(16)Article 19a(7) of Directive 2013/34/EU allows small and medium-sized undertakings, except micro undertakings, whose securities are admitted to trading on a regulated market in the Union to opt out from the sustainability reporting regime for the first two years of its application. Since this Directive excludes small and medium-sized undertakings from the sustainability reporting regime, the provision allowing for the two-year opt out should be deleted.