Listed SME Sustainability Reporting Standard.
Concluded EFRAG draft (historical) — supported as a response format and as a migration path to the 2026 voluntary standard
What LSME requires.
LSME is a concluded EFRAG draft for listed small and medium-sized enterprises on EU regulated markets. EFRAG has ended the project: the draft was never transmitted to the Commission and is published as historical material. It is not an adopted standard, it has no legal basis of its own, and it is not covered by Commission Recommendation (EU) 2025/1710 — the recommendation that covers VSME. Its content is ESRS-aligned but scaled to SME capacity.
After Omnibus I, listed SMEs are no longer mandatorily in CSRD scope — the previous Wave 3 was abolished. But investor expectations, index inclusion and bank financing keep asking for structured sustainability disclosure, and the concluded LSME draft is the format some of them still name.
We support LSME as a response format when a customer or investor asks for it, and as a migration path to the 2026 voluntary standard. It is a concluded draft, so we treat it as one: the same data can be delivered in VSME or ESRS-aligned form, and the forward path runs to the voluntary standard rather than to an adoption of LSME that will not come.
Why it's hard.
Investor expectations remain
Asset managers, banks and indices keep asking for ESG data even when regulation no longer mandates it.
Proportionate ESRS-aligned scope
LSME is lighter than full ESRS but still demands consistent definitions, materiality and value chain coverage.
Audit-readiness even when voluntary
Voluntary disclosure that's later assured needs the same data trail as mandatory reporting.
Year-on-year continuity
Listed companies are judged on trends — disclosures must be comparable across years, not rebuilt each cycle.
How Regweaver helps.
LSME-aligned modules
Structured data collection for the LSME standard, mapped to ESRS for forward compatibility.
ESRS alignment built-in
Same datapoints flow into ESRS-aligned outputs — useful for IR, ratings and customer requests.
Audit-ready data trail
Every disclosure is versioned and traceable to source — ready for voluntary assurance.
Value chain data collection
Structured supplier engagement scaled to SME needs — proportionate, not enterprise-grade overhead.
Who's affected.
You may not be in scope — but your customers are.
Companies in scope
Regulation impacts organisations — but execution happens across teams.
Teams responsible for compliance
Not sure if LSME applies to your listing?
Request a RegCheck and get a tailored regulatory overview from our team.