On Thursday 19 March, the European Commission’s financial services department (DG FISMA) issued a reminder that, from Sunday 21 June, external reviewers of European green bonds will have to be registered with the European Securities and Markets Authority (ESMA), in accordance with the European Green Bonds Regulation 2023, which came into force on 21 December 2024.
The new summer deadline will mark the end of an 18-month transitional period during which these external players could operate by simply notifying their activity, before the entry into force of a comprehensive EU-wide supervision regime.
The independent reviewers, whose services are mandatory before and after the issue of a European green bond, are responsible for verifying that the emissions comply with the EU taxonomy and transparency requirements.
From now on, ESMA will be responsible for their registration and direct supervision, on the basis of criteria defined by the regulations and set out in technical standards.
The aim is to boost the reliability of valuations and investor confidence in this still emerging but fast-growing market.
Last Thursday, the European Commission published a delegated act specifying the criteria applicable to external reviewers (see EUROPE 13828/18).
Further information: https://aeur.eu/f/lad (Original version in French by Bernard Denuit)