ESMA finalises draft technical standards for external reviewers under European Green Bonds Regulation

The European Securities and Markets Authority (ESMA) has published its final report on the regulatory and implementing technical standards (RTS and ITS) under the European Green Bonds Regulation (Regulation (EU) 2023/2631). The report follows its April consultation and outlines ESMA's finalised draft technical standards on various aspects of the external reviewer regime, covering criteria for assessing: (i) the appropriateness, adequacy and effectiveness of the systems, resources and procedures; (ii) whether the compliance function has the authority to discharge its responsibilities properly and independently and for assessing the necessary resources, expertise and access to relevant information; (iii) the soundness of administrative and accounting procedures and internal control mechanisms and the effectiveness of control and safeguard arrangements for information processing systems; (iv) whether the information used when providing reviews is of sufficient quality and from reliable sources; (v) information, form and content of applications for recognition; and (vi) standard forms, templates and procedures to notify ESMA of material changes in the information provided at registration.

Following feedback, ESMA has revised the final technical standards to address concerns around proportionality and costs for compliance, as well as providing clarity on compliance and implementation. ESMA has submitted the final draft RTS and ITS to the European Commission for adoption. They will apply exclusively to ESMA-registered external reviewers from 21 June 2026.

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