ESMA submits final technical standards for European green bonds external reviewers to Commission
The European Securities and Markets Authority (ESMA) has submitted its final draft regulatory and implementing technical standards to the European Commission for adoption under the European Green Bonds Regulation (Regulation (EU) 2023/2631), which came into application on 21 December 2024. The package, which comprises five regulatory technical standards (RTS) and one implementing technical standard (ITS), sets out detailed requirements for external reviewers of European Green Bonds. These standards cover key aspects of external reviewer operations, including the criteria for assessing systems, resources, and procedures; requirements for the compliance function; standards for internal processes and ICT risk management; criteria to ensure the quality and reliability of information used in reviews; standardised procedures for non-EU external reviewers seeking recognition; and processes for notifying ESMA of material changes to registration information.