Regulation (EU) 2024/3005 of the European Parliament and of the Council of 27 Nov... (32024R3005)
Regulation (EU) 2024/3005 of the European Parliament and of the Council of 27 November 2024 on the transparency and integrity of Environmental, Social and Governance (ESG) rating activities, and amending Regulations (EU) 2019/2088 and (EU) 2023/2859 (Text with EEA relevance)
- REGULATION (EU) 2024/3005 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
- of 27 November 2024
- on the transparency and integrity of Environmental, Social and Governance (ESG) rating activities, and amending Regulations (EU) 2019/2088 and (EU) 2023/2859
- (Text with EEA relevance)
- TITLE I
- SUBJECT MATTER, SCOPE AND DEFINITIONS
- Article 1
- Subject matter
- Article 2
- Scope
- Article 3
- Definitions
- TITLE II
- PROVISION OF ESG RATINGS IN THE UNION
- Article 4
- Requirements to operate in the Union
- Article 5
- Temporary regime for small ESG rating providers
- CHAPTER 1
- Authorisation of ESG rating providers established in the Union to operate in the Union
- Article 6
- Application for authorisation to operate in the Union
- Article 7
- Examination by ESMA of the application for authorisation to operate in the Union as an ESG rating provider
- Article 8
- Decision to grant or refuse authorisation to operate in the Union and notification of that decision
- Article 9
- Suspension or withdrawal of authorisation
- CHAPTER 2
- Equivalence, endorsement and recognition of ESG rating providers established outside the Union to operate in the Union
- Article 10
- Equivalence regime
- Article 11
- Endorsement of ESG ratings provided by ESG rating providers established outside the Union
- Article 12
- Recognition of ESG rating providers established outside the Union
- Article 13
- Cooperation arrangements
- CHAPTER 3
- Register and accessibility of information
- Article 14
- Register of ESG rating providers and accessibility of information on the European single access point
- TITLE III
- INTEGRITY AND RELIABILITY OF ESG RATING ACTIVITIES
- CHAPTER 1
- Organisational requirements, processes and documents concerning governance
- Article 15
- General principles
- Article 16
- Separation of business and activities
- Article 17
- Rating analysts, employees and other persons involved in the provision of ESG ratings
- Article 18
- Record-keeping requirements
- Article 19
- Complaints-handling mechanism
- Article 20
- Reasoned concerns
- Article 21
- Outsourcing
- Article 22
- Exemptions from governance requirements
- CHAPTER 2
- Transparency requirements
- Article 23
- Disclosure to the public of the methodologies, models and key rating assumptions used in ESG rating activities
- Article 24
- Disclosures to users of ESG ratings, rated items and issuers of rated items
- CHAPTER 3
- Independence and conflicts of interest
- Article 25
- Independence and avoidance of conflicts of interest
- Article 26
- Management of potential conflicts of interest arising from employees
- Article 27
- Fair, reasonable, transparent and non-discriminatory treatment of users of ESG ratings
- CHAPTER 4
- Supervision by ESMA
- Section 1
- General principles
- Article 28
- Non-interference with the content of ESG ratings or methodologies
- Article 29
- ESMA
- Article 30
- Competent authorities
- Article 31
- Exercise of the powers referred to in Articles 32, 33 and 34
- Article 32
- Requests for information
- Article 33
- General investigations
- Article 34
- On-site inspections
- Section 2
- Supervisory measures and penalties
- Article 35
- Supervisory measures by ESMA
- Article 36
- Fines
- Article 37
- Periodic penalty payments
- Article 38
- Disclosure, nature, enforcement and allocation of fines and periodic penalty payments
- Section 3
- Procedures and review
- Article 39
- Procedural rules for taking supervisory measures and imposing fines
- Article 40
- Hearing of persons subject to investigations
- Article 41
- Review by the Court of Justice of the European Union
- Section 4
- Fees and delegation
- Article 42
- Supervisory fees
- CHAPTER 5
- Cooperation between ESMA and the competent authorities
- Article 43
- Delegation of tasks by ESMA to the competent authorities
- Article 44
- Exchange of information
- Article 45
- Notifications and suspension requests by the competent authorities
- Article 46
- Professional secrecy
- TITLE IV
- DELEGATED AND IMPLEMENTING ACTS
- Article 47
- Exercise and revocation of the delegation and objections to delegated acts
- Article 48
- Committee procedure
- Article 49
- Amendment to Regulation (EU) 2019/2088
- Article 50
- Amendment to Regulation (EU) 2023/2859
- TITLE V
- TRANSITIONAL AND FINAL PROVISIONS
- Article 51
- Transitional provisions
- Article 52
- Review
- Article 53
- Entry into force and application
- ANNEX I
- INFORMATION TO BE PROVIDED IN THE APPLICATION FOR AUTHORISATION
- ANNEX II
- ORGANISATIONAL REQUIREMENTS
- 1. Record keeping information
- 2. Outsourcing
- ANNEX III
- DISCLOSURE REQUIREMENTS
- 1. Minimum disclosures to the public
- 2. Additional disclosures to users of ESG ratings and rated items within the scope of Directive 2013/34/EU
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