Regulation of ESG rating in the European Union

Last updated
Regulation 2023/0177 (COD)
European Union regulation
Flag of Europe.svg
TitleRegulation of the European Parliament and of the Council on the transparency and integrity of Environmental, Social and Governance (ESG) rating activities
Made byEuropean Parliament & Council of the EU
Made underArt.114
History
Date made2023-06-13
Came into force—
Proposed

Regulation of ESG rating in the European Union are proposed European Union regulations of environmental, social, and corporate governance (ESG) rating activities' transparency and integrity to improve clarity in the EU's ESG rating processes. The regulations were first designed after 2020 and an amended draft was published in 2023.

Contents

The focus for the proposed regulations are on transparency rather than a uniform methodology of ESG rating providers (ERP). [1] It details a set of definitions on the ESG rating key players, necessary disclosures and requirements for third country ERP and a supervision framework under ESMA's umbrella, which is set to become the sole ESG rating supervisor in the EU. [2] [3] [4] [5]

Following the ordinary legislative procedure with the Council of the European Union and its preparatory bodies, an amended version of the proposal was published on July 14, 2023. This revised proposal was subsequently presented to the European Parliament for its first reading. Its adoption, in its current form or with minimal amendments, is anticipated to be a crucial step in sustainable finance regulations in the EU and worldwide.

History

The European Union's planned a comprehensive approach, comprising regulations, directives, and proposals aligned with the 2020 Green Deal package and the EU Sustainable Finance Action Plan. [6] [7]

Between 2018 and 2022, the European commission accumulates a total of 574 in-force legislations regarding ESG. [8] This proposal of regulation pushes forward problematic on ESG rating reliability and their safeguards.

Among this package of initiatives, the EU taxonomy regulation and its delegated acts aims to classify sectors and activities on their greenness and whether they are “Taxonomy-aligned”, “Taxonomy-eligible” or have a “transition exposure”( Allessi & Battiston, 2023). [9] It depends thus on 2 axis: the level of transparency and disclosure of information, and the adequacy of the per se disclosed content to sustainable indicators updated through delegated acts. [10] [11]

To enhance disclosures the Non-Financial Reporting Directive (NFRD) was revised by the Corporate sustainability reporting directive (CSRD) in January 2023. This amendment expanded the scope of non-financial reporting to encompass nearly all companies, with a few exceptions, and introduced more detailed disclosure requirements. [12] [13]

In February 2023, the Sustainable Finance Disclosure Regulation (SFRD) pushes through this momentum and applies filters onto to all financial market participants (FMP) as well as their financial products as to categorize them as “Light Green” if they are broadly ESG-related (article 8) or “Dark Green” (article 9) if they are fully committed to sustainability matters. [14]

In the same line, since November 2023, the EU green bond standards regulation (EuGBS) adds up and guarantees that the profits made on green bonds sells are effectively directed towards “taxonomy-aligned activities” and ESMA's oversight. [15]

Under the current system, self-regulated and based on voluntary disclosure, the information produced by companies and ratings firms is often incomplete and inconsistent. The SFDR and NFDR/CSRD aim to gear toward more compulsoriness. When ESG disclosure become mandatory, standards become clearer, and reporting becomes more consistent and comparable. [16]

The incoming regulation on the transparency and integrity of ESG rating activities (proposal on June, 2023; adoption by mid-2024) is now willing to enhance transparency, integrity, quality and independence of ESG Rating providers (ERP) and supervise their activities. [17]

It aims to shackle potential greenwashing linked to these infomediaries.

Content

In the proposal, a special part should be regulated for the extension of the regulation to third-country providers in the EU. Secondly, it should outline conditions for ESG ratings in the EU. The new regulation should prescribe ESMA to maintain an approved ESG rating providers register. It should outline the ESMA's supervisory powers and cooperation with national authorities. Final articles should grant the Commission authority for delegated acts as it was the case for the EU taxonomy. [18]

Scope

The current Proposal does not distinguish between public and private companies that can provide ESG ratings.

Regarding the global aspect of the ESG rating activities, the regulation will apply for both EU and non-EU companies with a relative ease on small and medium undertakings largely represented by EU raters. It is expected that the regulation obligations will have an impact on small providers with some administrative burden and costs of organizational changes, but on the other hand notable benefit for the small providers should be better visibility and reputation gain. [19] [20]

EU central banks are exempted and the ECB favorably welcomed this exclusion as to create its own ESG ratings awaiting for private ERP to be more reliable. [21]

It won't neither apply to non-lucrative ESG rating issuers such as the Carbon Disclosure Project (CDP) as these are highly trusted into giving more accurate data than lucrative issuers. [22]

Defining the basics

Finding a clear definition of ESG rating is challenging. [23] Recent efforts to define the concept stemmed from EU financial supervisors or official texts from institutions that failed to find a consensus yet. ESMA (2021), in its letter to the European Commission, proposed the following broad definition when introducing their suggestion of a regulation on ESG rating activities :

"ESG rating means an opinion regarding an entity, issuer, or debt security’s impact on or exposure to ESG factors, alignment with international climatic agreements or sustainability characteristics, issued using a defined ranking system of rating categories." [24]

The current proposal for a regulation on the transparency and integrity of ESG rating activities (2023), at the core of this article, builds upon that pushing forward in its definition as following:

“An opinion, a score or a combination of both, regarding an entity, a financial instrument, a financial product, or an undertaking’s ESG profile or characteristics or exposure to ESG risks or the impact on people, society and the environment, that are based on an established methodology and defined ranking system of rating categories and that are provided to third parties, irrespective of whether such ESG rating is explicitly labelled as ‘rating’ or ‘ESG score”. (article 3, Proposal on the transparency and integrity of Environmental, Social and Governance (ESG) rating activities regulation). [25]

Both sources corroborate that ESG ratings assess the environmental, social, and governance characteristics, exposures to ESG risks or the impact on the environment and society in general of an entity, a financial instrument or a financial product, through a set of methodologies that can nevertheless differ. Thus, the regulation acknowledges and maintains the diversity of opinions and flexibility of ESG ratings, rather than a harmonizing measurement.

This contrast on the basic definitions highlights the difficulty surrounding the regulation of ESG rating providers and is still subject to thorough discussions by the European Parliament and the Council [26]

Adopting clear definitions are key to regulation of the ESG ecosystem thus the need to define an ESG rating provider, the requirements needed to be met in this regard, the enforceability measures of this regulatory framework and the compliance supervision handed to ESMA.

ESMA’s supervision

According to the Commission proposal, conducting ESG ratings will require legal entities to apply for authorization to the European Securities and Markets (ESMA). [27] [28]

Apart from granting authorisation to provide ESG ratings in the EU, the proposal confers supervisory powers to ESMA. [29] In order to carry out its supervisory competence, ESMA may require relevant persons to provide all information necessary to carry out its supervisory duties. The proposal defines the scope of the relevant persons rather broadly, including: [30]

The relevant persons are obliged to provide the requested information. [31]

ESMA may also conduct necessary investigations of relevant persons. The right to carry out general investigations includes: [32]

In order to carry out its duties, ESMA may conduct on-site inspections at the business premises of the relevant legal persons, possibly also without prior announcement. [33]

Administrative sanctions and other administrative measures

According to the proposal, ESMA has the competence to take supervisory measures where it finds that an ESG rating provider has not complied with its obligations. These include: [34]

When taking the supervisory measures, ESMA shall consider the nature and seriousness of the infringement. The measures must be in any case effective, proportionate, and dissuasive. [36]

The proposal introduces periodic penalty payments as an instrument to compel ESG ratings providers or the relevant persons to comply with previously issued decisions, requests for information, or investigation and inspections. [37]

The proposal also grants a right to review by the Court of Justice where ESMA has imposed a fine or a periodic penalty payment. The Court shall have competence to review such decision and may annul, reduce, or increase the fine or periodic penalty payment. [38]

Third countries ERP in the EU

ESG rating provider comes from a third country, it will have to fulfil the following requirements, once it has informed ESMA of its intention to conduct ESG rating activities in the EU. The conditions are as follows : [39] [40]

When authorized, the information on the identity of ESG rating providers that have received authorization, recognition or that complied to the proposed Equivalence Regulation will be available in the European Single Access Point (ESAP).

Quality, Integrity, Independence, and Transparency

Studies like Miller's (2002) [41] or Kuncoro's (2011) [42] confirms that transparency has a great impact on companies, investors, creditors, and information intermediaries in the capital market, specifically helping to reduce information asymmetry. In this regard, the proposal requires ESG rating providers to: [43]

The integrity of ESG, on ESMA's surveillance, require the EU agency's tasks are not hampered by any mean and therefore the future Eu ERP would be asked to:

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References

  1. ↑ https://www.reuters.com/sustainability/eu-proposes-greater-regulatory-scrutiny-esg-ratings-providers-2023-06-13/
  2. ↑ https://eur-lex.europa.eu/resource.html?uri=cellar:1243bcf3-0ac8-11ee-b12e-01aa75ed71a1.0001.02/DOC_1&format=PDF
  3. ↑ "Initial insights on the ESG rating activities regulation proposal".
  4. ↑ "European Commission proposal on ESG rating activities".
  5. ↑ "Sustainable Finance: Commission takes further steps to boost investment for a sustainable future".
  6. ↑ Busch, D., Ferrarini, G., & van den Hurk, A. (2021). The European Commission’s Sustainable Finance Action Plan and Other International Initiatives. Sustainable Finance in Europe: Corporate Governance, Financial Stability and Financial Markets, 19-59.
  7. ↑ https://www.unpri.org/download?ac=5173
  8. ↑ "The evolution of ESG regulation" (PDF).
  9. ↑ Tettamanzi, Patrizia; Gotti Tedeschi, Riccardo; Murgolo, Michael (2023-08-25). "The European Union (EU) green taxonomy: codifying sustainability to provide certainty to the markets". Environment, Development and Sustainability. doi:10.1007/s10668-023-03798-6. ISSN   1387-585X. S2CID   261198998.
  10. ↑ Tettamanzi, Patrizia; Gotti Tedeschi, Riccardo; Murgolo, Michael (2023-08-25). "The European Union (EU) green taxonomy: codifying sustainability to provide certainty to the markets". Environment, Development and Sustainability. doi:10.1007/s10668-023-03798-6. ISSN   1387-585X. S2CID   261198998.
  11. ↑ Alessi, Lucia; Battiston, Stefano (November 2022). "Two sides of the same coin: Green Taxonomy alignment versus transition risk in financial portfolios". International Review of Financial Analysis. 84: 102319. doi:10.1016/j.irfa.2022.102319. hdl: 10278/5023680 . ISSN   1057-5219.
  12. ↑ "Directive (EU) 2022/2464; Amending Regulation (EU) No 537/2014, Directive 2004/109/EC, Directive 2006/43/EC and Directive 2013/34/EU, as regards corporate sustainability reporting". 14 December 202.
  13. ↑ "Distilling the alphabet soup of ESG-related regulation by the EU". 31 October 2023.
  14. ↑ Becker, M. G., Martin, F., & Walter, A. (2022). The power of ESG transparency: The effect of the new SFDR sustainability labels on mutual funds and individual investors. Finance Research Letters, 47, 102708.
  15. ↑ Marcos, Sonia; Castrillo, Maria-Jesús (2021-11-19), Sustainable Finance in Europe, Advances in Finance, Accounting, and Economics, IGI Global, pp. 114–130, doi:10.4018/978-1-7998-8501-6.ch006, ISBN   978-1-7998-8501-6 , retrieved 2024-01-11
  16. ↑ Javier El-Hage, Fixing ESG: Are Mandatory ESG Disclosures the Solution to Misleading Ratings?, 26 FORDHAM J. CORP. & FIN. L. 359 (2021).
  17. ↑ https://eur-lex.europa.eu/resource.html?uri=cellar:1243bcf3-0ac8-11ee-b12e-01aa75ed71a1.0001.02/DOC_1&format=PDF
  18. ↑ https://eur-lex.europa.eu/resource.html?uri=cellar:1243bcf3-0ac8-11ee-b12e-01aa75ed71a1.0001.02/DOC_1&format=PDF
  19. ↑ El-Hage, J. (2021). Fixing ESG: Are Mandatory ESG Disclosures the Solution to Misleading ESG Ratings?. Fordham J. Corp. & Fin. L., 26, pp368
  20. ↑ https://www.esma.europa.eu/sites/default/files/library/esma80-416-347_letter_on_esg_ratings_call_for_evidence_june_2022.pdf
  21. ↑ "EUR-Lex - 2023_177 - EN - EUR-Lex".
  22. ↑ Depoers, F., Jeanjean, T., & Jérôme, T. (2016). Voluntary disclosure of greenhouse gas emissions: Contrasting the carbon disclosure project and corporate reports. Journal of Business Ethics, 134, 445-461.
  23. ↑ "ESMA calls for legislative action on ESG ratings and assessment tools". www.esma.europa.eu. Retrieved 2023-12-25.
  24. ↑ "ESMA calls for legislative action on ESG ratings and assessment tools". www.esma.europa.eu. Retrieved 2023-12-25.
  25. ↑ "REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on the transparency and integrity of Environmental, Social and Governance (ESG) rating activities". 13 June 2023.
  26. ↑ https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CONSIL:ST_17067_2023_INIT
  27. ↑ https://eur-lex.europa.eu/resource.html?uri=cellar:1243bcf3-0ac8-11ee-b12e-01aa75ed71a1.0001.02/DOC_1&format=PDF
  28. ↑ "Sustainable Finance: Commission takes further steps to boost investment for a sustainable future".
  29. ↑ Article 26 et seq. of the proposal, <https://eur-lex.europa.eu/resource.html?uri=cellar:1243bcf3-0ac8-11ee-b12e-01aa75ed71a1.0001.02/DOC_1&format=PDF>
  30. ↑ Article 30(1) of the proposal, <https://eur-lex.europa.eu/resource.html?uri=cellar:1243bcf3-0ac8-11ee-b12e-01aa75ed71a1.0001.02/DOC_1&format=PDF>
  31. ↑ Article 30(4) of the proposal, <https://eur-lex.europa.eu/resource.html?uri=cellar:1243bcf3-0ac8-11ee-b12e-01aa75ed71a1.0001.02/DOC_1&format=PDF>
  32. ↑ Article 31 of the proposal, <https://eur-lex.europa.eu/resource.html?uri=cellar:1243bcf3-0ac8-11ee-b12e-01aa75ed71a1.0001.02/DOC_1&format=PDF>
  33. ↑ Article 31(1) of the proposal, <https://eur-lex.europa.eu/resource.html?uri=cellar:1243bcf3-0ac8-11ee-b12e-01aa75ed71a1.0001.02/DOC_1&format=PDF>
  34. ↑ Article 33(1) of the proposal, <https://eur-lex.europa.eu/resource.html?uri=cellar:1243bcf3-0ac8-11ee-b12e-01aa75ed71a1.0001.02/DOC_1&format=PDF>
  35. ↑ Article 34 of the proposal, <https://eur-lex.europa.eu/resource.html?uri=cellar:1243bcf3-0ac8-11ee-b12e-01aa75ed71a1.0001.02/DOC_1&format=PDF>
  36. ↑ Article 33 of the proposal, <https://eur-lex.europa.eu/resource.html?uri=cellar:1243bcf3-0ac8-11ee-b12e-01aa75ed71a1.0001.02/DOC_1&format=PDF>
  37. ↑ Article 35 of the proposal, <https://eur-lex.europa.eu/resource.html?uri=cellar:1243bcf3-0ac8-11ee-b12e-01aa75ed71a1.0001.02/DOC_1&format=PDF>
  38. ↑ Article 39 of the proposal, <https://eur-lex.europa.eu/resource.html?uri=cellar:1243bcf3-0ac8-11ee-b12e-01aa75ed71a1.0001.02/DOC_1&format=PDF>
  39. ↑ https://eur-lex.europa.eu/resource.html?uri=cellar:1243bcf3-0ac8-11ee-b12e-01aa75ed71a1.0001.02/DOC_1&format=PDF
  40. ↑ Loeff, Loyens &. "Initial insights on the ESG rating activities regulation proposal". www.loyensloeff.com. Retrieved 2023-12-31.
  41. ↑ Miller, Gregory S. (March 2002). "Earnings Performance and Discretionary Disclosure". Journal of Accounting Research. 40 (1): 173–204. doi:10.1111/1475-679x.00043. ISSN   0021-8456.
  42. ↑ Kuncoro, Haryo (2011-06-28). "The Sustainability of State Budget in Debt Repayment". Buletin Ekonomi Moneter Dan Perbankan. 13 (4): 415–434. doi:10.21098/bemp.v13i4.400. ISSN   2460-9196.
  43. ↑ https://eur-lex.europa.eu/resource.html?uri=cellar:1243bcf3-0ac8-11ee-b12e-01aa75ed71a1.0001.02/DOC_1&format=PDF
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