By Susanna Rust2021-01-29T16:18:00+00:00
The EU financial markets watchdog has written to the European Commission to suggest it take legislative action on ESG ratings and assessment tools, with it as the authority entrusted to supervise the market.
The intervention from the European Securities and Markets Association (ESMA) comes after Dutch and French regulators last month called for ESG rating providers to be regulated, under ESMA’s supervision.
In a letter sent to Commissioner Mairead McGuinness yesterday, Steven Maijoor, chair of ESMA, said there was a need to match the growth in demand for ESG ratings and assessment tools “with appropriate regulatory requirements to ensure their quality and reliability”.