Global Trustee and Fiduciary Services Bite-Sized Issue 5 2025

11 QUICK LINKS AIFMD (UK) CRYPTOASSETS DATA EMIR FINTECH FSB IOSCO MARKET ABUSE REGULATION MICA MIFID II/MIFIR SUSTAINABLE FINANCE/ ESG ASIA PACIFIC AUSTRALIA EUROPE LUXEMBOURG NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 5 | 2025 ESMAMakes Recommendations to Simplify ESG Disclosure Rules for Benchmarks Administrators On 9 April 2025, ESMA published the outcome of the Common Supervisory Action (CSA) on ESG disclosures under the Benchmarks Regulation (BMR) which took place in 2024. This was the first CSA that ESMA conducted together with National Competent Authorities (NCAs) in its role as a direct supervisor of benchmark administrators; it results in recommendations: • To the European Commission (EC) for potential amendments to the BMR Level 2 measures with the objective to alleviate the regulatory burden on benchmarks administrators; and • To benchmarks administrators with the objective to enhance transparency and comparability of ESG information for the benefit of users of benchmarks. In the report ESMA considers the wider regulatory context on sustainable finance and the need to ensure consistency and compatibility of the ESG disclosure requirements across the various sustainable finance legislations. Building on the findings, ESMA says it will continue liaising and cooperating with the NCAs and the EC on follow-up actions, including the need to use supervisory convergence tools to build a stronger supervisory culture across the EU and promote consistent supervision regarding ESG disclosure. Link to the Report here ESMA Consults on Rules for External reviewers of European Green Bonds On 7 April 2025, ESMA published a consultation on the remaining regulatory technical standards for external reviewers under the European Green Bonds Regulation. The RTS relate to the following aspects of the external reviewer regime: • Appropriateness, adequacy and effectiveness of systems, resources and procedures; • Authority, resources, expertise and access to relevant information of the compliance function; • Soundness of administrative and accounting procedures, internal control mechanisms and effectiveness of information systems controls; • Quality and reliability of sources of the information used for external reviews; • Information, form and content of applications for recognition; and • Notification of material changes in the information provided at registration. ESMA says it considers that these technical standards will enhance the robustness and transparency of external reviews of European Green Bonds and in turn boost investors’ confidence that their capital is genuinely driving the green transition. The first consultation on RTS for external reviewers under the European Green Bonds Regulation took place in 2024. The consultation period closes on 30 May 2025. ESMA says it expects to publish a Final Report and submit the draft RTS to the European Commission for adoption by 21 December 2025. Link to the Consultation here