ESMA publishes the register of external reviewers under the EuGB Regulation

External reviewers play a key role in ensuring that the use of proceeds of European Green Bonds is allocated in line with the EU Taxonomy requirements. They are also vital in boosting investor confidence by ensuring that their capital genuinely supports the green transition. 

As of 22 June 2026, registered external reviewers are subject to ESMA supervision and must fully comply with the requirements of the EuGB Regulation. These include clear senior management accountability, strong analytical capabilities, robust and transparent methodologies, effective internal controls and a comprehensive framework for managing conflicts of interest. 

The transitional regime provided for under Articles 69 and 70 of the EuGB Regulation has ended. From 22 June 2026, external reviewers listed in ESMA’s transitional regime register must cease their external review activities.  

To ensure transparency about disclosure requirements for previously issued European Green Bonds, ESMA has created a separate register. This register lists firms that notified ESMA under Articles 69 and 70 and were allowed to provide external reviews during the transitional period and includes the periods during which they were active.  

Next steps 

Issuers planning to issue a European Green Bond should consult ESMA’s register to select a registered external reviewer to perform their pre-issuance, post-issuance and, where applicable, impact report review.  

ESMA will update the register regularly to reflect any changes to the registration status of entities and to include newly approved applications.  

Further information:

Tayfun Yilmaz

Communications Officer
press@esma.europa.eu