EC consults on draft Delegated Regulations supplementing the ESG Rating Regulation

The European Commission (EC) has published two draft Delegated Regulations (dated 16 October) supplementing Regulation (EU) 2024/3005, the environmental, social and governance (ESG) Rating Regulation, on the transparency and integrity of ESG rating activities. The first draft Delegated Regulation concerns the supervisory fees to be charged by the European Securities and Markets Authority (ESMA) to ESG rating providers, setting out the types of fees, the matters for which they are due, the amounts, justifications and payment modalities, as required under Article 42(2) of the ESG Rating Regulation. The second draft Delegated Regulation establishes the procedural framework for ESMA’s imposition of fines and periodic penalty payments on ESG rating providers, specifying rules on rights of defence, conduct of infringement proceedings, access to files by persons to whom a statement of findings has been sent, limitation periods and the collection of fines, pursuant to Article 39(9) of the ESG Rating Regulation. The deadline for feedback on both draft Delegated Regulations is 13 February. The EC expects to adopt both Delegated Regulations during Q1 2026.

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