluntary reporting framework for unlisted SMEs.2025DIRECTIVE (EU) 2025/794 — “STOP-THE-CLOCK”Postpones CSRD application deadlines for waves 2 and 3.2026OMNIBUS DIRECTIVE (EU) 2026/470Narrows scope: dual threshold raised to 1,000 employees AND €450 million turnover.6 May 2026PUBLIC CONSULTATIONThe Commission opens consultation on the draft VS delegated act.3 July 2026DELEGATED REGULATION (EU) 2026/1560 — VSAdopts the VS standard, based on the VSME: modules B1–B11 and C1–C9.2027VALUE CHAIN CAP (ART. 3)Financial years from 01/01/2027; regulation in force on 24/09/2026.The regulatory timeline, source by source.
The regulatory timeline, source by source
  • 12 September 2023 – SME Relief Package. Communication COM(2023) 535 final gives EFRAG (Action 14) the mandate to create a voluntary sustainability reporting standard for unlisted SMEs, in order to limit uncoordinated ESG requests and facilitate access to sustainable finance.
  • January – May 2024 – public consultation. EFRAG puts two exposure drafts out for consultation.
  • 17 December 2024 – delivery of the standard. EFRAG delivers the VSME/VS to the Commission. This is non-binding technical advice: EFRAG drafts, the Commission decides on next steps.
  • 14 April 2025 – “stop-the-clock” directive. Directive (EU) 2025/794 postpones the date of application of certain CSRD obligations (see below for the distinction from the “content” Omnibus).
  • 30 July 2025 – Recommendation (EU) 2025/1710. The Commission endorses the VSME/VS through a soft-law recommendation.
  • 24 February 2026 – Omnibus I directive. Directive (EU) 2026/470 amends the scope of the CSRD (new thresholds) and introduces the value chain cap mechanism.
  • 6 May – 3 June 2026 – consultation on the voluntary standard. The Commission gathers feedback on a revised version of the reporting standards.
  • 3 July 2026 – VS delegated act. The Commission adopts the delegated act on the voluntary standard; it enters the scrutiny period.
  • 21 September 2026 – publication in the Official Journal. The act appears in the OJEU as Delegated Regulation (EU) 2026/1560; it enters into force on 24 September 2026. On the same day, Delegated Regulation (EU) 2026/1563 (revised ESRS) is published; it will enter into force on 10 November 2026.
  • 1 January 2027 – first application (expected). The new CSRD scope applies to financial years beginning on or after that date; the first reports concerned will be published in 2028.

Recommendation (EU) 2025/1710 of 30 July 2025

This is the text that gave the VSME/VS its first institutional footing. Through Recommendation (EU) 2025/1710 of 30 July 2025 (internal document C(2025) 4984 final), the European Commission recommends using the VSME/VS standard developed by EFRAG as a voluntary framework for SMEs.

Two important points about its scope:

  • A recommendation is a soft-law act within the meaning of Article 288 of the Treaty on the Functioning of the European Union: it is not binding. It therefore imposes no obligation or penalty on SMEs. This point is covered in more detail on the page VSME/VS standard: definition, modules and status.
  • This recommendation is an interim measure, intended to provide a stable reference pending the delegated act on the voluntary standard. It follows the same logic as the value chain cap: encouraging large groups subject to the CSRD to limit the information they request from their smaller partners.

Beware of a common date mix-up: the text is dated 30 July 2025, not 17 July. The date of 17 December 2024, by contrast, corresponds to EFRAG’s delivery of the standard, a separate step.

Omnibus I Directive (EU) 2026/470: what it changes

The “content” Omnibus I directive is Directive (EU) 2026/470 of 24 February 2026, published in the Official Journal of the European Union on 26 February 2026 and in force since 18 March 2026. Its aim is simplification, and it amends two parameters of direct interest to SMEs.

A narrower CSRD scope: two cumulative thresholds

Following Omnibus I, the scope of the CSRD is limited to undertakings that exceed two cumulative thresholds: more than 1,000 employees AND more than €450 million in net turnover. This is indeed an “and” test, not two out of three criteria. This new scope applies to financial years beginning on or after 1 January 2027.

The direct consequence for our purposes: many companies previously within the scope of the CSRD now fall outside it, which widens the pool of companies likely to turn to voluntary VSME/VS-type reporting. To position VSME/VS relative to the CSRD and other frameworks, see the comparison of frameworks.

The value chain cap

Omnibus I also introduces a value chain cap: ESG information requests addressed to partners with 1,000 employees or fewer are limited to the content of the voluntary standard. This mechanism, central for SME suppliers, is detailed on the page VSME/VS and the value chain. It becomes fully operational after transposition, the deadline for which is 19 March 2027.

Not to be confused with the “stop-the-clock” Directive (EU) 2025/794

The “content” Omnibus I should not be confused with the so-called “stop-the-clock” directive, which is Directive (EU) 2025/794, adopted on 14 April 2025. The latter does not change the thresholds: it simply postpones the date of application of certain CSRD obligations. Another date trap worth knowing: “26 February” appears twice – in 2025 for proposal COM(2025) 81, and in 2026 for the publication of the adopted text (2026/470).

The voluntary standard (VS): adopted on 3 July 2026, published in the OJEU on 21 September 2026

This is the most recent development. After a public consultation from 6 May to 3 June 2026, the Commission adopted, on 3 July 2026, the delegated act on the voluntary sustainability reporting standard (document C(2026) 5011), often referred to by the acronym “VS”.

Three caveats applied, as matters stood on 6 July 2026:

  • The delegated act was not yet in force on that date: having been transmitted to the European Parliament and the Council for the scrutiny period, its entry into force was conditional on no objection being raised, followed by publication in the Official Journal. Update of 27 September 2026: published in the OJEU on 21 September 2026 (Delegated Regulation (EU) 2026/1560), it has been in force since 24 September 2026.
  • The VSME/VS (EFRAG standard endorsed by Recommendation 2025/1710) and the VS (standard adopted by delegated act) are two related but distinct instruments. It would be premature to assert that “the VSME/VS has been renamed VS”: they are two stages of the same construction, whose exact relationship is now set by the text published in the Official Journal on 21 September 2026.
  • “VS” is not defined in the enacting terms of the delegated act — the texts refer to a “voluntary standard” (voluntary reporting standard) — but the acronym is now used by EFRAG, by the ANC (French accounting standards authority) and by the Portail RSE (French government CSR portal) of the Ministry of the Economy, which presents its guidance under the heading “the VS (formerly VSME)”.

Where does the text stand? Transmitted to the European Parliament and the Council on 3 July 2026 (circulated to the Council under reference 11697/26 of 9 July 2026), the act was subject to a two-month right of objection, extendable by two months. It appeared in the Official Journal of the EU on 21 September 2026 (L series, Delegated Regulation (EU) 2026/1560) and entered into force on 24 September 2026, the third day following its publication (Article 4). Its Article 3 (value chain cap) applies to financial years beginning on or after 1 January 2027.

4 November 2026: EFRAG publishes version 2.0.0 of the VSME/VS digital template

On 4 November 2026, EFRAG published version 2.0.0 of its digital template (the Excel data-entry file) and of its XBRL taxonomy, together with an updated explanatory note. These resources now bear the name ‘VS’ (VS Digital Template, VS XBRL Taxonomy): they are prepared in accordance with the voluntary standard, Delegated Regulation (EU) 2026/1560, published in the Official Journal of the EU on 21 September 2026.

What this means for you. EFRAG now classifies the previous versions, including version 1.3.0 of 11 June 2026, as superseded resources and asks users to stop using them. If you started your report in a file downloaded before 4 November 2026, get version 2.0.0 from EFRAG’s page. EFRAG states that it will continue to maintain the template, the taxonomy and the Excel-to-XBRL converter until at least the end of June 2027. To find out whether this file is enough for your situation, see EFRAG’s Excel template: advantages and limitations.

28 August 2026: the official list of ESRS datapoints is published and open for comment

Picture the detailed table of contents of a form: every box, its label, its format. That is what the EFRAG secretariat published on 28 August 2026 under the title “2026 Draft List of Datapoints for Revised ESRS”. The document brings together, one by one, the datapoints of the revised ESRS.

This is not a final text but a draft open to critique: anyone can flag a manifest error (fatal flaw) until 23 October 2026, and the final version is expected by the end of 2026. An XBRL taxonomy aligned with this list will be put out for consultation separately.

Two things not to confuse. We state elsewhere on this site that EFRAG publishes no official count of datapoints for the VSME/VS. That is still true, and it does not contradict the 28 August publication: this list concerns the ESRS, the framework for companies subject to the CSRD. It does not concern the voluntary standard. For an SME applying the VSME/VS, nothing changes: the standard is still organised into a Basic Module (B1 to B11) and a Comprehensive Module (C1 to C9), with no official total of datapoints.

Why mention it here. These revised ESRS are those of Delegated Regulation (EU) 2026/1563 of 3 July 2026 (adopted under reference C(2026) 5010, published in the OJEU on 21 September 2026, entering into force on 10 November 2026), the one that cuts the number of mandatory datapoints by 61%. It is the framework that your CSRD-reporting client will have to apply. What that client may ask of you, however, remains bounded by the value chain cap.

And in France: timetable and application

European directives must be transposed into national law to take full effect. For the CSRD component amended by Omnibus I, transposition must take place by 19 March 2027 at the latest. The new scope applies to financial years beginning on or after 1 January 2027, for reports published from 2028. The due diligence component (CSDDD) follows its own timetable, with a transposition deadline of 26 July 2028.

In practice, a French SME considering the question today has no VSME/VS reporting obligation: the approach remains voluntary. The real trigger is most often a request from a funder, a customer or a call for tenders. To find out whether the subject concerns you and where to start, the method is set out in Applying the VSME/VS standard in SMEs and micro-enterprises.

17 September 2026: the ANC, MEDEF and Bercy (French Ministry of the Economy) present the voluntary standard

On 17 September 2026, from 11 a.m. to 12:30 p.m., the Autorité des normes comptables (ANC, the French accounting standards authority), MEDEF (the French employers’ federation), Les Entrepreneurs and the Portail RSE of the Ministry of the Economy are holding a webinar on the voluntary standard, entitled “Sustainability reporting: the voluntary standard, a common basis for information requests”. The title reflects the angle chosen: a single standard in response to requests from multiple parties.

The programme announced by the ANC includes an introduction by its chairman, Robert Ophèle, followed by a presentation of the new voluntary standard and how it differs from the VSME, then a round table with stakeholders. Announced speakers include the Fédération bancaire française (French Banking Federation), a representative of large contracting customers, the Portail RSE of the Ministry of the Economy and an EFRAG representative.

Two questions are explicitly addressed: does the voluntary standard meet the needs of client companies, funders and investors? And what do companies need in order to implement it?

Where to find the information. The full programme and the registration link are on the home page of the Autorité des normes comptables. If you are reading this after 17 September 2026, the session has taken place: the ANC posts its presentations in the “Publications / communications” section of the same site.

Official sources to follow

Monitoring is only as good as its sources. We rely exclusively on institutional publications that are dated and verifiable. Here is where each one publishes what matters.

Map of official sources to follow for VSME newsFour official sources and what each publishes. EUR-Lex: Official Journal of the EU, consolidated legal texts including Delegated Regulation (EU) 2026/1560 (VS voluntary standard), published in the OJEU on 21 September 2026. European Commission, DG FISMA (Finance): VSME recommendation of 30 July 2025 and Omnibus communications. EFRAG: drafts and the VSME standard, modules B1 to B11 and C1 to C9, FAQs and guides. Portail RSE (France): French transposition, SME guides and national FAQ. Reminder of the dual large-company threshold: more than 1,000 employees AND more than €450 million in turnover. Legal status as of 08/11/2026.Where to follow VSME newsThe official sources to watch – and what each one publishesLegal status as of 08/11/2026EUR-LexOfficial Journal of the EU• Consolidated legal texts (CSRD, ESRSand VS delegated acts)• Legally authoritative official versionKey date: (EU) 2026/1560 – OJEU 21/09/2026eur-lex.europa.euEuropean CommissionDG FISMA – Finance• VSME Recommendation (voluntary use)• Communications and “Omnibus” packageKey date: VSME Recommendation – 30/07/2025finance.ec.europa.euEFRAGEU technical standard-setter• Draft standards and VSME standard• Modules B1–B11 (Basic) and C1–C9(Comprehensive), FAQs and guidanceNote: regular questions and answersefrag.orgPortail RSEFrench authorities• French transposition of EU texts• Practical SME guides and national FAQNote: compliance newsportail-rse.beta.gouv.frKeep in mind – the dual “large company” thresholdBoth criteria must be met: more than 1,000 employees AND more than €450 million in turnover.The VSME remains a voluntary standard for SMEs outside the mandatory scope.
Where to follow VSME/VS news – the four official sources and each one's publications.
  • EUR-Lex – the reference source for all EU acts: directives, recommendations, delegated acts, with their ELI and CELEX identifiers. This is where numbers and dates of publication in the Official Journal are verified.
  • European Commission – Directorate-General for Financial Stability, Financial Services and Capital Markets Union (FISMA) – press releases, questions and answers and consultations on sustainability reporting, including those relating to the VSME/VS and the voluntary standard.
  • EFRAG – the body that drafts the standards: drafts, the published VSME/VS standard, digital template and XBRL taxonomy, governance news. It is the primary source on the technical content of the standard.
  • Portail RSE (portail-rse.beta.gouv.fr) – the official French channel: thresholds, application timetable, translations and explanatory material for businesses.

Dated mini-changelog of site updates

For traceability, we record changes to this monitoring page here. Each entry is dated, so you know what was added or corrected, and when.

Dated monitoring box and mini-changelog for the VSME standard“Last updated on 08/11/2026” box with a dated changelog: Commission Recommendation on 30 July 2025, delegated act (VS version) on 3 July 2026. Reminder of the structure – Basic Module B1 to B11 and Comprehensive Module C1 to C9 – and of the mandatory CSRD scope (more than 1,000 employees and more than €450 million in net turnover, cumulatively), outside which any company may apply the voluntary standard. “Legal status as of 08/11/2026” badge.Last updated on 08/11/2026Mini-changelog of VSME monitoring updates30 JULY 2025European Commission RecommendationVSME standard: voluntary framework for SMEs.3 JULY 2026Delegated act — VS versionVoluntary VS standard, based on the VSME.5 JULY 2026Monitoring page updateSTANDARD STRUCTUREB1 – B11Basic ModuleC1 – C9ComprehensiveMANDATORY CSRD SCOPE> 1,000 staffAND> €450m net turnoverCurrent legal statusas of 08/11/2026 — dated, traced monitoringDated, traceable monitoringEvery change is timestamped and logged.Sources: Commission Recommendation (30/07/2025) • VS delegated act (03/07/2026). Factual dates.
Dated, traceable monitoring
  • 4 November 2026 – EFRAG publishes version 2.0.0 of its digital template and XBRL taxonomy, now titled ‘VS’ and prepared in accordance with the voluntary standard (Delegated Regulation (EU) 2026/1560); version 1.3.0 of 11 June 2026 must no longer be used. News item added and references updated across the site.
  • 27 September 2026 – Publication in the Official Journal of the EU, on 21 September 2026, of the voluntary standard (Delegated Regulation (EU) 2026/1560, in force since 24 September 2026) and of the revised ESRS (Delegated Regulation (EU) 2026/1563, which will enter into force on 10 November 2026): state of the law updated across the site. EFRAG digital template: update announced for November 2026 (published on 4 November 2026, see the entry above).
  • 1 September 2026 – Two dated news items added: the 2026 list of ESRS datapoints published by EFRAG on 28 August 2026 (review open until 23 October 2026), and the webinar held by the ANC (French accounting standards authority), MEDEF (French employers’ federation) and the Portail RSE (French government CSR portal) on 17 September 2026. Primary sources reviewed the same day: no publication in the Official Journal of the EU found on that date.
  • 6 July 2026 – Addition of the VS delegated act of 3 July 2026 (C(2026) 5011) and mention of the ongoing scrutiny period. ‘State of the law’ box updated.
  • February 2026 – Incorporation of the Omnibus I Directive (EU) 2026/470: new cumulative thresholds (1,000 employees and EUR 450 million) and value chain cap.
  • August 2025 – Publication of the fact sheet on Recommendation (EU) 2025/1710 of 30 July 2025; correction of the date sometimes wrongly cited (‘17 July’).

This regulatory watch is a living document: it will be expanded at each stage, notably when the revised ESRS enter into force (10 November 2026) and when France transposes the Omnibus I Directive. To understand the standard itself before following the news, start with the page VSME/VS standard: definition, modules and status.

Sources and verification: verified on 8 November 2026

Every regulatory statement on this page has been checked against the official text. The references below allow you to verify it for yourself.

  • Commission Delegated Regulation (EU) 2026/1560 of 3 July 2026 (adopted under reference C(2026) 5011), “supplementing Directive 2013/34/EU of the European Parliament and of the Council by establishing sustainability reporting standards for voluntary use by undertakings protected by the value chain cap”. Legal basis: Article 29ca(1) of Directive 2013/34/EU. Published in the Official Journal of the EU (L series) on 21 September 2026, in force since 24 September 2026 (Article 4); its Article 3 (value chain cap) applies to financial years beginning on or after 1 January 2027. Official text on EUR-Lex · version adopted on 3 July 2026 (PDF, European Commission). Relevant provisions: Articles 1 (definition of the cap), 2(1) (who may apply the standard), 3(2) (the cap covers only the datapoints in Annex II), 4 (entry into force), and recital 5 (end of the legal effects of the Recommendation, guidance for funders). Transmitted to the Parliament and the Council on 3 July 2026 (Council reference 11697/26 of 9 July 2026).
  • Commission Delegated Regulation (EU) 2026/1563 of 3 July 2026 (adopted under reference C(2026) 5010, ESRS revision): reduces the number of mandatory datapoints by 61%. Published in the Official Journal of the EU on 21 September 2026; enters into force on 10 November 2026 (Article 3) and applies to financial years beginning on or after 1 January 2027. Official text on EUR-Lex · adopted version (PDF, European Commission).
  • Recommendation (EU) 2025/1710 of 30 July 2025 (endorsement of the EFRAG VSME), OJEU of 5 August 2025: text on EUR-Lex. Recital 5 of Delegated Regulation (EU) 2026/1560 provides that it “should be considered as no longer producing legal effects” from the entry into force of that Regulation, i.e. on 24 September 2026.
  • Directive (EU) 2026/470 of 24 February 2026 (Omnibus I), published in the OJEU on 26 February 2026, in force on 18 March 2026: text on EUR-Lex. National transposition expected by 19 March 2027 at the latest.
  • EFRAG — VSME/VS digital template and XBRL taxonomy, version 2.0.0 of 4 November 2026 (prepared in accordance with the voluntary standard (VS), Delegated Regulation (EU) 2026/1560 published in the Official Journal of the EU on 21 September 2026; it replaces version 1.3.0 of 11 June 2026, which EFRAG says should no longer be used) — EFRAG page.
  • EFRAG: “2026 Draft List of Datapoints for Revised ESRS”, published on 28 August 2026: review for manifest errors (fatal flaw review) open until 23 October 2026, final version expected by the end of 2026. It covers the revised ESRS adopted by the Commission in July 2026, not the VSME/VS: EFRAG announcement (accessed on 1 September 2026).
  • Autorité des normes comptables (French accounting standards authority): webinar “Sustainability reporting: the voluntary standard, a common basis for information requests”, 17 September 2026 from 11 a.m. to 12:30 p.m., organised with MEDEF, Les Entrepreneurs and the Portail RSE (French government CSR portal) of the Ministry of the Economy; the Fédération bancaire française (French Banking Federation) and an EFRAG representative are among the announced speakers: announcement on the ANC website (accessed on 1 September 2026).

A question about timing? The progress of the texts is tracked, with dates, in our regulatory watch.