Article 11
Allocation reports and post-issuance review of allocation reports
1.
For every 12-month period until the date of full allocation of the proceeds of their European Green Bond and, where applicable, until the completion of the CapEx plan, issuers of European Green Bonds shall draw up a European Green Bond allocation report using the template set out in Annex II, demonstrating that the proceeds of the European Green Bond, from its issuance date until the end of the period referred to in the report, have been allocated in accordance with Articles 4 to 8.
The first 12-month period shall begin on the issuance date.
By way of derogation from the second subparagraph, issuers may set the end date of the first reporting period as the last day of the calendar year or of the financial year of issuance.
2.
The allocation reports shall contain, where applicable, information on the progress made in the implementation of the CapEx plan.
Issuers shall, in their annual allocation reports, publish the reasons for any delay or deviation that has a significant impact on the implementation of the CapEx plan.
3.
The allocation reports may relate to more than one issuance of European Green Bonds.
4.
Issuers of European 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 European Green Bond.
5.
Where, following the publication of the allocation report in accordance with Article 15(1), point (d), the allocation of proceeds is corrected, the issuers of the European Green Bonds concerned shall amend the allocation report and obtain a post-issuance review by an external reviewer of that amended allocation report, without undue delay.
6.
By way of derogation from paragraph 4, every allocation report by issuers that allocate the proceeds of one or more European Green Bonds to a portfolio of assets shall be subject to a post-issuance review by an external reviewer. The external reviewer shall pay particular attention to those assets that were not included in any previously published allocation report.
Such post-issuance review shall not be required where, during the period covered by the allocation report, no change in allocation was made to the portfolio of assets and no asset in the portfolio was changed or was itself subject to a change in allocation, compared to the period covered by the previous allocation report. In such cases, a statement regarding the absence of post-issuance review due to the absence of such changes shall be included in the corresponding allocation report.
7.
Issuers of European Green Bonds shall ensure that the annual allocation reports and, where applicable, any post-issuance review required by this Article are made public within 270 days of the end of every 12-month period referred to in paragraph 1. Within that period of 270 days, issuers shall ensure that the external reviewer has at least 90 days to review an allocation report.
8.
The post-issuance review referred to in paragraphs 4, 5 and 6 of this Article shall contain the following:
(a)
an assessment of whether the issuer has allocated the bond proceeds in accordance with Articles 4 to 8, on the basis of the information provided to the external reviewer;
(b)
an assessment of whether the issuer has allocated the bond proceeds as set out in the European Green Bond factsheet referred to in Article 10, on the basis of the information provided to the external reviewer;
(c)
the elements set out in Annex IV.