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On July 1, 2026, the Commission de Surveillance du Secteur Financier (CSSF), Luxembourg's financial services regulator, published guidance to market participants on the application of the ESG Ratings Regulation and new disclosure requirements under the Sustainable Finance Disclosure Regulation (SFDR). Regulation (EU) 2024/3005 on the transparency and integrity of Environmental, Social and Governance (ESG) rating activities becomes applicable on July 2, 2026. The ESG Ratings Regulation introduces a new disclosure requirement under Article 49, which amends Article 13 of the SFDR. When financial market participants and financial advisers subject to the SFDR issue and disclose ESG ratings to third parties as part of their marketing communications, they must include on their website the same information required by point 1 of Annex III of the ESG Ratings Regulation. Financial market participants and financial advisers must also disclose a link to these website disclosures within their marketing communications. The CSSF expects full compliance with these provisions from July 2, 2026 onwards. The regulator stated it will continue monitoring regulatory developments within the European Union regarding the SFDR and will adopt a proportionate approach in its supervisory practices, taking into consideration remaining uncertainties and potential evolution of the regulatory landscape. The CSSF further highlighted a public statement from the European Securities and Markets Authority (ESMA) clarifying that from July 2, 2026 until November 2, 2026, third parties may continue publishing or distributing ESG ratings issued by existing but still unauthorised ESG rating providers that have notified ESMA of their intention to continue operating in the Union, pending ESMA's decision on authorisation, recognition, or registration. The guidance applies to credit institutions, investment firms, investment fund managers, and investment funds and vehicles operating in Luxembourg.