The Environmental, Social and Governance (ESG) Ratings Activities Regulation A Commentary

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The Environmental, Social and Governance (ESG) Ratings Activities Regulation A Commentary

Edited by: Andrea Miglionico

ISBN13: 9781035338610

Published: December 2025

Publisher: Edward Elgar Publishing Limited

Country of Publication: UK

Format: Hardback

Price: £165.00

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eBook (ePub)
9781035381654

£132.00

This authoritative Commentary examines the EU regulatory regime for environmental, social and governance (ESG) ratings providers. In doing so, it provides a deep dive into the regulatory framework, evaluating the operation of ESG providers and their transparency and disclosure mechanisms, and outlines loopholes in EU Regulation.

Key Features:

Article-by-article analysis of the EU regulatory framework of ESG ratings providers and green investments
Surveys the most salient issues related to the role of the ESG ratings providers in the financial market
Outlines the loopholes of EU regulation on ESG ratings and advances suggestions for enhancing the current regulatory system
Evaluates the operation of ESG ratings providers in the EU and their transparency and disclosure, including misleading reports

This Commentary is an invaluable resource for practitioners and legal professionals in law firms, global rating firms, commercial and investment banks, international financial institutions, and prudential regulatory agencies. It is also an essential point of reference for scholars and students researching law and the economic aspects of sustainable and green finance.

Subjects:: Commercial Law

Contents:: Preface xix; Table of cases xxiv; Table of legislation xxv; TITLE I SUBJECT MATTER, SCOPE AND DEFINITIONS; 1. Subject matter 2; Andrea Miglionico; 2. Scope 10; Andrea Miglionico; 3. Definitions 20; Andrea Miglionico; TITLE II PROVISION OF ESG RATINGS IN THE UNION; 4. Requirements to operate in the Union 32; Iain MacNeil; 5. Temporary regime for small ESG rating providers 35; Iain MacNeil; Chapter 1 Authorization of ESG rating providers established in the union to operate in; the Union; 6. Application for authorization to operate in the Union 39; Iain MacNeil; 7. Examination by ESMA of the application for authorization to operate in the Union as an ESG; rating provider 41; Iain MacNeil; 8. Decision to grant or refuse authorization to operate in the Union and notification of that; decision 43; Iain MacNeil; 9. Suspension or withdrawal of authorization 45; Iain MacNeil; Chapter 2 Equivalence, endorsement and recognition of ESG rating providers; established outside the Union to operate in the Union; 10. Equivalence regime 48; Iain MacNeil; 11. Endorsement of ESG ratings provided by ESG rating providers established outside the; Union 52; Iain MacNeil; 12. Recognition of ESG rating providers established outside the Union 56; Iain MacNeil; 13. Cooperation arrangements 60; Iain MacNeil; Chapter 3 Register and accessibility of information; 14. Register of ESG rating providers and accessibility of information on the European single; access point 62; Andrea Miglionico; TITLE III INTEGRITY AND RELIABILITY OF ESG RATING ACTIVITIES; Chapter 1 Organizational requirements, processes and documents concerning governance; 15. General principles 73; Iris H-Y Chiu; 16. Separation of business and activities 101; Iris H-Y Chiu; 17. Rating analysts, employees and other persons involved in the provision of ESG ratings 112; Irene-marié Esser; 18. Record-keeping requirements 115; Iris H-Y Chiu; 19. Complaints-handling mechanism 119; Iris H-Y Chiu; 20. Reasoned concerns 126; Iris H-Y Chiu; 21. Outsourcing 130; Iris H-Y Chiu; 22. Exemptions from governance requirements 134; Iris H-Y Chiu; Chapter 2 Transparency requirements; 23. Disclosure to the public of the methodologies, models and key rating assumptions used in; ESG rating activities 142; Irene-marié Esser; 24. Disclosures to users of ESG ratings, rated items and issuers of rated items 148; Irene-marié Esser; Chapter 3 Independence and conflicts of interest; 25. Independence and avoidance of conflicts of interest 153; Irene-marié Esser; 26. Management of potential conflicts of interest arising from employees 157; Irene-marié Esser; 27. Fair, reasonable, transparent and non-discriminatory treatment of users of ESG ratings 159; Irene-marié Esser; Chapter 4 Supervision by ESMA; Section 1: General principles; 28. Non-interference with the contents of ratings or methodologies 163; Francesco De Pascalis; 29. ESMA 169; Francesco De Pascalis; 30. Competent authorities 176; Francesco De Pascalis; 31. Exercise of the powers referred to in Articles 32, 33 and 34 182; Francesco De Pascalis; 32. Requests for information 187; Francesco De Pascalis; 33. General investigations 193; Francesco De Pascalis; 34. On-site inspections 201; Francesco De Pascalis; Section 2: Supervisory measures and penalties; 35. Supervisory measures by ESMA 209; Andrea Miglionico; 36. Fines 217; Andrea Miglionico; 37. Periodic penalty payments 221; Andrea Miglionico; 38. Disclosure, nature, enforcement and allocation of fines and periodic penalty payments 226; Andrea Miglionico; Section 3: Procedures and review; 39. Procedural rules for taking supervisory measures and imposing fines 231; Andrea Miglionico; 40. Hearing of persons subject to investigations 236; Andrea Miglionico; 41. Review by the Court of Justice of the European Union 240; Andrea Miglionico; Section 4: Fees and delegation; 42. Supervisory fees 244; Andrea Miglionico; Chapter 5 Cooperation between ESMA and the competent authorities; 43. Delegation of tasks by ESMA to the competent authorities 248; Andrea Miglionico; 44. Exchange of information 252; Andrea Miglionico; 45. Notifications and suspension requests by the competent authorities 256; Andrea Miglionico; 46. Professional secrecy 260; Andrea Miglionico; TITLE IV DELEGATED AND IMPLEMENTING ACTS; 47. Exercise and revocation of the delegation and objections to delegated acts 265; Andrea Miglionico; 48. Committee procedure 270; Andrea Miglionico; 49. Amendment to Regulation (EU) 2019/2088 274; Andrea Miglionico; 50. Amendment to Regulation (EU) 2023/2859 278; Andrea Miglionico; TITLE V TRANSITIONAL AND FINAL PROVISIONS; 51. Transitional provisions 281; Andrea Miglionico; 52. Review 284; Andrea Miglionico; 53. Entry into force and application 288; Andrea Miglionico