On February 3, the European Securities and Markets Authority (ESMA) published a call for evidence on environmental, social and governance (ESG) ratings. The purpose is to develop a detailed picture of product offerings of ESG rating providers and how these providers interact with rating users and entities covered by ratings. Moreover, the survey looks to obtain general views on ESG rating in the EU financial markets including relevancy and level of risk.

The call for evidence contains provisions addressed to ESG Rating Providers that are:

• Legal entities not established in the EU that issued ESG ratings on a professional basis to EU clients.

• Legal entities not established in the EU that issued ESG ratings on a professional basis on EU listed and unlisted entities and financial instruments distributed in the EU.

ESG rating providers, users of ESG ratings providers and entities subject to a rating assessment of ESG rating providers are invited to submit responses by March 11, 2022.