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On 29 April 2026, the European Securities and Markets Authority (ESMA) launched a consultation on guidelines governing the endorsement of environmental, social and governance (ESG) ratings under Article 11 of the ESG Rating Regulation. The consultation period runs until 29 May 2026. The ESG Rating Regulation entered into force on 3 January 2025 and will apply from 2 July 2026. From this date, entities will have one month to notify ESMA of their intention to apply for authorisation, registration or recognition under the Regulation. Entities applying for authorisation may also apply to endorse ESG ratings from legal entities established outside the European Union. The guidelines aim to complement the legal requirements set out in Article 11(1) and 11(2) of the ESG Rating Regulation by providing guidance on documentation that applicants must submit as part of their endorsement applications, and on processes ESMA expects to be demonstrated following authorisation to endorse. The consultation paper is divided into two parts: information requirements and ongoing requirements. Respondents are invited to provide views on the appropriateness of the proposed guidance for each section. Stakeholders, including credit rating agencies, asset managers, investment services providers, issuers and other market participants, are invited to submit responses by 29 May 2026. Following the four-week consultation period, ESMA will finalise the guidelines and publish a Final Report on its website. The finalised guidelines will then be used by applicants to inform their applications for authorisation to endorse ESG ratings. Responses can be submitted via ESMA's consultation portal.