Regulation on ESG rating providers

Scope

The ESAs, through the Joint Committee, to develop draft regulatory technical standards to specify the details of the presentation and content of the information to be disclosed pursuant to Article 2(2), first subparagraph, point (c), second subparagraph, taking into account the various types of financial products, their characteristics and the differences between them, and the need to avoid duplication of information already published in accordance with applicable regulatory requirements. 

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Update 6 October 2025: EU Commission included the regulatory technical standards in its list of non-essential Level 2 acts that it will not adopt before 1 October 2027.

Level 2

Application for authorisation to operate in the EU

ESMA to develop draft regulatory technical standards to specify further the information listed in Annex I (Information to be provided in the application for authorisation).

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Update 15 October 2025: ESMA published its final report on technical standards under the ESG Rating Regulation containing, among others, the draft regulatory technical standards specifying the information contained in the application for authorisation and in the application for recognition of an ESG rating provider.

Update 26 May 2026: The EU Commission adopted a delegated regulation with regard to regulatory technical standards specifying the information to be included in the application for authorisation as an ESG rating provider and in the application for recognition of an ESG rating provider (Annex). The adopted delegated regulation is pending the approval of the EU Parliament and the Council of the EU.

Update 1 July 2026: ESMA public statement on publication or distribution of ESG ratings by third parties in the period from 2 July 2026 until authorisation, recognition or registration of ESG rating providers.

Level 2

Equivalence regime

EU Commission may adopt an equivalence decision by means of an implementing act stating that the legal framework and supervisory practice of a third country ensure that:

• ESG rating providers authorised or registered in that third country comply with binding requirements which are equivalent to the requirements of the Regulation;
• Compliance with the binding requirements is subject to effective supervision and enforcement on an ongoing basis in that third country.

EU Commission may adopt a delegated act to specify these conditions.

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Update 6 October 2025: 

EU Commission included the delegated act in its list of non-essential Level 2 acts that it will not adopt before 1 October 2027.

Level 2

Recognition of ESG rating providers established outside the EU

ESMA to develop draft regulatory technical standards to determine the form and content of the application for recognition referred to in Article 12(2) (Recognition of ESG rating providers established outside the EU), and, in particular, the presentation of the information required in Article 12(4).
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Update 15 October 2025: ESMA published its final report on technical standards under the ESG Rating Regulation containing, among others, the draft regulatory technical standards specifying the information contained in the application for authorisation and in the application for recognition of an ESG rating provider.
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Update 26 May 2026: The EU Commission adopted a delegated regulation with regard to regulatory technical standards specifying the information to be included in the application for authorisation as an ESG rating provider and in the application for recognition of an ESG rating provider (Annex). The adopted delegated regulation is pending the approval of the EU Parliament and the Council of the EU.
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Update 1 July 2026: ESMA public statement on publication or distribution of ESG ratings by third parties in the period from 2 July 2026 until authorisation, recognition or registration of ESG rating providers.

Level 2

Register of ESG rating providers and accessibility of information on the European single access point

ESMA to develop draft implementing technical standards to specify:

• any other metadata to accompany the information (i.e. the information referred to in Article 14(1) (Register of ESG rating providers and accessibility of information on the European single access point));
• the structuring of data within the information;
• the information for which a machine-readable format is required, and which machine-readable format is to be used.

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Update 6 October 2025: 

EU Commission included the implementing technical standards in its list of non-essential Level 2 acts that it will not adopt before 1 October 2027.

Level 2

Separation of business and activities

ESMA to develop draft regulatory technical standards to specify the details of the measures and safeguards to be implemented pursuant to Article 16(2), (3) and (4) (Separation of business and activities).

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Update 15 October 2025: ESMA published its final report on technical standards under the ESG Rating Regulation containing, among others, the draft regulatory technical standards specifying the details of the measures and safeguards to be implemented by ESG rating providers in relation to the separation of business and activities.
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Update 28 July 2026: Commission Delegated Regulation (EU) 2026/872 with regard to regulatory technical standards specifying the measures and safeguards to be implemented by ESG rating providers to separate their ESG rating activities from their other activities.
● In force

Level 2

Disclosure to the public of the methodologies, models and key rating assumptions used in ESG rating activities

ESMA to develop draft regulatory technical standards to specify further the elements to be disclosed in accordance with Article 23(1), first subparagraph (Disclosure to the public of the methodologies, models and key rating assumptions used in ESG rating activities). Those elements must not include any additional disclosure requirements other than those listed in Annex III (Disclosure requirements), point 1.

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Update 15 October 2025: ESMA published its final report on technical standards under the ESG Rating Regulation containing, among others, the draft regulatory technical standards specifying the elements to be disclosed to the public and to users of ESG ratings, rated items and issuers of rated items. 
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Update 28 July 2026: Commission Delegated Regulation (EU) 2026/871 with regard to regulatory technical standards specifying the elements of ESG rating products to be disclosed to the public and to users of ESG ratings, rated items and issuers of rated items.
● In force

ESMA may develop draft implementing technical standards to specify the data standards, formats and templates that ESG rating providers are to use to present the information referred to in Article 23(1).
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Update 6 October 2025: 

EU Commission included the implementing technical standards in its list of non-essential Level 2 acts that it will not adopt before 1 October 2027.

Level 2

Disclosures to users of ESG ratings, rated items and issuers of rated items

ESMA to develop draft regulatory technical standards to specify further the elements that are to be disclosed in accordance with Article 24(1) (Disclosures to users of ESG ratings, rated items and issuers of rated items). Those elements must not include any additional disclosure requirements other than those listed in Annex III (Disclosure requirements), point 2.

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Update 15 October 2025: ESMA published its final report on technical standards under the ESG Rating Regulation containing, among others, the draft regulatory technical standards specifying the elements to be disclosed to the public and to users of ESG ratings, rated items and issuers of rated items. 

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Update 28 July 2026: Commission Delegated Regulation (EU) 2026/871 with regard to regulatory technical standards specifying the elements of ESG rating products to be disclosed to the public and to users of ESG ratings, rated items and issuers of rated items.
● In force

ESMA may develop draft implementing technical standards to specify the data standards, formats and templates that ESG rating providers are to use to present information referred to in Article 24(1).

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Update 6 October 2025: 
EU Commission included the implementing technical standards in its list of non-essential Level 2 acts that it will not adopt before 1 October 2027.

Level 2

Supervision by ESMA – procedural rules for taking supervisory measures and imposing fines

EU Commission to adopt delegated acts to supplement the Regulation by adopting further rules of procedure for the exercise of ESMA’s power to impose fines or periodic penalty payments, including provisions on rights of defence, temporal provisions and the collection of fines or periodic penalty payments, and by adopting detailed rules on the limitation periods for the imposition and enforcement of fines and periodic penalty payments.
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Update 30 July 2026: Commission Delegated Regulation (EU) 2026/904 supplementing Regulation (EU) 2024/3005 with regard to rules of procedure on fines and periodic penalty payments imposed to ESG rating providers by ESMA.
● In force

Level 2

Supervisory fees

EU Commission to adopt delegated acts to supplement the Regulation by specifying the type of fees, the matters for which fees are due, the amount of the fees and the respective justification, the manner in which they are to be paid and, where applicable, the way in which ESMA is to reimburse the competent authorities in respect of any costs that they might incur when carrying out tasks pursuant to the Regulation, in particular as a result of any delegation of tasks as referred to in Article 43 (Delegation of tasks by ESMA to the competent authorities).
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Update 30 July 2026: Commission Delegated Regulation (EU) 2026/910 supplementing Regulation (EU) 2024/3005 with regard to fees charged by ESMA to ESG rating providers.
● In force