Activities of Christophe HANSEN related to 2021/0191(COD)
Plenary speeches (1)
European green bonds (debate)
Shadow reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council on European green bonds
Shadow opinions (1)
OPINION on the proposal for a regulation of the European Parliament and of the Council on European green bonds
Amendments (131)
Amendment 42 #
Proposal for a regulation
Title 1
Title 1
Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on EuropeanVerified green bonds (Text with EEA relevance)
Amendment 44 #
Proposal for a regulation
Recital 1
Recital 1
(1) The transition to a low-carbon, more sustainable, energy- and resource-efficient, circular and fair economy is key to ensuring the long-term competitiveness of the economy of the Union and the well- being of its peoples. In 2016, the Union concluded the Paris Agreement31 . Article 2(1), point (c), of the Paris Agreement sets out the objective of strengthening the response to climate change by, among other means, making finance flows consistent with a pathway towards low greenhouse gas emissions and climate- resilient development. __________________ 31Council Decision (EU) 2016/1841 of 5 October 2016 on the conclusion, on behalf of the European Union, of the Paris Agreement adopted under the United Nations Framework Convention on Climate Change (OJ L 282, 19.10.2016, p. 4).
Amendment 49 #
Proposal for a regulation
Recital 3
Recital 3
(3) Environmentally sustainable bonds are one of the main instruments for financing investments related to low- carbon technologies, energy and resource efficiency as well as sustainablelow or zero emission transport infrastructure and research infrastructure. Financial or non-financial undertakings or sovereigns can issue such bonds. Various existing initiatives for environmentally sustainable bonds do not ensure common definitions of environmentally sustainable economic activities. This prevents investors from easily identifying bonds the proceeds of which are aligned with, or are contributing to environmental objectives as laid down in the Paris Agreement.
Amendment 51 #
Proposal for a regulation
Recital 3 a (new)
Recital 3 a (new)
(3a) In relation to the Verified Green Bond Standard, the designation of ‘ sustainability’ should only refer to the environmental dimension of sustainability.
Amendment 57 #
Proposal for a regulation
Recital 6
Recital 6
(6) The lack of harmonised rules for the procedures used by external reviewers to review environmentally sustainable bonds and the diverging definitions of environmentally sustainable activities make it increasingly difficult for investors to effectively compare bonds across the internal and global market with respect to their environmental objectives. The market for environmentally sustainable bonds is inherently international, with market participants trading bonds and making use of external review services from third party providers across borders. Action at Union level could reduce the risk of fragmentation of the internal market for environmentally sustainable bonds and bond-related external review services, and ensure the application of Regulation (EU) 2020/852 of the European Parliament and of the Council34 in the market for such bonds. __________________ 34 Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (OJ L 198, 22.6.2020, p. 13).
Amendment 59 #
Proposal for a regulation
Recital 7
Recital 7
(7) A uniform set of specificset of harmonised requirements should therefore be laid down for bonds issued by financial or non- financial undertakings or sovereigns that voluntarily wish to use the designation ‘EuropeanVerified green bond’ or ‘EuVGB’ for such bonds. Specifying quality requirements for EuropeanVerified green bonds in the form of a Regulation should ensure that there are uniform conditions for the issuance of such bonds by preventing diverging national requirements that could result from a transposition of a Directive, and should also ensure that those conditions are directly applicable to issuers of such bonds. Issuers that voluntarily use the designation ‘EuropeanVerified green bond’ or ‘EuVGB’ should follow the same rules across the Union, to increase market efficiency by reducing discrepancies and thereby also reducing the costs of assessing those bonds for investorsbased on the requirements for environmentally sustainable economic activities as outlined in Article 3 of Regulation (EU) 2020/852 regarding taxonomy requirements across the Union, to increase market efficiency by reducing discrepancies and thereby also reducing the costs of assessing those bonds for investors. The requirements laid down in this Regulation should only apply to bonds designated as ‘Verified Green Bonds’ or ‘VGB’. Other sustainable bonds should not be affected by this Regulation.
Amendment 63 #
Proposal for a regulation
Recital 7 a (new)
Recital 7 a (new)
(7a) In order to achieve the objective of becoming the international ‘gold standard’ for green bonds, participation in the regime for such bonds provided for in this Regulation should remain voluntary, to maintain and promote its attractiveness for both domestic and international market participants.
Amendment 66 #
Proposal for a regulation
Recital 8
Recital 8
(8) In accordance with Article 4 of Regulation (EU) 2020/852, and in order to provide investors with clear, quantitative, detailed and common definitions, the requirements set out in Article 3 of that Regulation should be used to determine whether an economic activity qualifies as environmentally sustainable. Proceeds ofFor a bonds that useo carry the designation ‘Europeanof ‘Verified green bond’ or ‘EuVGB’ should exclusivelyat least 80 % of the proceeds should be used to fund economic activities that either are environmentally sustainable and are thus aligned with the environmental objectives set out in Article 9 of Regulation (EU) 2020/852, or contribute to the transformation of activities to become environmentally sustainable. Those bonds can however be used both to finance such environmentally sustainable activities directly through the financing of assets and expenditures that relate to economic activities that meet the requirements set out in Article 3 of Regulation (EU) 2020/852, or indirectly through financial assets that finance economic activities that meet those requirements. It is therefore necessary to specify the categories of expenditures and assets that can be financed with the proceeds of bonds that use the designation ‘EuropeanVerified green bond’ or ‘EuVGB’.
Amendment 69 #
Proposal for a regulation
Recital 9
Recital 9
(9) The proceeds of EuropeanVerified green bonds should be used to finance economic activities that have a lasting positive impact on the environment. Such lasting positive impact can be attained in several ways. Since fixed assets are long-term assets, a first way is to use the proceeds of such EuropeanVerified green bonds to finance fixed tangible or fixed intangible assets that are not financial assets, provided that those fixed assets relate to economic activities that meet the requirements for environmentally sustainable economic activities set out in Article 3 of Regulation (EU) 2020/852 (‘taxonomy requirements’). Since financial assets can be used to finance economic activities with a lasting positive impact on the environment, a second way is to use those proceeds to finance financial assets, provided that the proceeds from those financial assets are allocated to economic activities that meet the taxonomy requirements. Since the assets of households can also have a long- term positive impact on the environment, those financial assets should also include the assets of households. Since capital expenditure and selected operating expenditure can be used to acquire, upgrade, or maintain fixed assets, a third way is to use the proceeds of such bonds to finance capital and operating expenditures that relate to economic activities that meet the taxonomy requirements or that will meet those requirements within a reasonably short period from the issuance of the bond concerned, which can be extended however where duly justified by the specific features of the economic activities and investments concerned. For the reasons outlined above, the capital and operating expenditures should also include the expenditures of households.
Amendment 72 #
Proposal for a regulation
Recital 9 a (new)
Recital 9 a (new)
(9a) This Regulation aims to create a gold standard for sustainable bonds and should therefore be fully aligned with the taxonomy for sustainable investments.
Amendment 75 #
Proposal for a regulation
Recital 10
Recital 10
(10) Sovereigns are frequent issuers of environmentally sustainable bonds and should therefore also be allowed to issue ‘EuropeanVerified green bonds’, provided that the proceeds of such bonds are used to finance either assets or expenditure that meet the taxonomy, or assets or expenditure that will meet those requirements within a reasonably short period from the issuance of the bond concerned, which can be extended however where duly justified by the specific features of the economic activities and investments concernedas established by the Commission.
Amendment 78 #
Proposal for a regulation
Recital 11
Recital 11
(11) Article 4 of Regulation (EU) 2020/852 requires Member States and the Union to apply the criteria set out in Article 3 of that Regulation to determine whether an economic activity qualifies as environmentally sustainable for the purposes of any measure setting out requirements for financial market participants or issuers in respect of financial products or corporate bonds that are made available as environmentally sustainable. It is therefore logical that the technical screening criteria referred to in Article 3, point (d), of Regulation (EU) 2020/852 should determine which fixed assets, expenditures and financial assets can be financed by the proceeds of EuropeanVerified green bonds. In view of the expected technological progress in the field of environmental sustainability, the delegated acts adopted pursuant to Articles 10(3), 11(3), 12(2), 13(2), 14(2) or 15(2) of Regulation (EU) 2020/852 are likely to be reviewed and amended over time. Regardless of such changes, in order to provide legal certainty to issuers and investors and prevent amendments to the technical screening criteria from having a negative impact on the price of EuropeanVerified green bonds that have already been issued, issuers should be able to apply the technical screening criteria applicable at the moment the EuropeanVerified green bond was issued when allocating the proceeds of such bonds to eligible fixed assets or expenditures, until maturity of the bond. To ensure legal certainty for EuropeanVerified green bonds whose proceeds are allocated to financial assets, it is necessary to clarify that the underlying economic activities funded by those financial assets should comply with the technical screening criteria applicable at the moment the financial assets were created. Where the relevant delegated acts are amended, the issuer should allocate proceeds by applying the amended delegated acts within fiveten years.
Amendment 81 #
Proposal for a regulation
Recital 12
Recital 12
(12) The time needed to transform an asset to align the economic activity to which it relates with the taxonomy requirements should reasonably not exceed fiveeight years, except in certain circumstances where it may take up to twelven years. For that reason, eligible capital expenditure should relate to economic activities that meet or will meet the taxonomy requirements within fiveeight years from the issuance of the bond, unless a longer period of up to twelven years is justified by the specific features of the economic activities and investments concernedas established by the Commission.
Amendment 85 #
Proposal for a regulation
Recital 13
Recital 13
(13) Investors should be provided with all information necessary to evaluate the environmental impact of EuropeanVerified green bonds, and to compare such bonds with each other. For that purpose, specific and standardised disclosure requirements need to be set out which provide transparency about how the issuer intends to allocate the bond proceeds to eligible fixed assets, expenditures and financial assets and how those proceeds have actually been allocated. Such transparency can best be achieved by means of European green bond factsheets and annual allocation reports. To strengthen the comparability of EuropeanVerified green bonds and to facilitate the localisation of relevant information, it is necessary to lay down templates for the disclosure of such information.
Amendment 87 #
Proposal for a regulation
Recital 14
Recital 14
(14) Investors should benefit from cost- effective access to reliable information about the EuropeanVerified green bonds. Issuers of EuropeanVerified Green Bonds should therefore contract external reviewers to provide a pre-issuance review of the EuropeanVerified green bond factsheet, and post-issuance reviews of EuropeanVerified green bond annual allocation reports.
Amendment 90 #
Proposal for a regulation
Recital 15
Recital 15
(15) Issuers of EuropeanVerified green bonds should abide by their commitments to investors and allocate the proceeds of their bonds within a reasonably short time after issuance. At the same time, issuers should not be penalised for allocating bond proceeds to economic activities that do not yet meet the taxonomy requirements, but will do so within the five year period (or extended ten year period). Issuers should in any case allocate all proceeds of their EuropeanVerified green bonds before the maturity of each bond.
Amendment 91 #
Proposal for a regulation
Recital 16
Recital 16
(16) Unlike issuers that are financial or non-financial undertakings, issuers that are sovereigns can use the proceeds of EuropeanVerified green bonds to indirectly finance economic activities that are aligned with the taxonomy requirements through the use of programmes of tax expenditures or programmes of transfers, including subsidies. In such cases, sovereigns ensure that economic activities funded by such programmes comply with the terms and conditions of those programmes. For that reason, when providing pre- and post- issuance reviews of EuropeanVerified green bonds issued by sovereigns and the proceeds of which are allocated to tax expenditures or subsidies in accordance with terms and conditions that are aligned with taxonomy requirements, external reviewers should not be required to assess the taxonomy- alignment of each economic activity funded by such programmes. Where that is the case, it should be sufficient for external reviewers to assess the alignment of the terms and conditions of the funding programmes concerned with the taxonomy requirements.
Amendment 92 #
Proposal for a regulation
Recital 17
Recital 17
(17) Certain financial undertakings that have a portfolio of EuropeanVerified green bonds may not be able to identify, for each EuropeanVerified green bond, the distinct financial assets to which the proceeds of said bond have been allocated. This is due to a mismatch between, on the one hand, the time to maturity and the volume of funding of those bonds, and on the other hand the time to maturity and volume of the financial assets on the balance sheet of the financial undertaking. Financial undertakings should in such cases be required to disclose the allocation of the aggregate proceeds of their portfolio of European green bonds to a portfolio of environmentally sustainable financial assets on the undertaking’s balance sheet. Those financial undertakings should then demonstrate in annual allocation reports that the related environmentally sustainable financial assets complied with the taxonomy requirements at the time they were created. In order to ensure that all proceeds of EuropeanVerified green bonds are allocated to environmentally sustainable economic activities, the financial undertakings should also demonstrate that the amount of those environmentally sustainable financial assets exceeds or equals the amount of EuropeanVerified green bonds that have not yet matured. To ensure that the information provided remains complete and up to date, an external reviewer should review the annual allocation reports each year. That external reviewer should in particular focus on those financial assets that were not on the issuer’s balance sheet in the previous year’s allocation report.
Amendment 93 #
Proposal for a regulation
Recital 18
Recital 18
(18) To improve transparency, issuers should also disclose the environmental impact of their bonds by means of the publication of impact reports, which should be published at least once during the lifetimeevery five years until maturity of the bond. In order to provide investors with all information relevant to assess the environmental impact of EuropeanVerified green bonds, impact reports should clearly specify the metrics, methodologies and assumptions applied in the assessment of the environmental impacts. To strengthen the comparability of EuropeanVerified green bonds and to facilitate the localisation of relevant information, it is necessary to lay down templates for the disclosure of such information. The impact reports should be subject to scrutiny by external reviewers.
Amendment 97 #
Proposal for a regulation
Recital 19
Recital 19
(19) State auditors, or any other public entity that is mandated by a sovereign to assess whether the proceeds of the EuropeanVerified green bonds are indeed allocated to eligible fixed assets, expenditures and financial assets, are statutory entities with responsibility for and expertise in the oversight over public spending, and typically have legally guaranteed independence. Sovereigns that issue EuropeanVerified green bonds should therefore be allowed to make use of such state auditors or entities for the purposes of the external review of bonds issued by such sovereigns. Such state auditors or entities should not be registered or supervised according to this Regulation.
Amendment 98 #
Proposal for a regulation
Recital 20
Recital 20
(20) To ensure the efficiency of the market for EuropeanVerified green bonds, issuers should publish on their websites details about the European green bonds they issue. To ensure the reliability of information and investor confidence, they shall also publish the pre-issuance review as well as any post-issuance reviews.
Amendment 104 #
Proposal for a regulation
Recital 36
Recital 36
(36) In order to encourage external reviewers to provide their services to the issuers of EuropeanVerified green bonds as of the entry into application of this Regulation, this Regulation sets out a transitional regime for the first 30 months following the entry into force of this Regulation.
Amendment 105 #
Proposal for a regulation
Recital 37
Recital 37
(37) The objectives of this Regulation are twofold. On the one hand, it aims to ensure that uniform requirements apply to the use of the designation of ‘EuropeanVerified green bond’ or ‘EuVGB’. On the other hand, it aims to establish a simple registration system and supervisory framework for external reviewers by entrusting a single supervisory authority with the registration and supervision of external reviewers in the Union. Both aims should facilitate capital raising for projects that pursue environmentally sustainable objectives. Since those objectives cannot be sufficiently achieved by the Member States but can be better achieved at Union level, the Union may adopt measures in accordance with the principle of subsidiarity as set out in Article 5 of the Treaty on European Union. In accordance with the principle of proportionality, as set out in that Article, this Regulation does not go beyond what is necessary in order to achieve those objectives,
Amendment 108 #
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
This Regulation lays down uniform requirements for issuers of bonds that wish to use the designation ‘EuropeanVerified green bond’ or ‘EuVGB’ for their environmentally sustainable bonds made available to investors in the Union, and establishes a registration system and supervisory framework for external reviewers of European green bondsVerified green bonds. This Regulation shall not be applicable to other bonds currently marketed in the Union as sustainable.
Amendment 115 #
Proposal for a regulation
Title II
Title II
Amendment 116 #
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
The designation ‘EuropeanVerified green bond’ or ‘EuVGB’ shall only be used for bonds that comply with the requirements set out in this Title until their maturity.
Amendment 117 #
Proposal for a regulation
Article 4 – title
Article 4 – title
Use of the proceeds of EuropeanVerified green bonds
Amendment 118 #
Proposal for a regulation
Article 4 – paragraph 1 – subparagraph 1 – introductory part
Article 4 – paragraph 1 – subparagraph 1 – introductory part
1. Before maturity of the bond, the proceeds of EuropeanVerified green bonds shall be exclusively and fully allocated, without deducting costs, to the following, or a combination thereof:
Amendment 119 #
Proposal for a regulation
Article 4 – paragraph 1 – subparagraph 1 – point c
Article 4 – paragraph 1 – subparagraph 1 – point c
(c) operating expenditures that were incurred more recently than three years prior to the issuance of the EuropeanVerified green bond;
Amendment 120 #
Proposal for a regulation
Article 4 – paragraph 2 – introductory part
Article 4 – paragraph 2 – introductory part
2. By way of derogation from paragraph 1, a sovereign may also allocate the proceeds of EuropeanVerified green bonds it has issued to the following, or any combination thereof:
Amendment 121 #
Proposal for a regulation
Article 4 – paragraph 2 – point c
Article 4 – paragraph 2 – point c
(c) tax relief referred to in point 20.167 of Annex A to Regulation (EU) No 549/2013 that was granted more recently than three years prior to the issuance of the EuropeanVerified green bond;
Amendment 122 #
Proposal for a regulation
Article 4 – paragraph 2 – point d
Article 4 – paragraph 2 – point d
(d) subsidies referred to in point 4.30 of Annex A to Regulation (EU) No 549/2013 that were transferred more recently than three years prior to the issuance of the EuropeanVerified green bond;
Amendment 123 #
Proposal for a regulation
Article 4 – paragraph 3
Article 4 – paragraph 3
3. A EuropeanVerified green bond may be refinanced by issuing a new EuropeanVerified green bond.
Amendment 125 #
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1
Article 6 – paragraph 1 – subparagraph 1
Amendment 126 #
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 3
Article 6 – paragraph 1 – subparagraph 3
The period referred to in the first and second subparagraph shall not exceed fiveeight years from bond issuance, unless a longer period of up to twelven years is justified by the specific features of the economic activities concerned as documented in a taxonomy- alignment plan. The Commission shall adopt delegated acts in accordance with Article 60 to supplement this Regulation by outlining the list of economic activities that qualify for the application of an extended period of up to twelve years.
Amendment 127 #
Proposal for a regulation
Article 6 – paragraph 2
Article 6 – paragraph 2
2. Where proceeds from a EuropeanVerified green bond are allocated by means of financial assets either to capital expenditures as referred to in Article 4(1), point (b), or to operating expenditures as referred to in Article 4(1), point (c), the defined period of time referred to in paragraph 1, first subparagraph, shall start from the moment of the creation of the financial asset.
Amendment 129 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 2
Article 7 – paragraph 1 – subparagraph 2
Where the delegated acts adopted pursuant to Articles 10(3), 11(3), 12(2), 13(2), 14(2) or 15(2) of Regulation (EU) 2020/852 are amended following the issuance of the bond, the issuer shall allocate bond proceeds to the uses referred to in the first subparagraph by applying the amended delegated acts within fiveten years after their entry into application.
Amendment 131 #
Proposal for a regulation
Article 7 – paragraph 2 – subparagraph 3
Article 7 – paragraph 2 – subparagraph 3
Where the delegated acts adopted pursuant to Articles 10(3), 11(3), 12(2), 13(2), 14(2) or 15(2) of Regulation (EU) 2020/852 are amended following the creation of the debt referred to in the first subparagraph, the issuer shall allocate bond proceeds to the debt referred to in the first subparagraph by applying the amended delegated acts within fiveten years after their entry into application.
Amendment 132 #
Proposal for a regulation
Article 7 – paragraph 2 a (new)
Article 7 – paragraph 2 a (new)
2a. As from ... [date of entry into force of this Regulation] and for at least ten years thereafter, the use of the designation ‘Verified Green Bonds’ or ‘VGB’ shall remain voluntary for all issuers.
Amendment 141 #
Proposal for a regulation
Article 8 – title
Article 8 – title
Amendment 142 #
Proposal for a regulation
Article 8 – paragraph 1 – introductory part
Article 8 – paragraph 1 – introductory part
1. Prior to issuing a EuropeanVerified green bond, issuers shall:
Amendment 143 #
Proposal for a regulation
Article 8 – paragraph 1 – point a
Article 8 – paragraph 1 – point a
(a) complete the EuropeanVerified green bond factsheet laid down in Annex I;
Amendment 144 #
Proposal for a regulation
Article 8 – paragraph 1 – point b
Article 8 – paragraph 1 – point b
(b) ensure that the completed EuropeanVerified green bond factsheet has been subject to a pre-issuance review with a positive opinion by an external reviewer.
Amendment 145 #
Proposal for a regulation
Article 8 – paragraph 2
Article 8 – paragraph 2
2. A EuropeanVerified green bond factsheet may relate to one or several EuropeanVerified green bond issuances.
Amendment 146 #
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. Every year and until the full allocation of the proceeds of the EuropeanVerified green bond concerned, issuers of EuropeanVerified green bonds shall draw up a EuropeanVerified green bond allocation report by using the template laid down in Annex II, demonstrating that the proceeds of any EuropeanVerified green bonds concerned from their issuance date and until the end of the year the report refers to have been allocated in accordance with Articles 4 to 7. The same rules shall apply in cases where a Verified Green Bond includes a taxonomy alignment plan.
Amendment 147 #
Proposal for a regulation
Article 9 – paragraph 2
Article 9 – paragraph 2
2. A EuropeanVerified green bond allocation report may relate to one or several issuances of EuropeanVerified green bonds.
Amendment 148 #
Proposal for a regulation
Article 9 – paragraph 3
Article 9 – paragraph 3
3. Issuers of EuropeanVerified green bonds shall obtain a post-issuance review by an external reviewer of the allocation report drawn up after the full allocation of the proceeds of the EuropeanVerified green bond in accordance with Articles 4 to 7. The same rules shall apply if a Verified Green Bond includes a taxonomy alignment plan.
Amendment 149 #
Proposal for a regulation
Article 9 – paragraph 4
Article 9 – paragraph 4
4. Where, following the publication of the allocation report in accordance with Article 13(1), point (c), the allocation of proceeds is corrected, issuers of the EuropeanVerified green bonds concerned shall amend the allocation report and obtain a post-issuance review by an external reviewer of that amended allocation report.
Amendment 150 #
Proposal for a regulation
Article 9 – paragraph 5
Article 9 – paragraph 5
5. By way of derogation from paragraph 3, every allocation report from issuers that are financial undertakings that allocate proceeds from a portfolio of several EuropeanVerified green bonds to a portfolio of financial assets as referred to in Article 5 shall be subject to a post-issuance review by an external reviewer. The external reviewer shall pay particular attention to those financial assets that were not included in any previously published allocation report.
Amendment 151 #
Proposal for a regulation
Article 9 – paragraph 6
Article 9 – paragraph 6
6. Issuers of EuropeanVerified green bonds shall provide the allocation reports referred to in paragraph 3, 4, and 5 to an external reviewer within 30 days following the end of the year to which the allocation reports refer. The post-issuance review must be made public within 90 days following the receipt of the allocation report.
Amendment 152 #
Proposal for a regulation
Article 9 – paragraph 7 – point b
Article 9 – paragraph 7 – point b
(b) an assessment of whether the issuer has complied with the intended use of proceeds set out in the greenVerified bond factsheet based on the information provided to the external reviewer;
Amendment 153 #
Proposal for a regulation
Article 10 – title
Article 10 – title
Amendment 154 #
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. Issuers of EuropeanVerified green bonds shall, after the full allocation of the proceeds of such bonds and at least once during the lifetimeevery five years until maturity of the bond, draw up a EuropeanVerified green bond impact report on the environmental impact of the use of the bond proceeds by using the template laid down in Annex III. That report shall be subject to scrutiny by external reviewers.
Amendment 157 #
Proposal for a regulation
Article 10 – paragraph 2
Article 10 – paragraph 2
2. A single impact report may cover several issuances of EuropeanVerified green bonds.
Amendment 159 #
Proposal for a regulation
Article 12 – title
Article 12 – title
Prospectus for EuropeanVerified green bonds
Amendment 160 #
Proposal for a regulation
Article 12 – paragraph 1
Article 12 – paragraph 1
Amendment 161 #
Proposal for a regulation
Article 12 – paragraph 2
Article 12 – paragraph 2
2. For the purposes of Article 19(1), point (c), of Regulation (EU) 2017/1129, ‘regulated information’ shall include the information contained in the EuropeanVerified green bond factsheet referred to in Article 8(1), point (a) of this Regulation.
Amendment 162 #
Proposal for a regulation
Article 13 – paragraph 1 – introductory part
Article 13 – paragraph 1 – introductory part
1. Issuers of EuropeanVerified green bonds shall publish on their website, in a distinct section titled ‘EuropeanVerified green bonds’ and make available free of charge until at least the maturity of the bonds concerned, all of the following:
Amendment 163 #
Proposal for a regulation
Article 13 – paragraph 1 – point a
Article 13 – paragraph 1 – point a
(a) the completed EuropeanVerified green bond factsheet referred to in Article 8, before the issuance of the bond;
Amendment 164 #
Proposal for a regulation
Article 13 – paragraph 1 – point b
Article 13 – paragraph 1 – point b
(b) the pre-issuance review related to the EuropeanVerified green bond factsheet referred to in Article 8, before the issuance of the bond;
Amendment 165 #
Proposal for a regulation
Article 13 – paragraph 1 – point c
Article 13 – paragraph 1 – point c
(c) the EuropeanVerified green bond annual allocation reports referred to in Article 9, every year until the full allocation of the proceeds of the European green bond concerned, no later than three months following the end of the year it refers to;
Amendment 166 #
Proposal for a regulation
Article 13 – paragraph 1 – point d
Article 13 – paragraph 1 – point d
(d) the post-issuance reviews of the EuropeanVerified green bond allocation reports referred to in Article 9;
Amendment 167 #
Proposal for a regulation
Article 13 – paragraph 1 – point e
Article 13 – paragraph 1 – point e
(e) the EuropeanVerified green bond impact report referred to in Article 10.
Amendment 168 #
Proposal for a regulation
Article 13 – paragraph 2 – point a
Article 13 – paragraph 2 – point a
(a) where the EuropeanVerified green bonds are offered to the public or are listed on a market in only one Member State, in a language accepted by the competent authority, as referred to in Article 36 of this Regulation, of that Member State;
Amendment 169 #
Proposal for a regulation
Article 13 – paragraph 2 – point b
Article 13 – paragraph 2 – point b
(b) where the EuropeanVerified green bonds are offered to the public or are listed on a market in two or more Member States, either in a language accepted by the competent authority, as referred to in Article 37 of this Regulation, of each Member State, or in a language customary in the sphere of international finance, at the choice of the issuer.
Amendment 170 #
Proposal for a regulation
Article 13 – paragraph 3
Article 13 – paragraph 3
3. By way of derogation from paragraph 2, where a prospectus for the EuropeanVerified green bond is to be published in accordance with Regulation (EU) 2017/1129, the information contained in the documents referred to in paragraph 1, points (a), (c) and (e), shall be provided in the language or languages of that prospectus.
Amendment 171 #
Proposal for a regulation
Article 13 – paragraph 4
Article 13 – paragraph 4
4. Issuers of EuropeanVerified green bonds shall notify the National Competent Authority referred to in Article 36 of the publication of all the documents referred to in paragraph 1 without undue delay.
Amendment 172 #
Proposal for a regulation
Article 13 – paragraph 5
Article 13 – paragraph 5
5. Issuers of EuropeanVerified green bonds shall notify ESMA of the publication of all the documents referred to in paragraph 1 within 30 days.
Amendment 173 #
Proposal for a regulation
Title III
Title III
Amendment 174 #
Proposal for a regulation
Title III – Chapter I – title
Title III – Chapter I – title
Amendment 175 #
Proposal for a regulation
Article 15 – title
Article 15 – title
Application for registration as an external reviewer for EuropeanVerified Green Bonds
Amendment 176 #
Proposal for a regulation
Article 15 – paragraph 1 – introductory part
Article 15 – paragraph 1 – introductory part
1. An application for registration as an external reviewer for EuropeanVerified green bonds shall contain all of the following information:
Amendment 177 #
Proposal for a regulation
Article 15 – paragraph 2 – point a – point i
Article 15 – paragraph 2 – point a – point i
Amendment 178 #
Proposal for a regulation
Article 31 – paragraph 1
Article 31 – paragraph 1
1. A third-country external reviewer may provide its services in accordance with this Regulation to issuers that issue EuropeanVerified green bonds where that third- country external reviewer is registered in the register of third-country external reviewers kept by ESMA in accordance with Article 59.
Amendment 179 #
Proposal for a regulation
Article 31 – paragraph 10
Article 31 – paragraph 10
10. Third-country external reviewers providing services in accordance with this Article shall, before providing any service in relation to issuers of EuropeanVerified green bonds established in the Union, offer to submit any disputes relating to those services to the jurisdiction of a court or arbitral tribunal in a Member State.
Amendment 180 #
Proposal for a regulation
Article 32 – paragraph 4
Article 32 – paragraph 4
4. A third-country external reviewer established in a country whose legal and supervisory framework has been recognised to be effectively equivalent in accordance with paragraph 1, and which is registered in the register referred to in Article 59, shall be able to provide the services covered under the registration to issuers of EuropeanVerified green bonds throughout the Union.
Amendment 182 #
Proposal for a regulation
Article 37 – paragraph 1 – subparagraph 1 – point e
Article 37 – paragraph 1 – subparagraph 1 – point e
(e) to suspend an offer of EuropeanVerified green bonds for a maximum of 10 consecutive working days on any single occasion where there are reasonable grounds for suspecting that Articles 8 to 13 of this Regulation have been infringed;
Amendment 184 #
Proposal for a regulation
Article 37 – paragraph 1 – subparagraph 1 – point f
Article 37 – paragraph 1 – subparagraph 1 – point f
(f) to prohibit or suspend advertisements or require issuers of EuropeanVerified green bonds or financial intermediaries concerned to cease or suspend advertisements for a maximum of 10 consecutive working days on any single occasion where there are reasonable grounds for believing that Articles 8 to 13 of this Regulation have been infringed;
Amendment 185 #
Proposal for a regulation
Article 37 – paragraph 1 – subparagraph 1 – point g
Article 37 – paragraph 1 – subparagraph 1 – point g
(g) to make public the fact that an issuer of EuropeanVerified green bonds is failing to comply with its obligations under Articles 8 to 13 of this Regulation;
Amendment 188 #
Proposal for a regulation
Article 64 – paragraph 1
Article 64 – paragraph 1
This Regulation shall enter into force on the twentieth day following that ofe year after its publication in the Official Journal of the European Union.
Amendment 214 #
Proposal for a regulation
Title 1
Title 1
Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on EuropeanVerified green bonds (Text with EEA relevance)
Amendment 216 #
Proposal for a regulation
Recital 1
Recital 1
(1) The transition to a low-carbon, more sustainable, energy and resource-efficient, circular and fair economy is key to ensuring the long-term competitiveness of the economy of the Union and the well- being of its peoples. In 2016, the Union concluded the Paris Agreement31. Article 2(1), point (c), of the Paris Agreement sets out the objective of strengthening the response to climate change by, among other means, making finance flows consistent with a pathway towards low greenhouse gas emissions and climate- resilient development. __________________ 31Council Decision (EU) 2016/1841 of 5 October 2016 on the conclusion, on behalf of the European Union, of the Paris Agreement adopted under the United Nations Framework Convention on Climate Change (OJ L 282, 19.10.2016, p. 4).
Amendment 232 #
Proposal for a regulation
Recital 3
Recital 3
(3) Environmentally sustainable bonds are one of the main instruments for financing investments related to low- carbon technologies, energy and resource efficiency as well as low or zero emission sustainable transport infrastructure and research infrastructure. Financial or non- financial undertakings or sovereigns can issue such bonds. Various existing initiatives for environmentally sustainable bonds do not ensure common definitions of environmentally sustainable economic activities. This prevents investors from easily identifying bonds the proceeds of which are aligned with, or are contributing to environmental objectives as laid down in the Paris Agreement.
Amendment 234 #
Proposal for a regulation
Recital 3 a (new)
Recital 3 a (new)
(3a) In relation to the EU Green Bond Standards, the term "sustainability" shall only refer to the environmental dimension of sustainability.
Amendment 240 #
Proposal for a regulation
Recital 6
Recital 6
(6) The lack of harmonised rules for the procedures used by external reviewers to review environmentally sustainable bonds and the diverging definitions of environmentally sustainable activities make it increasingly difficult for investors to effectively compare bonds across the internal and global market with respect to their environmental objectives. The market for environmentally sustainable bonds is inherently international, with market participants trading bonds and making use of external review services from third party providers across borders. Action at Union level could reduce the risk of fragmentation of the internal market for environmentally sustainable bonds and bond-related external review services, and ensure the application of Regulation (EU) 2020/852 of the European Parliament and of the Council34 in the market for such bonds. __________________ 34 Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (OJ L 198, 22.6.2020, p. 13).
Amendment 243 #
Proposal for a regulation
Recital 7
Recital 7
(7) A uniform set of specificset of harmonized requirements should therefore be laid down for bonds issued by financial or non- financial undertakings or sovereigns that voluntarily wish to use the designation ‘European green bond’ or ‘EuGB’ for such bonds. Specifying quality requirements for European green bonds in the form of a Regulation should ensure that there are uniform conditions for the issuance of such bonds by preventing diverging national requirements that could result from a transposition of a Directive, and should also ensure that those conditions are directly applicable to issuers of such bonds. Issuers that voluntarily use the designation ‘European green bond’ or ‘EuGB’ should follow the same rules across the Union, to increase market efficiency by reducing discrepancies and thereby also reducing the costs of assessing those bonds for investorsbased on the requirements for environmentally sustainable economic activities as outlined in Article 3 of Regulation (EU) 2020/852 regarding taxonomy across the Union, to increase market efficiency by reducing discrepancies and thereby also reducing the costs of assessing those bonds for investors. The requirements laid down in this regulation shall only apply to bonds designated as "Verified Green Bonds" or "VGB". Other sustainable bonds shall not be affected by this regulation.
Amendment 244 #
Proposal for a regulation
Recital 7
Recital 7
(7) A uniform set of specific requirements should therefore be laid down for bonds issued by financial or non- financial undertakings or sovereigns that voluntarily wish to use the designation ‘European green bond’ or ‘EuGB’ for such bonds. Specifying quality requirements for European green bonds in the form of a Regulation should ensure that there are uniform conditions for the issuance of such bonds by preventing diverging national requirements that could result from a transposition of a Directive, and should also ensure that those conditions are directly applicable to issuers of such bonds. Issuers that voluntarily use the designation ‘European green bond’ or ‘EuGB’ should follow the same rules across the Union, to increase market efficiency by reducing discrepancies and thereby also reducing the costs of assessing those bonds for investors. The requirements laid down in this regulation shall only apply to bonds designated as ‘European green bond’ or ‘EuGB’. Other sustainable bonds that do not carry this designation shall not be affected by this regulation.
Amendment 250 #
Proposal for a regulation
Recital 7 a (new)
Recital 7 a (new)
(7a) In order to achieve the objective of becoming the international "gold standard" for green bonds, the regulation shall remain voluntary, to maintain and promote its attractiveness for both domestic and international market participants.
Amendment 254 #
Proposal for a regulation
Recital 8
Recital 8
(8) In accordance with Article 4 of Regulation (EU) 2020/852, and in order to provide investors with clear, quantitative, detailed and common definitions, the requirements set out in Article 3 of that Regulation should be used to determine whether an economic activity qualifies as environmentally sustainable. Proceeds of bonds that use the designation ‘European green bond’ or ‘EuGB’ should exclusively be used to fund economic activities that either are environmentally sustainable and are thus aligned with the environmental objectives set out in Article 9 of Regulation (EU) 2020/852, or contribute to the transformation of activities to become environmentally sustainable, allowing however for specific cases where the environmental objectives set out in Article 9 of Regulation (EU) 2020/852, may not be directly applicable as a result of factors such as the innovative nature, the complexity, and/or the location of the activity. Those bonds can however be used both to finance such environmentally sustainable activities directly through the financing of assets and expenditures that relate to economic activities that meet the requirements set out in Article 3 of Regulation (EU) 2020/852, or indirectly through financial assets that finance economic activities that meet those requirements. It is therefore necessary to specify the categories of expenditures and assets that can be financed with the proceeds of bonds that use the designation ‘European green bond’ or ‘EuGB’.
Amendment 268 #
Proposal for a regulation
Recital 9 a (new)
Recital 9 a (new)
(9a) This regulation aims to create a gold standard for sustainable bonds and should therefore be fully aligned with the taxonomy for sustainable investments.
Amendment 270 #
Proposal for a regulation
Recital 10
Recital 10
(10) Sovereigns are frequent issuers of environmentally sustainable bonds and should therefore also be allowed to issue ‘European green bonds’, provided that the proceeds of such bonds are used to finance either assets or expenditure that meet the taxonomy, or assets or expenditure that will meet those requirements within a reasonably short period from the issuance of the bond concerned, which can be extended however where duly justified by the specific features of the economic activities and investments concerned. For financial stability reasons, European green bonds shall not enjoy any beneficial prudential treatment or beneficial treatment under the stability and growth pact.
Amendment 272 #
Proposal for a regulation
Recital 10
Recital 10
(10) Sovereigns are frequent issuers of environmentally sustainable bonds and should therefore also be allowed to issue ‘European green bonds’, provided that the proceeds of such bonds are used to finance either assets or expenditure that meet the taxonomy, or assets or expenditure that will meet those requirements within a reasonably short period from the issuance of the bond concerned, which can be extended however where duly justified by the specific features of the economic activities and investments concerned as established by the European Commission.
Amendment 284 #
Proposal for a regulation
Recital 12
Recital 12
(12) The time needed to transform an asset to align the economic activity to which it relates with the taxonomy requirements should reasonably not exceed fiveeight years, except in certain circumstances where it may take up to twelven years. For that reason, eligible capital expenditure should relate to economic activities that meet or will meet the taxonomy requirements within fiveeight years from the issuance of the bond, unless a longer period of up to twelven years is justified by the specific features of the economic activities and investments concerned as established by the Commission.
Amendment 288 #
Proposal for a regulation
Recital 12 a (new)
Recital 12 a (new)
(12a) In light of the better regulation principle, the assessment of the overall environmental rationale and impact of an issuer should be done based on the issuer's strategy disclosed under Directive (EU) 2014/95 and Regulation (EU) 2019/2088. In order not to create double standards, no further disclosure of an environmental strategy shall be necessary.
Amendment 289 #
Proposal for a regulation
Recital 12 a (new)
Recital 12 a (new)
(12a) European Green Bonds are financial products based on taxonomy aligned projects and issuers who do not have entity-level transition plans detailing their path to climate neutrality by 2050 should be able to emit European Green Bonds if they respect the requirements specified in this regulation;.
Amendment 290 #
Proposal for a regulation
Recital 12 a (new)
Recital 12 a (new)
(12a) While this regulation introduces clear criteria for the use of the proceeds generated by a green bond issuance, this regulation shall not introduce any additional entity-level requirements for the issuer.
Amendment 291 #
Proposal for a regulation
Recital 12 b (new)
Recital 12 b (new)
(12b) Issuers of European green bonds should however adhere to an entity-level requirement. Issuers should not be engaged in tax avoidance practices via countries on the EU list of non- cooperative jurisdictions for tax purposes.
Amendment 306 #
Proposal for a regulation
Recital 18
Recital 18
(18) To improve transparency, issuers should also disclose the environmental impact of their bonds by means of the publication of impact reports, which should be published at least once during the lifetimeevery five years until maturity of the bond. In order to provide investors with all information relevant to assess the environmental impact of European green bonds, impact reports should clearly specify the metrics, methodologies and assumptions applied in the assessment of the environmental impacts. To strengthen the comparability of European green bonds and to facilitate the localisation of relevant information, it is necessary to lay down templates for the disclosure of such information. The impact reports should be subject to scrutiny by external reviewers.
Amendment 333 #
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
This Regulation lays down uniform requirements for issuers of bonds that wish to use the designation ‘European green bond’ or ‘EuGB’ for their environmentally sustainable bonds made available to investors in the Union, and establishes a registration system and supervisory framework for external reviewers of European green bonds. This Regulation, or certain elements of this Regulation, shall not apply to other bonds currently marketed as sustainable in the Union.
Amendment 334 #
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
This Regulation lays down uniform requirements for issuers of bonds that wish to use the designation ‘European green bond’ or ‘EuGB’ for their environmentally sustainable bonds made available to investors in the Union, and establishes a registration system and supervisory framework for external reviewers of European green bonds. This Regulation shall not apply to other bonds marketed as sustainable in the Union.
Amendment 337 #
Proposal for a regulation
Article 2 – paragraph 1 – point 3 – point f
Article 2 – paragraph 1 – point 3 – point f
Amendment 348 #
Proposal for a regulation
Article 4 – paragraph 1 – introductory part
Article 4 – paragraph 1 – introductory part
1. Before maturity of the bond, the proceeds of European green bonds shall be exclusively and fully allocated, without deducting costs, to the following, or a combination thereof:
Amendment 356 #
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1
Article 6 – paragraph 1 – subparagraph 1
The use of proceeds referred to in Article 4 shall relate to economic activities that meet the taxonomy requirements, or that will meet the taxonomy requirements within a defined period of time as set out in a taxonomy-alignment plan. Costs related to cases where the environmental objectives set out in Article 9 of Regulation (EU) 2020/852 are not directly applicable as a result of factors such as the innovative nature, the complexity, and/or the location of the activity and the costs related to the issuance costs of the bond shall also be covered by the bond proceeds.
Amendment 364 #
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 3
Article 6 – paragraph 1 – subparagraph 3
The period referred to in the first and second subparagraph shall not exceed fiveeight years from bond issuance, unless a longer period of up to ten12 years is justified by the specific features of the economic activities concerned as documented in a taxonomy- alignment plan. The Commission shall adopt delegated acts in accordance with Article 60 in order to supplement this Regulation by outlining the list of economic activities that qualify for the application of the extended period of up to 12 years.
Amendment 365 #
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 3
Article 6 – paragraph 1 – subparagraph 3
The period referred to in the first and second subparagraph shall not exceed fiveeight years from bond issuance, unless a longer period of up to ten12 years is justified by the specific features of the economic activities concerned as documented in a taxonomy- alignment plan.
Amendment 385 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 2
Article 7 – paragraph 1 – subparagraph 2
Where the delegated acts adopted pursuant to Articles 10(3), 11(3), 12(2), 13(2), 14(2) or 15(2) of Regulation (EU) 2020/852 are amended following the issuance of the bond, the issuer shall allocate bond proceeds to the uses referred to in the first subparagraph by applying the amended delegated acts within five10 years after their entry into application.
Amendment 387 #
Proposal for a regulation
Article 7 – paragraph 2 – subparagraph 2
Article 7 – paragraph 2 – subparagraph 2
Amendment 390 #
Proposal for a regulation
Article 7 – paragraph 2 – subparagraph 3
Article 7 – paragraph 2 – subparagraph 3
Where the delegated acts adopted pursuant to Articles 10(3), 11(3), 12(2), 13(2), 14(2) or 15(2) of Regulation (EU) 2020/852 are amended following the creation of the debt referred to in the first subparagraph, the issuer shall allocate bond proceeds to the debt referred to in the first subparagraph by applying the amended delegated acts within five years afnot be required to reallocater their entry into application bond proceeds.
Amendment 392 #
Proposal for a regulation
Article 7 – paragraph 2 – subparagraph 3
Article 7 – paragraph 2 – subparagraph 3
Where the delegated acts adopted pursuant to Articles 10(3), 11(3), 12(2), 13(2), 14(2) or 15(2) of Regulation (EU) 2020/852 are amended following the creation of the debt referred to in the first subparagraph, the issuer shall allocate bond proceeds to the debt referred to in the first subparagraph by applying the amended delegated acts within five10 years after their entry into application.
Amendment 398 #
Proposal for a regulation
Article 7 – paragraph 2 a (new)
Article 7 – paragraph 2 a (new)
2a. As of the entry into force of this Regulation and at least for ten years thereafter, the use of the designation ‘Verified green bonds’ or ‘VGB’ shall remain voluntary for all issuers.
Amendment 402 #
Proposal for a regulation
Article 7 a (new)
Article 7 a (new)
Amendment 418 #
Proposal for a regulation
Article 9 – paragraph 6
Article 9 – paragraph 6
6. Issuers of European green bonds shall provide the allocation reports referred to in paragraph 3, 4, and 5 to an external reviewer within 30 daysix months following the end of the year to which the allocation reports refer. The post-issuance review must be made public within 90 days following the receipt of the allocation report.
Amendment 419 #
Proposal for a regulation
Article 9 – paragraph 6
Article 9 – paragraph 6
6. Issuers of European green bonds shall provide the allocation reports referred to in paragraph 3, 4, and 5 to an external reviewer within 30 days following the end of the year to which the allocation reports refer. Tand have the post-issuance review must be made public within 9120 days following the receiptend of the year to which the allocation reports refer.
Amendment 423 #
Proposal for a regulation
Article 9 – paragraph 7 – point a
Article 9 – paragraph 7 – point a
(a) an assessment of whether the issuer has allocated the proceeds of the bond in compliancealignment with Articles 4 to 7 based on the information provided to the external reviewer;
Amendment 424 #
Proposal for a regulation
Article 9 – paragraph 7 – point b
Article 9 – paragraph 7 – point b
(b) an assessment of whether the issuer has complialigned with the intended use of proceeds set out in the green bond factsheet based on the information provided to the external reviewer;
Amendment 427 #
Proposal for a regulation
Article 9 – paragraph 8
Article 9 – paragraph 8
8. Where bond proceeds are allocated to tax relief as referred to in Article 4(2), point (c) or subsidies as referred to in Article 4(2), point (d), the post-issuance review shall only assess compliancethe extent to which the issuer has aligned with Articles 4 to 7 of the terms and conditions under which those expenditures or transfers have been disbursed, based on the information provided to the external reviewer.
Amendment 429 #
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. Issuers of European green bonds shall, after the full allocation of the proceeds of such bonds and at least once during the lifetimeevery five years until the maturity of the bond, draw up a European green bond impact report on the environmental impact of the use of the bond proceeds by using the template laid down in Annex III. That report shall be subject to scrutiny by external reviewers.
Amendment 435 #
Proposal for a regulation
Article 13 – paragraph 1 – introductory part
Article 13 – paragraph 1 – introductory part
1. Issuers of European green bonds shall publish on their websiteat least their own website and that of trading venues where the admission to trading is sought, in a distinct section titled ‘European green bonds’ and make available free of charge until at least the maturity of the bonds concerned, all of the following:
Amendment 437 #
Proposal for a regulation
Article 13 – paragraph 1 – point c
Article 13 – paragraph 1 – point c
(c) the European green bond annual allocation reports referred to in Article 9, every year until the full allocation of the proceeds of the European green bond concerned, no later than three months following the end of the year it refers towithout undue delay;
Amendment 444 #
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
1. External reviewers for European green bonds shall, before taking up their activities, register with ESMAa recognised registration authority.
Amendment 445 #
Proposal for a regulation
Article 14 – paragraph 1 a (new)
Article 14 – paragraph 1 a (new)
1a. The recognised registration authority referred to in paragraph 1 shall be the national competent authority of the Member State of the registered office of the external reviewer, with the exception of external reviewers that are already subject to the supervision of ESMA in accordance with Union law. In such cases, the recognised registration authority shall be ESMA. For the purpose of the first subparagraph, the national competent authority shall be an authority designated by national law as having responsibility for the supervision of financial market participants or auditors. National competent authorities shall notify ESMA of the information required for the establishment of the publicly accessible register referred to in Article 59 with regard to the external reviewers that have registered with them.
Amendment 446 #
Proposal for a regulation
Article 14 – paragraph 2
Article 14 – paragraph 2
2. External reviewers registered with ESMAa recognised registration authority shall meet the conditions for registration laid down in Article 15(2) at all times.
Amendment 453 #
Proposal for a regulation
Article 15 – paragraph 2 – point a – point i
Article 15 – paragraph 2 – point a – point i
Amendment 455 #
Proposal for a regulation
Article 15 – paragraph 2 – point a – point iv
Article 15 – paragraph 2 – point a – point iv
(iv) is experienced in either quality assurance, quality control, the performance of pre- and post-issuance reviews and, the provision of second party alignment opinions, or financial services;
Amendment 467 #
Proposal for a regulation
Article 25 – paragraph 2
Article 25 – paragraph 2
Amendment 469 #
Proposal for a regulation
Article 25 – paragraph 3
Article 25 – paragraph 3
Amendment 478 #
Proposal for a regulation
Article 30 – paragraph 1 – introductory part
Article 30 – paragraph 1 – introductory part
1. External reviewers shall publish and make available free of charge on their websites and on the relevant trading venue all of the following:
Amendment 500 #
Proposal for a regulation
Article 64 – paragraph 1
Article 64 – paragraph 1
This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union. It shall apply from ... [one year after the date of entry into force of this Regulation].
Amendment 501 #
Proposal for a regulation
Article 64 – paragraph 1
Article 64 – paragraph 1
This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union. It shall apply from ... [one year after the date of entry into force of this Regulation].
Amendment 503 #
Proposal for a regulation
Annex I – point 3 a (new)
Annex I – point 3 a (new)
Environmental strategy and rationale In line with the better regulation principle, and to avoid double regulation, issuers' environmental strategy and rationale is disclosed under Directive (EU) 2014/95 and Regulation (EU) 2019/2088. No additional provisions at entity-level on their overall environmental strategy and rationale shall be added in this Regulation.
Amendment 506 #
Proposal for a regulation
Annex I – point 5 a (new)
Annex I – point 5 a (new)
5a. Entity level requirement – An indication of the issuer’s activity in jurisdictions listed in Annex I and Annex II to the EU list of non- cooperative jurisdictions for tax havens and their real economic presence in these jurisdictions in terms of assets, full time employees, sales and taxes paid in these jurisdictions]