On Wednesday 16 April, the European Commission published three draft delegated acts and an annex relating to the regulation on European Green Bonds (EuGB) adopted in autumn 2023 (see EUROPE 13275/36). While the first text and the annex contain standardised templates for the pre-and post-issuance disclosures for EuGBs, the other two concern the prerogatives of the European Securities and Markets Authority (ESMA).
On the one hand, the first draft delegated act concerns the content and presentation of information and the methodologies established, in particular those set out in the EU Taxonomy. This information relates to pre- and post-issues of bonds marketed as EuGBs. The aim is to reduce the administrative burden and give investors access to clear, standardised information.
It states that use of the optional templates is voluntary. It sets out provisions relating to the frequency of publication of information and defines the rules for the publication of templates on issuers’ websites. The rules on notifying the competent authorities and the means of publication and communication are also included.
To read the draft delegated act and its annex: https://aeur.eu/f/gh3
The second draft delegated act defines the types of fees to be charged by ESMA to external reviewers of EuGBs, the elements giving rise to their collection, their amount and the methods of payment. It aims to reconcile the principle of cost recovery with the policy objective of creating a competitive and dynamic market for external reviewers, open to small and new players.
The Commission proposes to set the fees for registration with ESMA at €40,000 and €10,000 for external reviewers from third countries. They will then have to pay €40,000 to obtain recognition. External reviewers with an annual turnover of less than a certain amount may be exempted from the obligation to pay fees.
To read the draft delegated act: https://aeur.eu/f/gh4
Lastly, the third draft delegated act specifies the procedural rules by which ESMA may impose fines or periodic penalty payments on external reviewers.
To read the draft delegated act: https://aeur.eu/f/gh5 (Original version in French by Anne Damiani)