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Updated 16/01/2025

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Coming into force on 21/06/2026

Version from: 09/01/2024

Level 2 legal acts in relation to EuGBR

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Procedure 2021/0191/COD

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Synchronised with EUR-Lex on 16/01/2025

EuGBR Tool EuGB Regulation 2023/2631

EuGB Regulation 2023/2631

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 (Text with EEA relevance)

TITLE I - SUBJECT MATTER AND DEFINITIONS (Article 1-2)Article 1 - Subject matter Article 2 - Definitions

TITLE II - REQUIREMENTS FOR THE USE OF THE DESIGNATION (Article 3-19)

CHAPTER 1 - Bond-related requirements (Article 3-9)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 10-15a)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 Q&A Article 15 - Publication on the issuer’s website and notification to ESMA and competent authorities Article 15a - Accessibility of information on the European single access point

CHAPTER 3 - Conditions for the use of the designation (Article 16-19)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

TITLE III - OPTIONAL DISCLOSURE TEMPLATES FOR BONDS MARKETED AS ENVIRONMENTALLY SUSTAINABLE AND FOR SUSTAINABILITY-LINKED BONDS (Article 20-21)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

TITLE IV - EXTERNAL REVIEWERS FOR EUROPEAN GREEN BONDS (Article 22-43)

CHAPTER 1 - Conditions for the external review of European Green Bonds (Article 22-25)Article 22 - Registration Article 23 - Application for registration as an external reviewer for European Green Bonds ITSRTS Article 24 - Material changes relevant for the registration Article 25 - Language regime

CHAPTER 2 - Organisational requirements, processes and documents concerning governance (Article 26-36)Article 26 - General principles Article 27 - Senior management and members of the board RTS Article 28 - Analysts and employees of external reviewers, and other persons directly involved in the assessment activities of external reviewers RTS 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 RTS Article 34 - Record-keeping requirements Article 35 - Conflicts of interest and confidentiality of information Article 36 - Provision of other services

CHAPTER 3 - Reviews (Article 37-38)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 39-43)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

TITLE V - SUPERVISION BY COMPETENT AUTHORITIES AND ESMA (Article 44-67)

CHAPTER 1 - Competent authorities (Article 44-53)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 54-67)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

TITLE VI - DELEGATED ACTS (Article 68)Article 68 - Exercise of the delegation

TITLE VII - FINAL PROVISIONS (Article 69-72)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

ANNEX I ANNEX II ANNEX III ANNEX IV

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