The European Securities and Markets Authority has published a consultation paper on the remaining Regulatory Technical Standards (RTS) governing the regime for external reviewers under the European Green Bonds Regulation. The draft RTS set out detailed expectations intended to support robust and transparent external reviews of European Green Bonds. The proposals cover requirements around the appropriateness and effectiveness of reviewers’ systems, resources and procedures; the authority, resourcing and access to information of the compliance function; administrative and accounting procedures and internal controls, including information systems controls; the quality and reliability of information sources used for reviews; the information, form and content of applications for recognition; and the notification of material changes to information provided at registration. ESMA noted that a first consultation on RTS for external reviewers under the Regulation took place in 2024 and encouraged participation from external reviewers operating under the transitional regime or planning to apply for ESMA registration. Feedback is requested by 30 May 2025. ESMA expects to publish a final report and submit the draft RTS to the European Commission for adoption by 21 December 2025 at the latest, with the standards also subject to non-objection by the European Parliament and Council.

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