17 Amendments of Antonio Maria RINALDI related to 2023/0177(COD)
Amendment 117 #
Proposal for a regulation
Recital 15
Recital 15
(15) Rules on ESG rating providers should not apply to private ESG ratings produced pursuant to an individual order and provided exclusively to the person who placed the order and which are not intended for public disclosure or distribution by subscription or other means. Neither should such rules apply to ESG ratings produced by Europeanregulated financial undertakings that are used for internal purposesmay be, inter alia: i) used for internal purposes, or ii) provided externally as, or as part of, a product or service that is regulated by existing EU regulations or third country equivalents, such as Regulation (EU) 2019/2088 (SFDR), Regulation (EU) No 596/2014 (MAR), Directive 2014/65/EU (MiFID II) and Regulation (EU) 2019/2089 (Low Carbon Benchmark Regulation), or iii) used for providing in-house financial services and products, or iv) provided to intra-group entities included in the accounting consolidated group or to the assets under management of the group. ESG ratings developed by European or national authorities and by central banks should also be exempted from such rules. Finally, such rules should not apply to the provision of ESG data that do not include an element of rating or scoring and are not subject to any modelling or analysis resulting in the development of an ESG rating.
Amendment 142 #
Proposal for a regulation
Recital 22
Recital 22
(22) ESG rating providers should ensure that they provide ESG ratings that are independent, objective and of adequate quality. It is important to introduce organisational requirements ensuring the prevention and mitigation of potential conflicts of interests. To ensure their independence, ESG rating providers should avoid situations of conflict of interest and manage those conflicts adequately where they are unavoidable. ESG rating providers should disclose conflicts of interest in a timely manner. They should also keep records of all significant threats to the independence of the ESG rating provider and that of its employees and other persons involved in the rating process, and the safeguards applied to mitigate those threats. In addition, to avoid potential conflicts of interest, ESG rating providers should not be allowed to offer a number of other services including consulting services, credit ratings, benchmarks, investment activities, audit, or banking, insurance and reinsurance activities. Finally, to prevent, identify, eliminate or manage and disclose any conflicts of interest and ensure the quality, integrity and thoroughness of the ESG rating and review process at all times, ESG rating providers should establish appropriate internal policies and procedures in relation to employees and other persons involved in the rating process. Such policies and procedures should, in particular, include internal control mechanisms and a compliance function. Finally, the incompatibility, at least for one year, of the subjects who carried out evaluation activities in providing the rating of the company involved should be established for managerial positions.
Amendment 150 #
Proposal for a regulation
Article 2 – paragraph 1
Article 2 – paragraph 1
1. This Regulation applies to ESG ratings issued by ESG rating providers operating in the Union and to ESG DATA estimates that are disclosed publicly or that are distributed to regulated financial undertakings in the Union, undertakings that fall under the scope of Directive 2013/34/EU of the European Parliament and of the Council, or Union or Member States public authorities.
Amendment 153 #
Proposal for a regulation
Article 2 – paragraph 2 – point b
Article 2 – paragraph 2 – point b
(b) ESG ratings produced by regulated financial undertakings in the Union that aremay be, inter alia: i) used for internal purposes; or for providing in-house financial services and products; ii) provided externally as, or as part of, a product or service that is regulated by existing EU regulations or third country equivalents, such as Regulation (EU) 2019/2088 (SFDR), Regulation (EU) 596/2014 (MAR), Directive 2014/65/EU (MiFID II) and / or Regulation 2019/2089 (Low Carbon Benchmark Regulation); or iii) used for providing in-house financial services and products; or iv) provided to intra-group entities included in the accounting consolidated group or to the assets under management of the group;
Amendment 161 #
Proposal for a regulation
Article 2 – paragraph 2 – point c
Article 2 – paragraph 2 – point c
(c) the provision of raw ESG data that do not contain and element of rating or scoring, or estimate and are gathered by ESG data products providers from companies’ public disclosures or from other publicly available information and is not subject to any modelling or analysis resulting in the development of an ESG rating or ESG estimates;
Amendment 163 #
Proposal for a regulation
Article 2 – paragraph 2 – point c a (new)
Article 2 – paragraph 2 – point c a (new)
(ca) ESG ratings which are produced and disclosed within the scope of existing EU regulations;
Amendment 166 #
Proposal for a regulation
Article 2 – paragraph 2 – point e
Article 2 – paragraph 2 – point e
(e) products or services that incorporate“recommendations” containing an element of an ESG rating within the meaning of Article 1(3) Commission Directive 2003/125/EC;
Amendment 168 #
Proposal for a regulation
Article 2 – paragraph 2 – point e a (new)
Article 2 – paragraph 2 – point e a (new)
(ea) ESG ratings produced internally and forming part of “investment research” products as defined in Article 24(1) of Directive 2006/73/EC and other forms of general ESG-related recommendations, relating to transactions in financial instruments or to financial obligations (such as MAR and MiFID II - delegated acts on investment recommendation and research);
Amendment 169 #
Proposal for a regulation
Article 2 – paragraph 2 – point e b (new)
Article 2 – paragraph 2 – point e b (new)
(eb) opinions about the sustainability profile of a financial instrument or a financial obligation;
Amendment 170 #
Proposal for a regulation
Article 2 – paragraph 2 – point e c (new)
Article 2 – paragraph 2 – point e c (new)
(ec) opinions about the sustainability profile of a financial instrument or a financial obligation; (h) credit ratings issued pursuant to Regulation (EC) No 1060/2009 of the European Parliament and of the Council;
Amendment 171 #
Proposal for a regulation
Article 2 – paragraph 2 – point e d (new)
Article 2 – paragraph 2 – point e d (new)
(ed) ESG rating elements that are used or provided or disclosed as complementary or substantial to financial products or services that incorporate an element of an ESG rating;
Amendment 202 #
Proposal for a regulation
Article 3 – paragraph 1 – point 1 a (new)
Article 3 – paragraph 1 – point 1 a (new)
(1 a) ‘ESG data estimates’ means raw data relative to ESG profile or characteristics of an undertaking that do not result from the gathering of ESG data from companies’ public disclosures or from other publicly available information but rather derive from estimates or approximations by the ESG data providers - where pure raw data are not available;
Amendment 343 #
Proposal for a regulation
Article 16 – paragraph 8
Article 16 – paragraph 8
8. Persons as referred to in paragraph 1 shall not take up a key management position within a rated entity which they have been involved in rating for six monthsone year after the provision of such rating.
Amendment 372 #
Proposal for a regulation
Article 21 – paragraph 1
Article 21 – paragraph 1
1. ESG rating providers and ESG data providers shall disclose on their website the methodologies, models and key rating assumptions they use in their ESG rating activities, including the information referred to in point 1 of Annex III.
Amendment 421 #
Proposal for a regulation
Article 30 – paragraph 2 – point d
Article 30 – paragraph 2 – point d
(d) set a time-limit within which the information is to be provided, in any case not less than 15 days;
Amendment 423 #
Proposal for a regulation
Article 30 – paragraph 3 – point d
Article 30 – paragraph 3 – point d
(d) set a time-limit within which the information is to be provided, and in any case not less than 15 days;
Amendment 431 #
Proposal for a regulation
Article 33 – paragraph 1 – point a
Article 33 – paragraph 1 – point a
(a) withdraw the authorisation of the ESG rating provider, making public the reasons for the withdrawal;