Regulation (EU) 2023/2631 of the European Parliament and of the Council of 22 November 2023 on European Green Bonds and optional disclosures for bonds marketed as environmentally sustainable and for sustainability-linked bonds (Text with EEA relevance)

An application for recognition from ESMA as referred to in paragraph 1 shall contain all information necessary to satisfy ESMA that the third-country external reviewer seeking recognition has implemented all necessary arrangements to fulfil the requirements referred to in paragraphs 2 and 3 and shall, where applicable, indicate the competent authority responsible for supervision of the third-country external reviewer seeking recognition in the third country.

Within 30 working days of receipt of an application for recognition, ESMA shall assess whether the application is complete.

Within 45 working days of receipt of a complete application for recognition, ESMA shall verify that the requirements laid down in paragraphs 2 and 3 are fulfilled.

ESMA shall notify the third-country external reviewer seeking recognition in writing of its decision to recognise or to refuse to recognise the third-country external reviewer seeking recognition as a third-country external reviewer. A decision to recognise or to refuse to recognise a third-country external reviewer seeking recognition shall provide reasons and shall take effect on the fifth working day after its adoption.

ESMA shall suspend or, where appropriate, withdraw the recognition granted in accordance with paragraph 7 where it has well-founded reasons, based on documentary evidence, to consider that the third-country external reviewer is acting in a manner which is prejudicial to the interests of users of its services or the orderly functioning of markets, or has seriously infringed this Regulation, or that the third-country external reviewer made false statements or used any other irregular means to obtain recognition.

ESMA shall develop draft regulatory technical standards specifying the information and the form and content of the application referred to in paragraph 4.

An external reviewer established in the Union registered in accordance with Article 23 may apply to ESMA for an authorisation of an endorsement of the services provided by a third-country external reviewer on an ongoing basis in the Union, provided that the following conditions are fulfilled:

An external reviewer who submits an application referred to in paragraph 1 (the ‘endorsing external reviewer’) shall provide all information that is necessary to satisfy ESMA that, at the time of application, all conditions referred to in that paragraph are fulfilled.

ESMA shall assess whether the application referred to in paragraph 1 is complete within 20 working days of receipt of the application.

Services provided under this Regulation by a third-country external reviewer whose services have been endorsed shall be considered to be services provided by the endorsing external reviewer. The endorsing external reviewer shall not use the endorsement with the intention of avoiding the requirements of this Regulation.

The endorsing external reviewer shall remain fully responsible for the services provided under this Regulation by the third-country external reviewer whose services have been endorsed and for compliance with this Regulation.

Where ESMA has well-founded reasons to consider that the conditions laid down in paragraph 1 are no longer fulfilled, it shall have the power to require the endorsing external reviewer to cease the endorsement.

The endorsing external reviewer shall publish the information referred to in Article 38 on its website.

The endorsing external reviewer shall report to ESMA annually on the services it has endorsed during the previous 12 months.

The competent authority of the home Member State designated pursuant to Article 31 of Regulation (EU) 2017/1129 shall supervise the following:

Competent authorities designated in accordance with Article 29(5) of Regulation (EU) 2017/2402 shall supervise the compliance of originators with their obligations under Title II, Chapter 2, and Articles 18 and 19 of this Regulation.

By way of derogation from paragraphs 1 and 2 of this Article, competent authorities shall not supervise issuers of European Green Bonds that are covered by Article 1(2), points (b) and (d), of Regulation (EU) 2017/1129.

In order to fulfil their duties under this Regulation, competent authorities shall have, in accordance with national law, at least the following supervisory and investigatory powers:

Competent authorities shall exercise their functions and powers referred to in paragraph 1 in any of the following ways:

Member States shall ensure that appropriate measures are in place so that competent authorities have all the supervisory and investigatory powers that are necessary to fulfil their duties.

A person making information available to a competent authority pursuant to this Regulation shall not be considered to be infringing any restriction on the disclosure of information imposed by contract or by any legislative, regulatory or administrative provision, and shall not be subject to liability of any kind for making such information available to a competent authority.

Competent authorities shall cooperate with each other for the purposes of this Regulation. They shall exchange information without undue delay and cooperate in investigation, supervision and enforcement.

A competent authority may refuse to act on a request for information or a request to cooperate with an investigation only in any of the following exceptional circumstances:

Competent authorities may request assistance from the competent authority of another Member State with regard to on-site inspections or investigations.

In the case of a securitisation bond, where a competent authority referred to in Article 44(2) finds, or has reason to believe, that an obligation under Title II, Chapter 2, or Article 18 or 19 has not been complied with, it shall inform the competent authority of the Member State of the entity or entities suspected of such non-compliance of its findings in a sufficiently detailed manner. Upon receipt of that information, the competent authority of the Member State of the entity suspected of the non-compliance shall, within 15 working days, take any necessary action to address the non-compliance identified and notify the other competent authority involved. When a competent authority referred to in Article 44(2) disagrees with another competent authority regarding the procedure or content of its action or inaction, it shall notify all other competent authorities involved about its disagreement without undue delay.

The competent authorities may bring the matter to the attention of ESMA in situations where a request for cooperation, in particular to exchange information, has been rejected or has not been acted upon within a reasonable time. Without prejudice to Article 258 TFEU, ESMA may in such situations act in accordance with the power conferred on it by Article 19 of Regulation (EU) No 1095/2010.

ESMA may develop draft regulatory technical standards to specify the information to be exchanged in accordance with paragraph 1.

ESMA may develop draft implementing technical standards to establish standard forms, templates and procedures for the purposes of the cooperation and exchange of the information referred to in paragraph 1.

All information exchanged between the competent authorities under this Regulation that concerns business or operational conditions and other economic or personal affairs shall be confidential and shall be subject to professional secrecy, except where the competent authority states, when it exchanges such information with another competent authority, that such information may be disclosed or where such disclosure is necessary for legal proceedings.

The obligation of professional secrecy shall apply to all persons who work or who have worked for the competent authority or for any third party to whom the competent authority has delegated its powers. Information subject to professional secrecy shall not be disclosed to any other person or authority except by virtue of Union or national law.

A competent authority of the host Member State that has clear and demonstrable grounds for believing that irregularities have been committed by an issuer of a European Green Bond or that such an issuer has infringed this Regulation shall transmit those findings to the competent authority of the home Member State and to ESMA.

Where, despite the measures taken by the competent authority of the home Member State, an issuer of a European Green Bond persisted in infringing this Regulation, the competent authority of the host Member State, after informing the competent authority of the home Member State and ESMA, shall take all appropriate measures to protect investors and shall inform the Commission and ESMA thereof without undue delay.

A competent authority that disagrees with any of the measures taken by another competent authority pursuant to paragraph 2 may bring the matter to the attention of ESMA. ESMA may act in accordance with the powers conferred on it by Article 19 of Regulation (EU) No 1095/2010.

Without prejudice to the supervisory and investigatory powers of competent authorities pursuant to Article 45, and the right of Member States to provide for and impose criminal penalties, Member States shall, in accordance with national law, provide for competent authorities to have the power to impose administrative penalties and take other appropriate administrative measures which shall be effective, proportionate and dissuasive. Those administrative penalties and other administrative measures shall apply to:

Member States may decide not to lay down rules concerning the power of competent authorities to impose administrative penalties and take other appropriate administrative measures as referred to in paragraph 1 where the infringements referred to in point (a) or (b) of that paragraph are already subject to criminal penalties in their national law by 21 December 2024. Where they so decide, Member States shall notify to the Commission and to ESMA, in detail, the relevant parts of their criminal law.

By 21 December 2024, Member States shall notify to the Commission and to ESMA, in detail, the rules referred to in paragraphs 1 and 2. They shall notify the Commission and ESMA without delay of any subsequent amendment thereto.

Member States shall, in accordance with national law, ensure that competent authorities have the power to impose the following administrative penalties and other administrative measures in relation to the infringements referred to in paragraph 1, point (a):

Member States may provide for additional penalties or measures and for higher levels of administrative fines than those provided for in this Regulation.

When determining the type and level of administrative penalties and other administrative measures, the competent authorities shall take into account all relevant circumstances including, where appropriate:

In the exercise of their powers to impose administrative penalties and other administrative measures under Article 49, competent authorities shall cooperate closely to ensure that the exercise of their supervisory and investigative powers and the administrative penalties and other administrative measures that they impose are effective and appropriate. They shall coordinate their action in order to avoid duplication and overlaps when exercising their supervisory and investigative powers and when imposing administrative penalties and other administrative measures in cross-border cases.

A decision imposing an administrative penalty or other administrative measure for an infringement of this Regulation shall be published by competent authorities on their official websites immediately after the person subject to that decision has been informed of that decision. The publication shall include information on the type and nature of the infringement and the identity of the persons responsible. That obligation shall not apply to decisions imposing measures that are of an investigatory nature.

Where the publication of the identity of the legal persons, or of the identity or personal data of natural persons, is considered by the competent authority to be disproportionate following a case-by-case assessment conducted on the proportionality of the publication of such data, or where such publication would jeopardise the stability of financial markets or an ongoing investigation, competent authorities shall do one of the following:

Where the decision to impose an administrative penalty or other administrative measure is under appeal before the relevant court or administrative body, the competent authority referred to in Article 44(1) and (2) shall also publish, immediately, on its official website such information and any subsequent information on the outcome of such appeal. Moreover, any decision annulling a previous decision to impose an administrative penalty or other administrative measure shall also be published.

Competent authorities shall ensure that any publication in accordance with this Article shall remain on their official website for a period of at least five years after its publication. Personal data contained in the publication shall be limited to what is necessary for the purposes of the specific case and shall be kept on the official website of the competent authority only for the period which is necessary in accordance with the applicable data protection rules.

Competent authorities shall, on an annual basis, provide ESMA with aggregate information regarding all administrative penalties and other administrative measures imposed in accordance with Article 49. ESMA shall publish that information in an annual report.

Where Member States have chosen, in accordance with Article 49(5), to lay down criminal penalties for the infringements of the provisions referred to therein, their competent authorities shall provide ESMA annually with anonymised and aggregated data regarding all criminal investigations undertaken and criminal penalties imposed. ESMA shall publish data on criminal penalties imposed in an annual report.

A competent authority that has disclosed administrative penalties, other administrative measures or criminal penalties to the public shall simultaneously report those penalties or measures to ESMA.

Competent authorities shall inform ESMA of all administrative penalties or other administrative measures imposed but not published in accordance with Article 52(2), first subparagraph, point (c), including any appeal in relation thereto and the outcome thereof. Member States shall ensure that competent authorities receive information and the final judgment in relation to any criminal penalty imposed and submit it to ESMA. ESMA shall maintain a central database of penalties communicated to it solely for the purposes of exchanging information between competent authorities. That database shall be accessible only to competent authorities and shall be updated on the basis of the information provided by the competent authorities.

ESMA may, by simple request or by a decision, require the following persons to provide all information that is necessary to carry out its duties under this Regulation:

When sending a simple request for information under paragraph 1, ESMA shall:

When requiring the provision of information by decision under paragraph 1, ESMA shall:

The persons referred to in paragraph 1 or their representatives and, in the case of legal persons or associations having no legal personality, the persons authorised to represent them by law, shall provide the information requested. Duly authorised lawyers may provide the information on behalf of their clients. The latter shall remain fully responsible if the information provided proves to be incomplete, incorrect or misleading.

ESMA shall, without delay, send a copy of the simple request or of its decision referred to in paragraph 1 to the competent authority of the Member State where the persons to whom such request or decision is addressed are domiciled or established.

In order to carry out its duties under this Regulation, ESMA may conduct necessary investigations of persons referred to in Article 54(1). To that end, the officials and other persons authorised by ESMA shall be empowered to:

The officials of and other persons authorised by ESMA for the purposes of the investigations referred to in paragraph 1 of this Article shall exercise their powers upon production of a written authorisation specifying the subject matter and purpose of the investigation. That authorisation shall also indicate the periodic penalty payments provided for in Article 61 where the production of the required records, data, procedures or any other material, or the answers to questions asked of the persons referred to in Article 54(1), are not provided or are incomplete, and the fines provided for in Article 60 where the answers to questions asked of the persons referred to in Article 54(1) prove to be incorrect or misleading.

The persons referred to in Article 54(1) shall submit to investigations initiated on the basis of a decision of ESMA. The decision shall specify the subject matter and purpose of the investigation, the periodic penalty payments provided for in Article 61, the legal remedies available under Regulation (EU) No 1095/2010 and the right to have the decision reviewed by the Court of Justice.

Within a reasonable time before the investigation, ESMA shall inform the competent authority referred to in Article 44 of the Member State where the investigation is to be carried out of the investigation and of the identity of the authorised persons. Officials of the competent authority concerned shall, upon the request of ESMA, assist those authorised persons in carrying out their duties. Officials of the competent authority concerned may also attend the investigations upon request.

If a request for records of telephone or data traffic referred to in paragraph 1, point (e), requires a competent authority to obtain the authorisation of a judicial authority in accordance with national law, ESMA shall apply for such authorisation. ESMA may also apply for such authorisation as a precautionary measure.

Where an authorisation as referred to in paragraph 5 is applied for, the national judicial authority shall verify that the decision of ESMA is authentic and that the coercive measures envisaged are neither arbitrary nor excessive having regard to the subject matter of the investigations. In its verification of the proportionality of coercive measures, the national judicial authority may ask ESMA for detailed explanations, in particular relating to the grounds ESMA has for suspecting that an infringement of this Regulation has taken place and the seriousness of the suspected infringement and the nature of the involvement of the person subject to the coercive measures. However, the national judicial authority shall not review the necessity of the investigation or demand that it be provided with the information on ESMA’s file. The lawfulness of ESMA’s decision shall be subject to review only by the Court of Justice following the procedure set out in Regulation (EU) No 1095/2010.

In order to carry out its duties under this Regulation, ESMA may conduct all necessary on-site inspections at the business premises, land or property of the legal persons referred to in Article 54(1). Where the proper conduct and efficiency of the inspection so require, ESMA may carry out the on-site inspection without prior announcement.

The officials of and other persons authorised by ESMA to conduct an on-site inspection may enter any business premises, land or property of the legal persons subject to an investigation decision adopted by ESMA and shall have all the powers referred to in Article 55(1). They shall also have the power to seal any business premises, property and books or records for the period of, and to the extent necessary for, the inspection.

The officials of and other persons authorised by ESMA to conduct an on-site inspection shall exercise their powers upon production of a written authorisation specifying the subject matter and purpose of the inspection and the periodic penalty payments provided for in Article 61 where the persons concerned do not submit to the inspection. In good time before the inspection, ESMA shall give notice of the inspection to the competent authority of the Member State where the inspection is to be conducted.

The persons referred to in Article 54(1) shall submit to on-site inspections ordered by a decision of ESMA. The decision shall specify the subject matter and purpose of the inspection, appoint the date on which it is to begin and indicate the periodic penalty payments provided for in Article 61, the legal remedies available under Regulation (EU) No 1095/2010 as well as the right to have the decision reviewed by the Court of Justice. ESMA shall take such decisions after consulting the competent authority of the Member State where the inspection is to be conducted.

Officials of, as well as those authorised or appointed by, the competent authority of the Member State where the inspection is to be conducted shall, at the request of ESMA, actively assist the officials of, and other persons authorised by, ESMA. To that end, they shall enjoy the powers set out in paragraph 2. Officials of that competent authority may also attend the on-site inspections upon request.

ESMA may require competent authorities of the Member State where the inspection is to be conducted to carry out on its behalf specific investigatory tasks and on-site inspections as provided for in this Article and in Article 55(1). To that end, the competent authorities shall enjoy the same powers as ESMA as set out in this Article and in Article 55(1).

Where the officials of, and other accompanying persons authorised by, ESMA find that a person opposes an inspection ordered pursuant to this Article, the competent authority of the Member State concerned shall afford them the necessary assistance, requesting, where appropriate, the assistance of the police or of an equivalent enforcement authority, to enable them to conduct their on-site inspection.

If the on-site inspection provided for in paragraph 1 or the assistance provided for in paragraph 7 requires authorisation by a judicial authority pursuant to applicable national law, ESMA shall apply for such authorisation. ESMA may also apply for such authorisation as a precautionary measure.

Where authorisation as referred to in paragraph 8 is applied for, the national judicial authority shall verify that ESMA’s decision is authentic and that the coercive measures envisaged are neither arbitrary nor excessive having regard to the subject matter of the inspection. In its verification of the proportionality of the coercive measures, the national judicial authority may ask ESMA for detailed explanations, in particular relating to the grounds ESMA has for suspecting that an infringement of this Regulation has taken place, as well as to the seriousness of the suspected infringement and the nature of the involvement of the person who is subject to the coercive measures. However, the national judicial authority shall not review the necessity of the investigation or demand that it be provided with the information on ESMA’s file. The lawfulness of ESMA’s decision shall be subject to review only by the Court of Justice following the procedure set out in Regulation (EU) No 1095/2010.

Competent authorities referred to in Article 44, ESMA, and other relevant authorities shall, without undue delay, provide one another with the information required for the purposes of carrying out their duties under this Regulation.

Competent authorities referred to in Article 44, ESMA, other relevant authorities and other bodies or natural and legal persons receiving confidential information in the exercise of their duties under this Regulation, shall use such information only in the course of their duties.

Where, in accordance with Article 63(8), ESMA finds that a person has committed an infringement listed in Article 60(1), it shall adopt a decision to take one or more of the following actions:

ESMA shall withdraw the registration or the recognition of an external reviewer in any of the following circumstances:

For the purposes of paragraph 1, ESMA shall take into account the nature and seriousness of the infringement, having regard to the following criteria:

Without undue delay, ESMA shall notify any action taken pursuant to paragraph 1 to the person responsible for the infringement, and shall communicate it to the competent authorities of the Member States and to the Commission. It shall publicly disclose any such action on its website within 10 working days of the date when the decision as referred to in paragraph 1 was adopted.

ESMA shall adopt a decision imposing a fine in accordance with paragraph 2 of this Article where, in accordance with Article 63(8), it finds that an external reviewer or any of the persons referred to in Article 54(1) has, by intent or negligence, committed one or more of the following infringements:

Without prejudice to paragraph 3, the minimum amount of the fine referred to in paragraph 1 shall be EUR 20 000 . The maximum amount shall be EUR 200 000 .

Where a person has committed an infringement listed in paragraph 1 and directly or indirectly benefited financially from the infringement, the amount of the fine shall be at least equal to that financial benefit.

Where an act or omission constitutes a combination of several infringements, ESMA shall apply a single fine. That fine shall be the highest of the applicable fines for that act or omission.

ESMA shall, by decision, impose a periodic penalty payment in order to compel:

The periodic penalty payment shall be imposed for each day of delay.

The amount of the periodic penalty payments shall be 3 % of the average daily turnover in the preceding business year, or, in the case of natural persons, 2 % of the average daily income in the preceding calendar year. It shall be calculated from the date stipulated in the decision imposing the periodic penalty payment.

A periodic penalty payment shall be imposed for a maximum period of six months following the notification of ESMA’s decision. Following the end of the period, ESMA shall review the measure.

ESMA shall disclose to the public every fine and periodic penalty payment that has been imposed pursuant to Articles 60 and 61, unless such disclosure to the public would seriously jeopardise the financial markets or cause disproportionate damage to the parties involved. Such disclosure shall not contain personal data within the meaning of Regulation (EU) 2018/1725 of the European Parliament and of the Council ([^E0004]).

Fines and periodic penalty payments imposed pursuant to Articles 60 and 61 shall be of an administrative nature.

Fines and periodic penalty payments imposed pursuant to Articles 60 and 61 shall be enforceable.

The amounts of the fines and periodic penalty payments shall be allocated to the general budget of the Union.

Where ESMA decides to impose no fine or penalty payment upon closing an investigation, it shall inform the European Parliament, the Council, the Commission, and the competent authorities of the Member State concerned accordingly and shall set out the reasons for its decision.

Where, in carrying out its duties under this Regulation, ESMA finds that there are serious indications of the possible existence of facts liable to constitute one or more of the infringements listed in Article 60(1), ESMA shall appoint an independent investigating officer within ESMA to investigate the matter. The investigating officer shall not be involved or have been involved in the direct or indirect supervision or registration process of the external reviewer concerned and shall perform his or her functions independently from ESMA’s Board of Supervisors.

The investigating officer shall investigate the alleged infringements, taking into account any comments submitted by the persons subject to investigation, and shall submit a complete file with his or her findings to ESMA’s Board of Supervisors.

In order to carry out his or her tasks, the investigating officer may exercise the power to require information in accordance with Article 54 and to conduct investigations and on-site inspections in accordance with Articles 55 and 56. When using those powers, the investigating officer shall comply with Article 57.

Where carrying out his or her tasks, the investigating officer shall have access to all documents and information gathered by ESMA in its supervisory activities.

Upon completion of his or her investigation and before submitting the file with his or her findings to ESMA’s Board of Supervisors, the investigating officer shall give the persons subject to an investigation the opportunity to be heard on the matters being investigated. The investigating officer shall base his or her findings only on facts on which the persons subject to investigation have had the opportunity to comment.

The rights of defence of the persons concerned shall be fully respected during investigations under this Article.

Upon submission of the file with his or her findings to ESMA’s Board of Supervisors, the investigating officer shall notify that fact to the persons who are subject to investigations. The persons subject to investigations shall be entitled to have access to the file, subject to the legitimate interest of other persons in the protection of their professional secrets. The right of access to the file shall not extend to confidential information affecting third parties.

On the basis of the file containing the investigating officer’s findings and, when requested by the persons concerned, after having heard those persons in accordance with Article 64, ESMA shall decide if one or more of the infringements listed in Article 60(1) has been committed by the persons subject to an investigation, and in such a case, shall take a supervisory measure in accordance with Article 59 and impose a fine in accordance with Article 60.

The investigating officer shall not participate in the deliberations of ESMA’s Board of Supervisors or in any other way intervene in its decision-making process.

The Commission shall adopt delegated acts in accordance with Article 68 by 21 December 2024 to supplement this Regulation by further specifying the procedure for the exercise of ESMA’s power to impose fines or periodic penalty payments, including provisions on the rights of defence, temporal provisions, the collection of fines or periodic penalty payments, and detailed rules on the limitation periods for the imposition and enforcement of penalties.

ESMA shall refer matters for criminal prosecution to the relevant national authorities where, in carrying out its duties under this Regulation, it finds that there are serious indications of the possible existence of facts liable to constitute criminal offences. In addition, ESMA shall refrain from imposing fines or periodic penalty payments where a prior acquittal or conviction arising from identical facts, or from facts which are substantially the same, has acquired the force of res judicata as the result of criminal proceedings under national law.

Before taking any decision pursuant to Articles 59, 60 and 61, ESMA shall give the persons subject to such a decision the opportunity to be heard on ESMA’s findings. ESMA shall base its decisions only on findings on which those persons have had the opportunity to comment.

Paragraph 1 of this Article shall not apply if urgent action pursuant to Article 59 is needed in order to prevent significant and imminent damage to the financial system. In such a case, ESMA may adopt an interim decision and shall give the persons concerned the opportunity to be heard as soon as possible after taking its decision.

The rights of defence of the persons subject to a decision of ESMA shall be fully respected during the respective proceedings. Those persons shall be entitled to have access to ESMA’s file, subject to the legitimate interest of other persons in the protection of their professional secrets. The right of access to the file shall not extend to confidential information or internal preparatory documents of ESMA.

ESMA shall charge fees to external reviewers for the expenditure relating to their registration, recognition and supervision and for any costs that ESMA may incur in carrying out its tasks under this Regulation.

The total fees charged by ESMA to the applicant external reviewers, registered external reviewers or recognised external reviewers in accordance with this Regulation shall cover the administrative costs incurred by ESMA in its activities in relation to the registration and supervision of all external reviewers. Concurrently, any fee shall be proportionate to the turnover of the external reviewer concerned.

The Commission shall adopt a delegated act, in accordance with Article 68 by 21 December 2024 to supplement this Regulation by specifying, in particular, the type of fees, the matters in respect of which fees are due, the amount of the fees and the manner in which they are to be paid.

Prior to the adoption of the delegated act referred to in paragraph 3, the Commission shall consult ESMA regarding the fees referred to in that paragraph.

ESMA shall maintain on its website a publicly accessible register that lists the following:

The register shall contain contact details of external reviewers, their websites and the dates on which the decisions of ESMA concerning those external reviewers take effect.

For third-country external reviewers, the register shall also contain information on the services that third-country external reviewers provide and the contact details of the competent authority responsible for their supervision in the third country.

The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in this Article.

The power to adopt delegated acts referred to in Articles 21(4), 63(10) and 66(3) shall be conferred on the Commission for an indeterminate period from 20 December 2023.

The delegation of power referred to in Articles 21(4), 63(10) and 66(3) may be revoked at any time by the European Parliament or by the Council. A decision to revoke shall put an end to the delegation of the power specified in that decision. It shall take effect on the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force.

Before adopting a delegated act, the Commission shall consult experts designated by each Member State in accordance with the principles laid down in the Inter-institutional Agreement of 13 April 2016 on Better Law-Making.

As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council.

A delegated act adopted pursuant to Articles 21(4), 63(10) and 66(3) shall enter into force only if no objection has been expressed either by the European Parliament or by the Council within three months of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by three months at the initiative of the European Parliament or of the Council.

An external reviewer that intends to provide services in accordance with this Regulation from 21 December 2024 until 21 June 2026, shall provide such services only after notifying ESMA to that effect and providing the information referred to in Article 23(1).

Until 21 June 2026 the external reviewers referred to in paragraph 1 of this Article shall use best efforts to comply with Articles 24 to 38, with the exception of the requirements laid down in the implementing acts referred to in Article 24(2) and the delegated acts referred to in Articles 26(3), 27(2), 28(3), 29(4), 30(3), 31(4) and 33(7).

After 21 June 2026 the external reviewers referred to in paragraph 1 of this Article shall provide services in accordance with this Regulation only after registering in accordance with Article 23, provided that they comply with Article 22 and Articles 24 to 38 as supplemented by the delegated acts referred to in paragraph 2 of this Article.

A third-country external reviewer that intends to provide services in accordance with this Regulation from 21 December 2024 until 21 June 2026, shall provide such services only after notifying ESMA to that effect and providing the information referred to in Article 23(1).

The third-country external reviewers referred to in paragraph 1 shall:

ESMA may, at any time from 21 December 2024 until 21 June 2026, enforce compliance by third-country external reviewers in respect of paragraph 2, point (b), by imposing supervisory measures in accordance with Title V.

By 21 December 2028 and every three years thereafter, the Commission shall, after consulting ESMA and the Platform on Sustainable Finance established by Article 20 of Regulation (EU) 2020/852, submit a report to the European Parliament and to the Council on the application of this Regulation. That report shall evaluate, to the extent possible, at least the following:

The reports referred to in paragraph 1 shall, where appropriate, be accompanied by a legislative proposal, including as regards disclosures for issuers of bonds marketed as environmentally sustainable and of sustainability-linked bonds.

By 21 December 2026, the Commission shall publish a report on the need to regulate sustainability-linked bonds, accompanied by a legislative proposal, where appropriate.

The Commission shall, by 31 December 2024 and every three years thereafter, publish a report to inform issuers of European Green Bonds about the review conducted pursuant to Article 19(5), third subparagraph, of Regulation (EU) 2020/852, including the consistency of the technical screening criteria with the criteria laid down in Article 10(2) of that Regulation, taking into account the grandfathering rules laid down in Article 8 of this Regulation.

By 21 December 2028 EBA, in close cooperation with ESMA and the European Supervisory Authority (European Insurance and Occupational Pensions Authority) (EIOPA) established by Regulation (EU) No 1094/2010 of the European Parliament and of the Council ([^E0006]) (known collectively as the ‘European Supervisory Authorities’ or the ‘ESAs’), shall publish a report on the feasibility of extending the eligibility to use the designation ‘European Green Bond’ or ‘EuGB’ for the purpose of synthetic securitisations.

By 21 December 2029, the Commission may, based on the report referred to in paragraph 5, submit a report to the European Parliament and the Council. The Commission’s report may be accompanied, if appropriate, by a legislative proposal.

By 21 December 2028 and, where appropriate, every three years thereafter, the ESAs shall, through the Joint Committee referred to in Article 54 of Regulations (EU) No 1093/2010, (EU) No 1094/2010 and (EU) No 1095/2010, publish a report on the evolution of the market for securitisation bonds. Those reports shall assess, among others, whether the volume of taxonomy-aligned assets has increased sufficiently for the purpose of reviewing the application of the use-of-proceeds rules for securitisation bonds whose issuers seek to use the designation ‘European Green Bond’ or ‘EuGB’.

The Commission shall, based on the report referred to in paragraph 7, submit a report to the European Parliament and to the Council. The Commission’s report shall be accompanied, if appropriate, by a legislative proposal.

This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

This Regulation shall apply from 21 December 2024.

By way of derogation from paragraph 2 of this Article, Articles 20, 21(4), 23(6) and (7), 24(2), 26(3), 27(2), 28(3), 29(4), 30(3), 31(4), 33(7), 42(9), 46(6) and (7), 49(1), (2) and (3), 63(10), 66(3), and Articles 68, 69 and 70 shall apply from 20 December 2023.

By way of derogation from paragraph 2 of this Article, Article 40, Article 42(1) to (8) and Article 43 shall apply from 21 June 2026.

Member States shall take the necessary measures to comply with Articles 45 and 49 by 21 December 2024.