EU: ESMA consults on ESG Ratings endorsement guidelines

The European Securities and Markets Authority (ESMA) has launched a consultation on draft guidelines of its proposed approach for the endorsement of ESG ratings developed outside of the EU under Article 11 of the ESG Ratings Regulation. The aim of the guidelines is to clarify what information and documents firms would need to submit when applying to endorse external ESG ratings. The endorsement provisions are designed to balance access to global ESG data with safeguarding market integrity and investor protection.

Under ESMA’s proposed approach, endorsed ESG ratings would need to meet requirements broadly equivalent to those applied to EU-authorised providers, including governance, methodology, and disclosure standards. ESMA explains that applications for authorisation to endorse ESG ratings can be submitted either as part of the initial application for authorisation or later following the authorisation.

The consultation paper sets out a table of documentation that ESMA would expect to see in the application to endorse ESG ratings, against each of the requirements under Article 11. The consultation paper also elaborates how ratings providers can evidence the specific Article 11 requirements that apply on an ongoing basis.

ESMA is seeking feedback on the information requirements for application and ongoing requirements for supervision. ESMA highlights that it wants the final guidelines to be clear and proportionate, while remaining aligned with the objectives of the ESG Ratings Regulation.

Next steps

The consultation closes on 29 May 2026. ESMA will communicate further information on the outcome of the consultation and the adoption of the guidelines before the end of July 2026.  

The guidelines will apply from three months after the publication of the translations on ESMA’s website and should be used by applicants to inform their applications for authorisation from 2 August 2026.

ESMA’s press release published on 29 April 2026 is available here.

Read our earlier blog post for more on the ESG Ratings Regulation.