(8)Article 1(3) of Directive 2013/34/EU specifies that insurance undertakings and credit institutions that are large undertakings or small and medium-sized undertakings, except micro undertakings, whose securities are admitted to trading on a regulated market in the Union are subject to the sustainability reporting requirements set out in that Directive, regardless of their legal form. Since this Directive reduces the scope of individual sustainability reporting, such reduction in scope should also apply to insurance undertakings and credit institutions.