{"id":71813,"date":"2025-06-21T09:34:46","date_gmt":"2025-06-21T07:34:46","guid":{"rendered":"https:\/\/bcsdh.hu\/?p=71813"},"modified":"2025-08-26T09:38:51","modified_gmt":"2025-08-26T07:38:51","slug":"a-response-to-changes-in-international-regulations-amendments-to-the-esg-act-enter-into-force","status":"publish","type":"post","link":"https:\/\/bcsdh.hu\/en\/news\/a-response-to-changes-in-international-regulations-amendments-to-the-esg-act-enter-into-force\/","title":{"rendered":"A Response to Changes in International Regulations \u2013 Amendments to the ESG Act Enter into Force"},"content":{"rendered":"<p>The final days of the Parliament\u2019s spring session were closely followed by ESG-focused professional organizations, as the National Assembly voted on the amendment to the ESG Act on 17 June.<br \/>\nThe final text was published in the 19 June issue of the <a href=\"https:\/\/magyarkozlony.hu\/dokumentumok\/9268c241692b0ecaaeec1907672cca10bfb02734\/megtekintes\" target=\"_blank\" rel=\"noopener\">Magyar K\u00f6zl\u00f6ny<\/a> (Official Gazette of Hungary).<\/p>\n<h2>What does the final text include?<\/h2>\n<h4>Narrowed Scope of Applicability<\/h4>\n<p><a href=\"https:\/\/bcsdh.hu\/en\/news\/major-changes-to-domestic-esg-legislation-expected-in-mid-june\/\" target=\"_blank\" rel=\"noopener\">As expected,<\/a> the scope of companies subject to the ESG Act has been significantly reduced.<br \/>\nFollowing the entry into force of the amendment, according to Section 1 (1) b) of the Act, the obligations apply only to large enterprises that:<\/p>\n<ul>\n<li>carry out their main activity in one of the sectors listed in the Annex to the ESG Act, and<\/li>\n<li>have an annual net revenue exceeding HUF 90 billion, and<\/li>\n<li>employ at least 500 people as of the balance sheet date of the financial year.<\/li>\n<\/ul>\n<p>Public interest small and medium-sized enterprises (SMEs) are now exempt from the Act.<\/p>\n<h4>Reporting Simplifications<\/h4>\n<p>ESG reports covering the financial years 2024, 2025, and 2026:<\/p>\n<ul>\n<li>no certification is required,<\/li>\n<li>no submission to the ESG Authority is required,<\/li>\n<li>and no public disclosure is required.<\/li>\n<\/ul>\n<p>However, affected companies are still obliged to prepare the ESG report during these years, which must be approved by the company\u2019s executive body.<\/p>\n<h4>Data Provision Requirements<\/h4>\n<p>Until 30 June 2027, micro and small enterprises cannot be required to provide ESG-related data and may not commit to doing so via contracts or written declarations.<br \/>\n(This restriction also applies to medium-sized enterprises.)<\/p>\n<p>SMEs can fulfil their ESG data provision obligations by obtaining an ESG rating from the state-appointed ESG certifier.<\/p>\n<p>That said, companies subject to the ESG Act may still reach out to their suppliers using questionnaires, so it is advisable for SMEs to continue collecting ESG-related data.<\/p>\n<h4>Refined Corrective Measures<\/h4>\n<p>Instead of the previous 3-month period, companies are now only required to suspend business relations with a direct supplier for 30 days in case of failed corrective actions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The final days of the Parliament\u2019s spring session were closely followed by ESG-focused professional organizations, as the National Assembly voted on the amendment to the ESG Act on 17 June. [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":70629,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[864],"tags":[795],"class_list":["post-71813","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-esg"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>A Response to Changes in International Regulations \u2013 Amendments to the ESG Act Enter into Force - BCSDH<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bcsdh.hu\/en\/news\/a-response-to-changes-in-international-regulations-amendments-to-the-esg-act-enter-into-force\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A Response to Changes in International Regulations \u2013 Amendments to the ESG Act Enter into Force - BCSDH\" \/>\n<meta property=\"og:description\" content=\"The final days of the Parliament\u2019s spring session were closely followed by ESG-focused professional organizations, as the National Assembly voted on the amendment to the ESG Act on 17 June. 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