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European Green Bonds Regulation In force since 21 December 2024

REGULATION (EU) 2023/2631 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 22 November 2023 on European Green Bonds and optional disclosures for bonds marketed as environmentally sustainable and for sustainability-linked bonds
32023R2631 · official text on EUR-Lex

This English text is a careful, terminology-researched translation prepared by eucite.com — not an official government translation. The German original linked above is the legally authoritative text.

Articles

• Article 1 — Subject matter
• Article 2 — Definitions

Chapter 1 Bond-related requirements

• Article 3 — Designation ‘European Green Bond’ or ‘EuGB’
• Article 4 — Use of the proceeds of European Green Bonds
• Article 5 — Flexibility in the use of the proceeds of European Green Bonds
• Article 6 — Financial assets
• Article 7 — CapEx plans
• Article 8 — Application of the technical screening criteria and grandfathering
• Article 9 — Exclusion of non-cooperative jurisdictions for tax purposes

Chapter 2 Transparency and external review requirements

• Article 10 — European Green Bond factsheet and pre-issuance review
• Article 11 — Allocation reports and post-issuance review of allocation reports
• Article 12 — European Green Bond impact report
• Article 13 — Sovereign issuers
• Article 14 — Prospectus for European Green Bonds
• Article 15 — Publication on the issuer’s website and notification to ESMA and competent authorities

Chapter 3 Conditions for the use of the designation ‘European Green Bond’ or ‘EuGB’ in respect of securitisation bonds

• Article 16 — Application of the designation ‘European Green Bond’ or ‘EuGB’ to securitisation bonds
• Article 17 — Exclusion of bonds issued for the purpose of synthetic securitisation
• Article 18 — Exclusions of certain securitised exposures
• Article 19 — Additional disclosure requirements in the case of securitisation
• Article 20 — Pre-issuance disclosures for issuers of bonds marketed as environmentally sustainable or of sustainability-linked bonds
• Article 21 — Periodic post-issuance disclosures for issuers of bonds marketed as environmentally sustainable or of sustainability-linked bonds

Chapter 1 Conditions for the external review of European Green Bonds

• Article 22 — Registration
• Article 23 — Application for registration as an external reviewer for European Green Bonds
• Article 24 — Material changes relevant for the registration
• Article 25 — Language regime

Chapter 2 Organisational requirements, processes and documents concerning governance

• Article 26 — General principles
• Article 27 — Senior management and members of the board
• Article 28 — Analysts and employees of external reviewers, and other persons directly involved in the assessment activities of external reviewers
• Article 29 — Compliance function
• Article 30 — Internal policies and procedures
• Article 31 — Assessment methodologies and information used for reviews
• Article 32 — Errors in assessment methodologies or in their application
• Article 33 — Outsourcing
• Article 34 — Record-keeping requirements
• Article 35 — Conflicts of interest and confidentiality of information
• Article 36 — Provision of other services

Chapter 3 Reviews

• Article 37 — References to ESMA or other competent authorities
• Article 38 — Publication of reviews

Chapter 4 Provision of services by third-country external reviewers

• Article 39 — General provisions
• Article 40 — Equivalence decision
• Article 41 — Withdrawal of registration of third-country external reviewer
• Article 42 — Recognition of a third-country external reviewer
• Article 43 — Endorsement of services under this Regulation provided in a third country

Chapter 1 Competent authorities

• Article 44 — Supervision by competent authorities
• Article 45 — Powers of competent authorities
• Article 46 — Cooperation between competent authorities
• Article 47 — Professional secrecy
• Article 48 — Precautionary measures
• Article 49 — Administrative penalties and other administrative measures
• Article 50 — Exercise of supervisory powers and powers to impose penalties
• Article 51 — Right of appeal
• Article 52 — Publication of decisions
• Article 53 — Reporting of administrative penalties and other administrative measures to ESMA

Chapter 2 ESMA

• Article 54 — Requests for information
• Article 55 — General investigations
• Article 56 — On-site inspections
• Article 57 — Exercise of the powers referred to in Articles 54, 55 and 56
• Article 58 — Exchange of information
• Article 59 — Supervisory measures by ESMA
• Article 60 — Fines
• Article 61 — Periodic penalty payments
• Article 62 — Disclosure, nature, enforcement and allocation of fines and periodic penalty payments
• Article 63 — Procedural rules for taking supervisory measures and imposing fines
• Article 64 — Hearing of the persons subject to decisions pursuant to Articles 59, 60 and 61
• Article 65 — Review by the Court of Justice
• Article 66 — Registration, recognition and supervisory fees
• Article 67 — ESMA register of external reviewers and third-country external reviewers
• Article 68 — Exercise of the delegation
• Article 69 — Transitional provisions concerning external reviewers
• Article 70 — Transitional provisions concerning third-country external reviewers
• Article 71 — Review
• Article 72 — Entry into force and application