fixed assets that are not financial assets;

capital expenditure that falls under point 1.1.2.2. of Annex I to Delegated Regulation (EU) 2021/2178;

operating expenditure that falls under point 1.1.3.2. of Annex I to Delegated Regulation (EU) 2021/2178 and was incurred no more than three years before the issuance of the European Green Bond;

financial assets that were created no more than five years after the issuance of the European Green Bond;

assets and expenditure of households.

economic activities in respect of which no technical screening criteria have entered into force by the date of issuance of the European Green Bond; or

activities in the context of international support reported in accordance with internationally agreed guidelines, criteria and reporting cycles, including climate financing reported to the Commission under the United Nations Framework Convention on Climate Change as referred to in Article 19(3) of Regulation (EU) 2018/1999, and official development assistance reported to the Development Assistance Committee of the Organisation for Economic Cooperation and Development.

there are not more than three subsequent financial assets in succession;

the proceeds from the financial assets last in the sequence are allocated to the uses set out in Article 4(1), first subparagraph, point (a), (b), (c) or (e), or, where applicable, to the uses set out in Article 4(3); and

the issuer ensures that it is possible for external reviewers to review effectively the final allocation of proceeds.

those proceeds are allocated in alignment with the technical screening criteria applicable at the time of issuance of the bond;

where technical screening criteria are amended after the issuance of the bond, the following proceeds be allocated in alignment with the amended technical screening criteria no later than seven years after the date of application of the amended criteria:

complete the European Green Bond factsheet set out in Annex I;

ensure that the completed European Green Bond factsheet has been subject to a pre-issuance review with a positive opinion by an external reviewer.

an assessment of whether the issuer has completed the European Green Bond factsheet in accordance with Articles 4 to 8 and Annex I; and

the elements set out in Annex IV.

an assessment of whether the issuer has allocated the bond proceeds in accordance with Articles 4 to 8, on the basis of the information provided to the external reviewer;

an assessment of whether the issuer has allocated the bond proceeds as set out in the European Green Bond factsheet referred to in Article 10, on the basis of the information provided to the external reviewer;

the elements set out in Annex IV.

an assessment of whether the bond issuance aligns with the broader environmental strategy of the issuer;

an assessment of the indicated environmental impact of the bond proceeds;

the elements set out in Annex IV.

an external reviewer; or

an external reviewer and a State auditor.

the bonds are designated as ‘European Green Bond’ or ‘EuGB’ throughout the prospectus;

the prospectus states that the European Green Bond is issued in accordance with this Regulation, in the section of the prospectus containing the information about the use of proceeds.

before the bond is issued, the completed European Green Bond factsheet referred to in Article 10 of this Regulation;

before the bond is issued, the pre-issuance review related to the European Green Bond factsheet referred to in Article 10 of this Regulation;

before the bond is issued, a link to the website where the prospectus can be consulted in cases where a prospectus is published pursuant to Regulation (EU) 2017/1129;

without undue delay after they are drawn up in accordance with Article 11(1) of this Regulation, the European Green Bond allocation reports;

without undue delay after they are obtained, the post-issuance reviews of the European Green Bond allocation reports referred to in Article 11 of this Regulation;

without undue delay after it is drawn up in accordance with Article 12 of this Regulation, the European Green Bond impact report;

where applicable, the CapEx plan;

where applicable, the impact report review referred to in Article 12(3) of this Regulation.

where the European Green Bonds are offered to the public or are admitted to trading in only one Member State, in a language accepted by the competent authority of that Member State;

where the European Green Bonds are offered to the public or are admitted to trading in two or more Member States, in a language accepted by the competent authority of each of those Member States.

the factsheet, the pre-issuance review related to the factsheet, annual allocation reports, the post-issuance review related to one or several annual allocation reports, the impact report, the impact report review referred to in Article 15;

the pre-issuance disclosures referred to in Article 20, and the periodic post-issuance disclosures referred to in Article 21;

the issuer shall submit that information at the same time to the relevant collection body referred to in paragraph 3 or 4 of this Article for the purpose of making it accessible on the European single access point (ESAP) established under Regulation (EU) 2023/2859 of the European Parliament and of the Council ( 2 ).

any other metadata to accompany the information;

the structuring of data in the information;

for which information a machine-readable format is required and, in such cases, which machine-readable format is to be used.

references in this Regulation to ‘issuer’ shall be construed as references to ‘originator’;

references in Article 4 to ‘proceeds’ shall be construed as references to the proceeds obtained by the originator from selling the securitised exposures to the SSPE.

the requirements for the use of proceeds set out in Articles 4 to 8 shall be fulfilled by each originator on a pro rata basis, with reference to its share in the pool of the securitised exposures;

the requirements set out in Articles 10, 11, 12, 15, 18 and 19 shall be fulfilled by the originators jointly, clearly indicating the extent to which each originator has complied with its respective requirements;

the requirements to obtain an external review set out in Articles 10 and 11 shall be fulfilled by the originators jointly;

where multiple originators decide to seek an impact report review referred to in Article 12(3), they shall jointly comply with the requirements thereof.

the share of securitised exposures in the pool of securitised exposures, that finance economic activities which are taxonomy-eligible economic activities as defined in Article 1, point (5), of Delegated Regulation (EU) 2021/2178;

per relevant economic activity listed in delegated acts adopted pursuant to Article 10(3), 11(3), 12(2), 13(2), 14(2) or 15(2) of Regulation (EU) 2020/852, in the pool of taxonomy-eligible exposures referred to in point (a) of this paragraph, the share of taxonomy-aligned securitised exposures;

per relevant economic activity listed in delegated acts adopted pursuant to Article 10(3), 11(3), 12(2), 13(2), 14(2) or 15(2) of Regulation (EU) 2020/852, in the pool of taxonomy-eligible exposures referred to in point (a) of this paragraph, the share of securitised exposures that fail to meet the ‘do no significant harm’ objectives as referred to in Article 3, point (b), of Regulation (EU) 2020/852.

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);

the name and contact details of a contact person;

the legal form of the applicant;

the ownership structure of the applicant;

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;

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;

a description of the procedures and methodologies implemented by the applicant to issue reviews;

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;

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;

where applicable, information about other activities carried out by the applicant.

the senior management and the members of the board of the applicant:

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;

the applicant’s internal arrangements implemented to ensure compliance with Chapter 2 of this Title are appropriate and effective.

the sound and prudent management of the external reviewer;

the independence of assessment activities;

that any actual or potential conflicts of interest are properly identified, eliminated or managed, and disclosed in a transparent manner;

that the external reviewer complies with this Regulation at all times.

it has the authority to discharge its responsibilities properly and independently;

it has the necessary resources and expertise and access to all relevant information;

it does not monitor or assess its own activities;

it is not compensated in relation to the business performance of the external reviewer.

assessments of whether third-party service providers carry out outsourced assessment activities effectively and in compliance with applicable Union and national laws and regulatory requirements and adequately address identified failures;

identification of any potential risks in relation to outsourced assessment activities;

adequate periodic monitoring of the outsourced assessment activities;

adequate control procedures with respect to outsourced assessment activities, including effective supervision of the outsourced assessment activities and of any potential risks in relation to the third-party service provider;

adequate business continuity of outsourced assessment activities.

assessing the ability and the capacity of third-party service providers to perform the assessment activities reliably and professionally; and

ensuring that the performance of assessment activities does not materially impair the quality of the external reviewers’ internal control or ESMA’s ability to supervise the external reviewers’ compliance with this Regulation.

the identity of the persons participating in the determination and approval of the reviews, and the date on which the decisions to approve the reviews were taken;

the documentation for the established procedures and methodologies used by the external reviewers to carry out and draw up the reviews;

the internal documents, including non-public information and work papers, used to form the basis of any published review;

records of the procedures and measures implemented by the external reviewers to comply with this Regulation;

copies of internal and external communications that relate to assessment activities, including electronic communications, received and sent by the external reviewer and its employees;

the documentation containing pre-contractual assessments as referred to in Article 35(2).

their analysts or employees;

shareholders holding at least 10 % of the capital or the voting rights of the external reviewers or in a company which has the power to exercise control or a dominant influence over the external reviewers;

any person that is contractually related to the external reviewers and that is directly involved in assessment activities;

any person approving the reviews.

take all reasonable measures to protect property and records in the possession of the external reviewer from fraud, theft or misuse, taking into account the nature, scale and complexity of their business and the nature and range of their assessment activities;

do not disclose any information about reviews, and possible future reviews, to any parties other than the issuers that have requested the assessment by the external reviewer;

do not use or share confidential information for any other purpose than assessment activities.

within a reasonable time before the issuance of the bond concerned, the pre-issuance reviews that they have issued;

without delay following the completion of the assessment of the allocation reports by the external reviewer, the post-issuance reviews that they have issued;

without delay following the assessment of the impact reports by the external reviewer, the impact report reviews that they have issued.

the Commission has adopted a decision pursuant to Article 40(1);

the applicant third-country external reviewer is registered or authorised to provide the external review services to be provided in the Union and is subject to effective supervision and enforcement ensuring full compliance with the requirements applicable in that third country;

cooperation arrangements have been established pursuant to Article 40(3).

that external reviewers registered or authorised in that third country comply with legally binding organisational and business conduct requirements which have equivalent effect to the requirements laid down in this Regulation and in the implementing measures adopted pursuant to this Regulation;

that the legal framework of that third country provides for an effective equivalent system for the recognition of external reviewers registered or authorised under the law of that third country.

registration or authorisation and effective supervision and enforcement on an ongoing basis;

adequate organisational requirements in the area of internal control functions;

appropriate conduct of business rules.

the mechanism for the exchange of information between ESMA and the competent authorities of the third countries concerned, including access to all information regarding the third-country external reviewers registered or authorised in third countries that is requested by ESMA;

the mechanism for prompt notification to ESMA where a third-country competent authority deems that a third-country external reviewer that it is supervising and ESMA has registered in the register referred to in Article 67 infringes the conditions of its registration or authorisation or the applicable law;

the procedures concerning the coordination of supervisory activities including, where appropriate, on-site inspections.

acts in a manner which is clearly prejudicial to the interests of investors or the orderly functioning of markets; or

has seriously infringed the laws and regulations, applicable to it in the third- country concerned and on the basis of which the Commission has adopted a decision pursuant to Article 40(1).

referring the matter to the supervisory authority of the third country concerned and that supervisory authority has not taken the measures necessary to protect investors and the orderly functioning of the markets in the Union or has failed to demonstrate that the third-country external reviewer concerned complies with the requirements applicable to it in that third-country; and

informing the supervisory authority of the third country concerned of its intention to withdraw the registration of the third-country external reviewer at least 30 days before the withdrawal.

be responsible, together with the third-country external reviewer seeking recognition, for ensuring that the provision of services under this Regulation by the third-country external reviewer seeking recognition fulfils the requirements referred to in paragraph 2 and shall in that respect be accountable to ESMA for the conduct of the third-country external reviewer seeking recognition in the Union;

act on behalf of the third-country external reviewer seeking recognition as the main point of contact with ESMA and any other person in the Union with regard to the external reviewer’s obligations under this Regulation; and

have sufficient knowledge, expertise and resources to fulfil its obligations under this paragraph.

the external reviewer has verified and is able to demonstrate to ESMA on an ongoing basis that the provision of services under this Regulation by the third-country external reviewer fulfils requirements which are at least as stringent as the requirements laid down in this Regulation;

the external reviewer has the necessary expertise to monitor effectively the activity of the provision of services under this Regulation by the third-country external reviewer and to manage the associated risks;

the services of the third-country external reviewer are used for any of the following objective reasons:

issuers of European Green Bonds as regards compliance with their obligations under Title II, Chapter 2, and Articles 18 and 19;

issuers that use the common templates provided for in Article 21 as regards compliance with those templates.

to require issuers to publish the European Green Bond factsheets referred to in Article 10 or to include in those factsheets the information referred to in Annex I;

to require issuers to publish reviews and assessments;

to require issuers to publish annual allocation reports or include in annual allocation reports the information referred to in Annex II;

to require issuers to publish an impact report or include in the impact report the information referred to in Annex III;

to require issuers to notify the competent authority of the publication in accordance with Article 15(4);

where issuers use the common templates provided for in Article 21, to require those issuers to include the elements referred to therein in their periodic post-issuance disclosures;

to require auditors and the senior management of the issuer to provide relevant information and documents;

to suspend an offer or admission to trading on a regulated market of European Green Bonds for a maximum of 10 consecutive working days on any single occasion where there are reasonable grounds for suspecting that the issuer has failed to comply with an obligation pursuant to Title II, Chapter 2, or Article 18 or 19;

to prohibit an offer or admission to trading on a regulated market of European Green Bonds where there are reasonable grounds for suspecting that the issuer continues to fail to comply with an obligation pursuant to Title II, Chapter 2, or Article 18 or 19;

to suspend advertisements for a maximum of 10 consecutive working days, or require issuers of European Green Bonds or financial intermediaries concerned to suspend advertisements for a maximum of 10 consecutive working days on any single occasion where there are reasonable grounds for suspecting that the issuer has failed to comply with an obligation pursuant to Title II, Chapter 2, or Article 18 or 19;

to prohibit advertisements, or require issuers of European Green Bonds or financial intermediaries concerned to cease advertisements where there are reasonable grounds for suspecting that the issuer continues to fail to comply with an obligation pursuant to Title II, Chapter 2, or Article 18 or 19;

to make public the fact that an issuer of European Green Bonds fails to comply with this Regulation, and to require that issuer to publish that information on its website;

to prohibit an issuer from issuing European Green Bonds for a period not exceeding one year in the event that an issuer has repeatedly and severely infringed Title II, Chapter 2, or Article 18 or 19;

following a three-month period after the requirement referred to in point (l) of this subparagraph, to make public the fact that the issuer of European Green Bonds no longer complies with Article 3 as regards the use of the designation ‘European Green Bond’ or ‘EuGB’, and to require that issuer to publish that information on its website;

to carry out on-site inspections or investigations at sites other than the private residences of natural persons, and for that purpose to enter premises in order to access documents and other data in any form, where a reasonable suspicion exists that documents and other data related to the subject matter of the inspection or investigation may be relevant to prove an infringement of this Regulation.

directly;

in collaboration with other authorities;

under their responsibility by delegation to the authorities referred to in point (b);

by application to the competent judicial authorities.

where complying with the request is likely to adversely affect its own investigation, enforcement activities or a criminal investigation;

where legal proceedings have already been initiated in respect of the same actions and against the same persons before the relevant authorities of that competent authority’s Member State;

where a final judgment has already been delivered in respect of the persons referred to in point (b), for the same actions in that competent authority’s Member State.

infringements by issuers of their obligations under Title II, Chapter 2, or Article 18, 19 or 21;

failure to cooperate or comply with an investigation, with an inspection or with a requirement under Article 45(1).

a public statement indicating the natural or legal person responsible and the nature of the infringement in accordance with Article 45(1), point (l);

an order requiring the natural or legal person responsible to cease the conduct constituting the infringement;

an order prohibiting the natural or legal person responsible from issuing European Green Bonds for a period not exceeding one year;

maximum administrative fines of at least twice the amount of the profits gained or losses avoided because of the infringement where those can be determined;

in the case of a legal person, maximum administrative fines of at least EUR 500 000 , or, in the Member States whose currency is not the euro, the corresponding value in the national currency on 20 December 2023, or 0,5 % of the total annual turnover of that legal person according to the most recent available financial statements approved by the management body;

in the case of a natural person, maximum administrative fines of at least EUR 50 000 , or, in the Member States whose currency is not the euro, the corresponding value in the national currency on 20 December 2023.

the gravity and the duration of the infringement;

the degree of responsibility of the person responsible for the infringement;

the financial strength of the person responsible for the infringement, as indicated by the total turnover of the responsible legal person or the annual income and net assets of the responsible natural person;

the impact of the infringement on the interests of investors;

the importance of the profits gained or losses avoided by the person responsible for the infringement or the losses for third parties caused by the infringement, to the extent that they can be determined;

the level of cooperation of the person responsible for the infringement with the competent authority, without prejudice to the need to ensure disgorgement of profits gained or losses avoided by that person;

previous infringements of this Regulation by the person responsible for the infringement;

any measures taken after the infringement by the person responsible for the infringement to prevent its repetition.

defer the publication of the decision to impose an administrative penalty or other administrative measure until the moment where the reasons for non-publication cease to exist;

publish the decision to impose an administrative penalty or other administrative measure on an anonymous basis in a manner which is in conformity with national law, where such anonymous publication ensures the effective protection of the personal data concerned;

not publish the decision to impose an administrative penalty or other administrative measure in the event that the options provided for in points (a) and (b) are considered insufficient to ensure:

persons who effectively conduct the business of the external reviewer;

members of the supervisory, management or administrative bodies of the external reviewer;

members of the senior management of the external reviewer;

any person directly involved in assessment activities of the external reviewer;

legal representatives and employees of entities to which an external reviewer has outsourced certain functions in accordance with Article 33;

persons otherwise closely and substantially related or connected to the process of managing the external reviewer, including shareholders holding at least 10 % of the capital or the voting rights of the external reviewer or in a company which has the power to exercise control or a dominant influence over the external reviewer;

anyone who acts as, or purports to be, an external reviewer, without being registered as such, and any person that performs any of the functions referred to in points (a) to (f) on behalf of such a person.

refer to this Article as the legal basis of that request;

state the purpose of the request;

specify what information is required;

set a time limit within which the information is to be provided;

inform the person from whom the information is requested that there is no obligation to provide the information but that, in the case of a voluntary reply to the request, the information provided is required to be correct and not misleading; and

indicate the potential fine provided for in Article 60 where the answers to the questions asked are incorrect or misleading.

refer to this Article as the legal basis of that request;

state the purpose of the request;

specify what information is required;

set a time limit within which the information is to be provided;

indicate the periodic penalty payments provided for in Article 61 where the production of the required information is incomplete;

indicate the fine provided for in Article 60 where the answers to questions asked are incorrect or misleading;

indicate the right to appeal the decision before the Board of Appeal in accordance with Articles 58 and 59 of Regulation (EU) No 1095/2010 and to have the decision reviewed by the Court of Justice of the European Union (the ‘Court of Justice’) in accordance with Articles 60 and 61 of that Regulation.

examine any records, data, procedures and any other material relevant to the execution of its tasks irrespective of the medium on which they are stored;

take or obtain certified copies of or extracts from such records, data, procedures and other material;

summon and ask any person referred to in Article 54(1) or their representatives or staff for oral or written explanations on facts or documents relating to the subject matter and purpose of the inspection and to record the answers;

interview any other natural or legal person who consents to be interviewed for the purposes of collecting information relating to the subject matter of an investigation;

request records of telephone and data traffic.

withdraw the registration of an external reviewer;

withdraw the recognition of a third-country external reviewer;

temporarily prohibit the external reviewer from pursuing the activities under this Regulation throughout the Union, until the infringement has been brought to an end;

suspend the registration of a third-country external reviewer;

require the person to bring the infringement to an end;

impose fines pursuant to Article 60;

impose periodic penalty payments pursuant to Article 61;

issue a public notice.

the external reviewer has expressly renounced the registration or recognition or has not made use of the registration or recognition within 36 months of the registration or recognition being granted;

the external reviewer has obtained the registration or recognition by making false statements or by any other irregular means;

the external reviewer no longer meets the conditions under which it was registered or recognised.

the duration and frequency of the infringement;

whether financial crime has been occasioned, facilitated or otherwise attributable to the infringement;

whether the infringement has been committed by intent or negligence;

the degree of responsibility of the person responsible for the infringement;

the financial strength of the person responsible for the infringement, as indicated by the total turnover of the responsible legal person or the annual income and net assets of the responsible natural person;

the impact of the infringement on the interests of investors;

the importance of the profits gained or losses avoided by the person responsible for the infringement or the losses for third parties caused by the infringement, to the extent that they can be determined;

the level of cooperation with ESMA of the person responsible for the infringement, without prejudice to the need to ensure disgorgement of profits gained or losses avoided by that person;

previous infringements of this Regulation by the person responsible for the infringement;

any measures taken after the infringement by the person responsible for the infringement to prevent its repetition.

non-compliance with Article 24(1) or any provision of Title IV, Chapters 2 and 3;

the submission of false statements when applying for registration as an external reviewer, or the use of any other irregular means to obtain such registration;

failure to provide information in response to a decision requiring information pursuant to Article 54 or the provision of incorrect or misleading information in response to a request for information or a decision;

the obstruction of, or non-compliance with, an investigation pursuant to Article 55(1), point (a), (b), (c) or (e);

non-compliance with Article 56, by not providing an explanation on facts or documents related to the subject matter and purpose of an inspection, or by providing an incorrect or misleading explanation;

taking up the activity of external reviewers or purporting to be an external reviewer, without having been registered as an external reviewer.

a person to put an end to an infringement, in accordance with a decision taken pursuant to Article 59(1), point (e);

a person as referred to in Article 54(1):

external reviewers registered in accordance with Article 23;

external reviewers that are temporarily prohibited from pursuing their activities in accordance with Article 59;

external reviewers whose registration has been withdrawn in accordance with Article 59;

third-country external reviewers allowed to provide services in the Union in accordance with Article 39;

third-country external reviewers recognised in accordance with Article 42;

external reviewers registered in accordance with Article 23 that endorse the services provided by third-country external reviewers in accordance with Article 43;

third-country external reviewers whose registration has been withdrawn and that no longer use the rights under Article 39, where the Commission withdraws its decision under Article 40(1) in relation to that third country;

third-country external reviewers whose recognition has been suspended or withdrawn;

external reviewers registered in accordance with Article 23 that are no longer able to endorse the services provided by third-country external reviewers in accordance with Article 43.