Regulation (EU) 2024/3005

In force

This text since 12 Dec 2024law://eu/reg/2024/3005/art_37__para_1@2026-11-15

Contents

1.ESMA shall, by decision, impose periodic penalty payments to compel:

(a)an ESG rating provider to put an end to an infringement in accordance with a decision taken pursuant to Article 35(1), point (c);

(b)the persons referred to in Article 32(1):

(i)to supply complete information which has been requested by a decision taken pursuant to Article 32(3);

(ii)to submit to an investigation and in particular to produce complete records, data, procedures or any other material required and to complete and correct other information provided in an investigation launched by a decision taken pursuant to Article 33(3);

(iii)to submit to an on-site inspection ordered by a decision taken pursuant to Article 34(4).

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

Defined terms · 9

Show every defined term

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;