Regulation (EU) 2024/3005

In force

This text since 12 Dec 2024law://eu/reg/2024/3005/art_10__para_4@2026-11-14

Contents

4.ESMA shall establish cooperation arrangements with the third-country competent authorities whose legal framework and supervisory practices have been recognised as equivalent in accordance with paragraph 2. Such arrangements shall specify at least the following:

(a)the mechanism for exchanging information on a regular and ad hoc basis between ESMA and the third-country competent authorities concerned, including access to all relevant information requested by ESMA regarding the ESG rating provider authorised or registered in that third country;

(b)the mechanism for prompt notification to ESMA where a third-country competent authority deems that the ESG rating provider authorised or registered in that third country and supervised by that third-country competent authority is breaching the conditions of its authorisation or registration, or other provisions of national law in that third country;

(c)the procedures concerning the coordination of supervisory activities, including on-site inspections;

(d)the mechanism for prompt notification to ESMA where a third-country competent authority takes any regulatory or supervisory actions in relation to the ESG rating provider authorised or registered in that third country, including any change that might have an impact on the ESG rating provider’s continued compliance with applicable laws and regulations;

(e)the mechanism for prompt notification to the third-country competent authority where ESMA issues a public notice in accordance with Article 35 to the ESG rating provider authorised or registered in that third country.

For the purpose of the first subparagraph of this paragraph, where ESMA is informed that an ESG rating provider established outside the Union no longer meets the conditions to be authorised or registered in its country of authorisation or registration, ESMA shall remove it from the register referred to in Article 14.

Source: EUR-Lex, © European Union, 1998-2026. Reuse authorised under Decision 2011/833/EU.

Key facts

Type: Regulation · (EU) 2024/3005 · EEA relevant
Adopted: 27 Nov 2024
In force: 1 Jan 2025
Applies from: 2 Jul 2026
Made by: Council of the European Union, European Parliament
Official: EUR-Lex 32024R3005 · ELI

Topics

administrative transparency capital market corporate governance disclosure of information environmental impact financial legislation investment social impact sustainable finance trade information Information and verification Internal market - Principles

History · 1 version

12 Dec 2024Reading

Connections

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Amends 1: Regulation (EU) 2019/2088
Cited by 4: Regulation (EU) 2023/2859; Commission Delegated Regulation (EU) 2026/111914 provisions; Commission Delegated Regulation (EU) 2026/9105 provisions; Commission Delegated Regulation (EU) 2026/9045 provisions
Cites 1: this act

Defined terms · 9

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competent authorities
means the authorities designated by each Member State in accordance with Article 30 of this Regulation;
financial instrument
means any of the instruments listed in Section C of Annex I to Directive 2014/65/EU;
group of ESG rating providers
means a group of undertakings established in the Union consisting of a parent undertaking and its subsidiary undertakings within the meaning of Article 2 of Directive 2013/34/EU, and undertakings linked to each other by a relationship, whose activities include the provision of ESG ratings.
management body
means an ESG rating provider’s body or bodies, which are appointed in accordance with national law, which are empowered to set the ESG rating provider’s strategy, objectives and overall direction, which oversee and monitor management decision-making in the ESG rating provider, and which include the persons who effectively direct the business of the ESG rating provider;
rated item
means a legal person, a financial instrument, a financial product, a public authority or a body governed by public law which is explicitly or implicitly rated in the ESG rating, irrespective of whether such rating has been requested and irrespective of whether the legal person, public authority or body governed by public law has provided information for that ESG rating;
rating analyst
means a person who performs analytical functions for the purpose of issuing ESG ratings;
regulated financial undertaking in the Union
means an undertaking, regardless of its legal form, that is:
senior management
means the person or persons who effectively direct the business of the ESG rating provider and the member or members of the ESG rating provider’s administrative or supervisory board;
user of ESG ratings
means a natural or legal person, a public authority, an agency or other body governed by public law, to which an ESG rating is distributed by subscription or other contractual relationships;