On 7 April 2025, the European Securities and Markets Authority (ESMA) published its second consultation paper on draft technical standards under the Regulation on European Green Bonds (EuGB Regulation).
The EuGB Regulation requires ESMA to develop a series of technical standards on external reviewers. These have been developed in two packages. The first ESMA consultation paper was published on 26 March 2024 and a final report followed in February 2025.
This second consultation paper contains five draft regulatory technical standards (RTS) and one implementing technical standard on the:
- Criteria for assessing the appropriateness, adequacy and effectiveness of the systems, resources and procedures.
- Criteria for assessing 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.
- Criteria for assessing the soundness of administrative and accounting procedures and internal control mechanisms and the effectiveness of control and safeguard arrangements for information processing systems.
- Criteria for assessing whether the information used when providing reviews is of sufficient quality and from reliable sources.
- Information, form and content of applications for recognition.
- Standard forms, templates and procedures to notify ESMA of material changes in the information provided at registration.
Next steps
The deadline for comments on the consultation paper is 30 May 2025.
ESMA expects to publish a final report and submit the draft RTS to the European Commission for adoption by 21 December 2025 at the latest.
The technical standards will also be subject to non-objection by the European Parliament and Council.