meta_id 3244952

On June 17, 2026, the European Union published Commission Delegated Regulation (EU) 2026/544, which supplements Regulation (EU) 2023/2631 on European Green Bonds. The regulation establishes regulatory technical standards specifying criteria for assessing the appropriateness, adequacy and effectiveness of external reviewers' systems, resources and procedures. The regulation sets comprehensive requirements for external reviewers conducting assessments of green bonds and sustainability-linked bonds. It establishes criteria for evaluating the robustness of information systems, sufficiency of human and technical resources, and effectiveness of internal control mechanisms. External reviewers must implement sound administrative and accounting procedures, maintain adequate records of relevant accounting events, and comply with applicable accounting standards. The regulation requires external reviewers to develop robust assessment frameworks encompassing minimum criteria for assessing information quality and source reliability. It mandates that compliance functions operate independently with appropriate authority, necessary resources and expertise, and access to all relevant information including corporate records, audit reports, whistleblowing reports and customer complaints. The regulation specifies criteria for assessing whether information used in external reviews is of sufficient quality and comes from reliable sources. Information must be complete, relevant, timely and based on reasonable assumptions, with direct connection to bond characteristics. Sources must provide objectively supported information accompanied by supporting documentation and must privilege information subject to disclosure requirements, independent assurance or recognised certifications. The regulation also establishes requirements for third-country external reviewers seeking recognition. Applicants must submit applications to the European Securities and Markets Authority (ESMA) in machine-readable format with unique reference numbers for each document, accompanied by a letter signed by senior management attesting to accuracy and completeness. Personal data relating to applicants shall be retained for no longer than five years after the applicant ceases performing its function or after ESMA refuses recognition. The regulation entered into force on the twentieth day following publication in the Official Journal of the European Union.