EU Green Bond Regulation

Q4 2024

Expected publication of EU Listing Act (amending among others EU Prospectus Regulation) in the Official Journal of the EU

by 21 December 2024

• ESMA to submit draft technical standards to Commission (external reviewer regime)
• Commission to publish guidelines establishing templates for voluntary pre-issuance disclosures for bonds marketed as environmentally sustainable and of sustainability-linked bonds (optional disclosure regime)
• Commission to adopt a delegated act to establish the content, methodologies and presentation of the information to be disclosed in the issuer periodic post-issuance information (optional disclosure regime)

21 December 2024

Entry into application of EU GB Regulation. Issuers can issue a European green bond from this date.

March to June 2025

ESMA consultation on remaining technical standards (2nd main package) (external reviewer regime)

by 21 December 2025

ESMA to submit draft technical standards to Commission (external reviewer regime)

21 June 2026

End of transitional period for external reviewers (external reviewer regime)

Q2 – Q4 2026

Commission to adopt prospectus schedules under the Listing Act amendments to the EU Prospectus Regulation including in relation to non-equity securities advertised as taking into account ESG factors or pursuing ESG objectives (18 months after entry into force of Listing Act, i.e. approx. Q2 -Q4 2026)

by 21 December 2026

Commission to publish report on the need to regulate sustainability-linked bonds (including a legislative proposal where appropriate)

by 21 December 2028 (and every three years thereafter)

Commission to conduct review and report on the application of the Regulation by 21 December 2028 (and every three years thereafter) including, where appropriate accompanied by a legislative proposal including as regards disclosures for issuers of bonds marketed as environmentally sustainable and of sustainability-linked bonds