Issuer Disclosure
ESMA's work in the area of issuer disclosure aims at providing investors with adequate information on the companies they invest in, thereby ensuring better investor protection. It covers a number of fields: Financial Reporting, Sustainability Reporting, Electronic Reporting, Audit, Prospectus, Corporate Governance, Major Shareholdings and Takeover Bids related to companies admitted to trading on a regulated market.
ESMA’s work on issuer disclosure is carried out by the Issuers Standing Committee (ISC), which is supported by several permanent working groups and a number of task forces and project teams. Additionally, the ISC draws on the expertise of external stakeholder representatives through its Consultative Working Groups.
EU Green Bond Regulation
Publication on the issuer’s website and notification to ESMA
Background
In accordance with Article 15(5) of the Regulation 2023/2631 on European Green Bonds (EuGB Regulation) and optional disclosures for bonds marketed as environmentally sustainable and for sustainability-linked bonds, issuers shall notify ESMA of the publication of all documents listed below within 30 days of their publication:
Before EuGB issuance
(a) the completed European Green Bond factsheet referred to in Article 10 of EuGB Regulation;
(b) the pre-issuance review related to the European Green Bond factsheet referred to in Article 10 of EuGB Regulation;
(c) a link to the website where the prospectus can be consulted in cases where a prospectus is published pursuant to Regulation (EU) 2017/1129 (Prospectus Regulation);
After EuGB issuance
(d) without undue delay after they are drawn up in accordance with Article 11(1) of EuGB Regulation, the EuGB allocation reports;
(e) without undue delay after they are obtained, the post-issuance reviews of the EuGB allocation reports referred to in Article 11 of EuGB Regulation;
(f) without undue delay after it is drawn up in accordance with Article 12 of EuGB Regulation, the EuGB impact report;
(g) where applicable, the CapEx plan as referred to in Article 7 of EuGB Regulation;
(h) where applicable, the impact report review referred to in Article 12(3) of EuGB Regulation.
Submission
To comply with the notification requirement, issuers shall complete the questionnaire below. It is possible to notify the publication of one or more documents within the same notification. Issuers have the possibility to download a copy of the notification after filling in the questionnaire and will also obtain a unique notification ID, which is needed to edit the contribution at a later stage.
Additional information
Issuers are invited to additionally provide the non-mandatory information on their bond issuances, thus contributing to the EuGB’s objective of enhancing market transparency. This information will enable ESMA to develop a more granular overview of the uptake on the EU Green Bond label.
ESMA will not further distribute any of this information to the public.
▸ Link to questionnaire
Questions related to the Article 15 notifications can be addressed to: EUGB.article15@esma.europa.eu
