ESMA consults on rules for External Reviewers of EU Green Bonds


The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today launched a consultation on Draft Regulatory Technical Standards (RTS) related to the registration and supervision of external reviewers under the EU Green Bond Regulation (EuGB).

ESMA’s proposals relate to the registration and supervision of entities interested in becoming external reviewers of EU Green Bonds and aim to clarify the criteria used for assessing an application for registration by an external reviewer. In its proposals, ESMA aims to standardise registration requirements and contribute to developing a level playing field through lower entry costs for applicants. 

These relate to: 

  • senior management and analytical resources;  
  • sound and prudent management, including avoidance of conflicts of interest; 
  • knowledge and experience of analysts, and 
  • the outsourcing of assessment activities, forms, templates, and procedures for the provision of registration information.  

The Consultation Paper will be of interest to future external reviewers of green bonds and sustainable debt and sustainability assurance providers. ESMA would also like to hear from relevant investors, issuers, and trade associations.

Next steps 

The EuGB entered into force on 21 December 2023 and will apply from 21 December this year.  

ESMA will consider the feedback received to this consultation and will submit the draft RTS and ITSs to the European Commission by 21 December 2024.


EU Green Bond Regulation timeline


Further information:

Sarah Edwards 

Senior Communications Officer

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