EC adopts Delegated Regulation on external review regime under the EU Green Bonds Regulation

The European Commission has adopted a Delegated Regulation supplementing the EU Green Bonds Regulation (Regulation (EU) 2023/2631) (EUGB) regarding regulatory technical standards (RTS) on the external review regime. From 21 June 2026, any entity wishing to provide external review services under the EUGB must be registered with and supervised by the European Securities Markets Authority (ESMA), which is also tasked with developing the relevant RTS/ITS specifying certain provisions for external reviewers. This Delegated Regulation sets out RTS relating to: (i) the conditions for the registration of external reviewers; (ii) the criteria for assessing the sound and prudent management of external reviewers; (iii) the knowledge, experience and training of the external reviewers' employees; and (iv) the conditions under which external reviewers can outsource their assessment activities. The Delegated Regulation will enter into force once it is published in the Official Journal of the European Union.

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