Article 23
Application for registration as an external reviewer for European Green Bonds
1.
An application for registration as an external reviewer for European Green Bonds shall contain the following information:
(a)
the full name of the applicant, the address of its registered office within the Union, the applicant’s website and, where available, the legal entity identifier (LEI);
(b)
the name and contact details of a contact person;
(c)
the legal form of the applicant;
(d)
the ownership structure of the applicant;
(e)
the identities of the members of the senior management and the board of the applicant with their curriculum vitae showing at least their levels of qualification, experience and training;
(f)
the number of the analysts, employees and other persons directly involved in assessment activities, and their level of knowledge, experience and training gained prior to and while working for the applicant in the provision of external review or similar services;
(g)
a description of the procedures and methodologies implemented by the applicant to issue reviews;
(h)
the corporate governance arrangements and the policies or procedures implemented by the applicant to identify, eliminate or manage, and disclose in a transparent manner, any actual or potential conflicts of interest as referred to in Article 35;
(i)
where applicable, documents and information related to any existing or planned outsourcing arrangements for activities of the external reviewer covered by this Regulation, including information on entities assuming outsourcing functions;
(j)
where applicable, information about other activities carried out by the applicant.
2.
ESMA shall register an applicant as an external reviewer only where the following conditions are met:
(a)
the senior management and the members of the board of the applicant:
(i)
are of sufficiently good repute;
(ii)
are sufficiently skilled to ensure that the applicant can perform the tasks required of external reviewers pursuant to this Regulation;
(iii)
have sufficient professional qualifications;
(iv)
have relevant experience in activities such as quality assurance, quality control, the performance of pre-issuance, post-issuance and impact report reviews, the provision of second party alignment opinions or financial services;
(b)
the number of analysts, employees and other persons directly involved in the assessment activities of the applicant, and their level of knowledge, experience and training, are sufficient in order for the applicant to perform the tasks required of external reviewers pursuant to this Regulation;
(c)
the applicant’s internal arrangements implemented to ensure compliance with Chapter 2 of this Title are appropriate and effective.
When assessing the conditions set out in the first subparagraph of this paragraph, ESMA may take into account whether the applicant, where it has provided services pursuant to Articles 69 and 70, used best efforts to comply with Articles 24 to 38. For that purpose, ESMA may require the applicant to provide it with the necessary information.
3.
Within 20 working days of receipt of an application, ESMA shall assess whether the application is complete.
Where the application is not complete, ESMA shall notify the applicant thereof and shall set a deadline by which the applicant is to provide additional information.
Where the application is complete, ESMA shall notify the applicant thereof.
4.
Within 45 working days of receipt of a complete application, ESMA shall register or refuse to register the applicant.
ESMA may extend the period referred to in the first subparagraph by 15 working days where the applicant intends to outsource certain external review activities.
5.
ESMA shall notify the applicant in writing of the registration of that applicant as an external reviewer, or of its refusal to register the applicant. A decision to register or to refuse to register an applicant shall provide reasons and shall take effect on the fifth working day after its adoption.
6.
ESMA shall develop draft regulatory technical standards specifying the criteria referred to in paragraph 2, first subparagraph, points (a) and (b).
ESMA shall submit those draft regulatory technical standards to the Commission by 21 December 2024.
Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
7.
ESMA shall develop draft implementing technical standards to specify the standard forms, templates and procedures for the provision of the information referred to in paragraph 1.
When developing the draft implementing technical standards, ESMA shall take into account digital means of registration.
ESMA shall submit those draft implementing technical standards to the Commission by 21 December 2024.
Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph of this paragraph in accordance with Article 15 of Regulation (EU) No 1095/2010.