ESG | Commission adopted final delegated RTS regulation within its broader ESG Rating regulation package

The European Commission has now adopted all sets of delegated regulations under the ESG Ratings Regulation.

What the ESG Ratings Regulation does - ESMA at the centre of a new supervisory regime

The Regulation, which entered into force on 2 January 2025, places ESMA at the centre of a new supervisory regime for ESG rating providers in the EU - as discussed in our earlier article on the subject. 

Non-EU providers may access the EU market through three approaches: 

• recognition by ESMA under Article 12, where the home jurisdiction meets specified conditions;
• endorsement by an authorised EU group affiliate under Article 11;
• or an equivalence decision by the Commission. Each route carries distinct requirements that third-country providers should assess at the earliest opportunity.

The delegated regulations: adopted and awaiting Official Journal publication

The regulatory technical standards ("RTS") underlying the delegated regulations were developed by ESMA following a public consultation in May 2025, with a Final Report published in October 2025. 

The Commission adopted five delegated regulations in the framework of the ESG Ratings Regulation, across three tranches:

• C(2026)2495 (21 April 2026): specifies the measures and safeguards ESG rating providers must implement to separate their rating activities from other business activities (Article 16).
• C(2026)2503 (21 April 2026): specifies which elements of ESG rating products must be disclosed to the public, to users, to rated items, and to issuers of rated items (Annex III).
• C(2026)2580 (24 April 2026): establishes the fees charged by ESMA to ESG rating providers, covering authorisation, recognition, and ongoing supervisory fees.
• C(2026)2579 (24 April 2026): sets out the procedural rules for the fines and periodic penalty payments that ESMA may impose on ESG rating providers for infringements of Regulation (EU) 2024/3005.
• C(2026)3334 [LM2] (26 May 2026): specifies the information to be included in applications for authorisation (Article 6(3)) and recognition (Article 12(9)), covering organisational structure, ownership, senior management, staffing, and operational arrangements, with additional requirements for third-country providers.

As at the date of this newsletter, none of the five delegated regulations have yet been published in the Official Journal of the European Union. Each remains subject to the scrutiny period by the Council of the EU and the European Parliament. Absent an objection from either institution, publication in the Official Journal will follow. C(2026)2495 and C(2026)2503 will each enter into force 20 days after their publication; C(2026)3334 will enter into force the day after publication.

All five are designed to apply from 2 July 2026. Providers should continue to monitor the Official Journal and ESMA’s website closely, as the application templates published by ESMA remain subject to change while scrutiny continues.

The key deadlines and events

The Regulation has applied since 2 July 2026. From that date, any entity that professionally issues, publishes, or distributes ESG ratings in the EU must be authorised or recognised by ESMA.

Under Article 43(1) of the Regulation, the transitional provision, providers that were already operating in the EU on 2 January 2025 (the date the ESG Regulation entered into force) have one month from the application date to notify ESMA of their intention to continue. That window closes on 2 August 2026. 

On notification, those providers are placed on ESMA's public register on a temporary basis and may continue operating while their application is assessed.

The full application for authorisation or recognition must then be submitted within four months from 2 July 2026, i.e. by 2 November 2026 at the latest; failing which the provider must cease EU operations. 

Smaller providers falling within the proportionate regime under Article 5 of the ESG Rating Regulation benefit from an extended notification deadline, also of 2 November 2026. 

Source: https://www.esma.europa.eu/esmas-activities/investors-and-issuers/esg-rating-providers