ESMA consults on rules for external reviewers of European Green Bonds

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published its Consultation Paper on the remaining Regulatory Technical Standards (RTS) for external reviewers under the European Green Bonds Regulation. The RTS relate to the following aspects of the external reviewer regime:

• appropriateness, adequacy and effectiveness of systems, resources and procedures;
• authority, resources, expertise and access to relevant information of the compliance function;
• soundness of administrative and accounting procedures, internal control mechanisms and effectiveness of information systems controls;
• quality and reliability of sources of the information used for external reviews;
• information, form and content of applications for recognition; and
• notification of material changes in the information provided at registration.

ESMA considers that these technical standards will enhance the robustness and transparency of external reviews of European Green Bonds and in turn boost investors’ confidence that their capital is genuinely driving the green transition. The first consultation on RTS for external reviewers under the European Green Bonds Regulation took place in 2024.

Next steps

ESMA will consider the feedback received to the consultation by 30 May 2025 and expects to publish a Final Report and submit the draft RTS to the European Commission for adoption by 21 December 2025 at the latest. The technical standards will also be subject to non-objection by the European Parliament and Council. ESMA particularly encourages external reviewers operating during the transitional regime or intending to apply to become an ESMA-registered external reviewer of European Green Bonds to participate in the consultation.