Changes from report parliamentary committee draft to plenary report

Added(19a) in Article 48e(1), the introductory wording is amended as follows:

Added‘Where, in accordance with Article 48i(5), ESMA finds that a person has, intentionally or negligently, committed one or more of the infringements listed in point (a) of Article 42(1), or has failed to cooperate or comply with an investigation or with an inspection or request covered by Section 1 of this Chapter, it shall adopt a decision imposing a fine in accordance with paragraph 2 of this Article. An infringement shall be considered to have been committed intentionally if ESMA finds objective factors which demonstrate that a person acted deliberately to commit the infringement. ;

Added(19b) Article 48f, paragraph 1, introductory part is amended as follows:

Added‘Where, in accordance with Article 48i(5), ESMA finds that any person has, intentionally or negligently, committed one or more of the infringements listed in point (a) of Article 42(1), or any failure to cooperate or comply in an investigation or with an inspection or request covered by Section 1 of this Chapter, it shall adopt a decision imposing a fine in accordance with paragraph 2 of this Article. An infringement shall be considered to have been committed intentionally if ESMA finds objective factors which demonstrate that a person acted deliberately to commit the infringement.;

Added(19c) in Article 54, a new paragraph is added:

Added‘7a. By 31 December 2028, the Commission shall, after consulting ESMA, present a report to the European Parliament and the Council on the need to regulate benchmarks making ESG-related claims, in addition to EU Climate Transition Benchmarks and EU Paris-aligned Benchmarks, taking into account the situation and availability of ESG benchmarks in European and global markets and their market up-take, analysing whether they would be considered significant benchmarks, and studying the costs and effects on market availability and the evolving nature of the sustainable indicators and the methods used to measure them. The report shall also take into account the need for coherence and consistency with other Union law, in particular Regulation (EU) 2019/2088, Directive 2011/61/EU and Directive 2009/65/EC as well as the ESMA Guidelines on funds’ names using ESG or sustainability-related terms. That report shall be accompanied by an impact assessment and, where appropriate, a legislative proposal.;

Added(20) Article 49 is amended as follows:

Added(a) paragraphs 2 and 3 are replaced by the following:

Added‘2. The power to adopt delegated acts referred to in Articles 3(2), 13(2a), 19a(2), 19c(1), 20(6), 24(7), 27(2b), 33(7), 51(6) and 54(3) shall be conferred on the Commission for a period of five years from 30 June 2024. The Commission shall draw up a report in respect of the delegation of power no later than 31 December 2028. The delegation of power shall be tacitly extended for further periods of identical duration, unless the European Parliament or the Council opposes such extension not later than three months before the end of each period.

Added‘3. The delegation of power referred to in Articles 3(2), 13(2a), 19a(2), 19c(1), 20(6), 24(7), 27(2b), 30(2a), 30(3a), 33(7), 48i(10), 48l(3), 51(6) and 54(3) may be revoked at any time by the European Parliament or by the Council. A decision to revoke shall put an end to the delegation of power specified in that decision. It shall take effect on the day following the publication of the decision in the Official Journal of the European Union or on a later date specified therein. It shall not affect the validity of any delegated acts already in force.’;

Added(b) paragraph 6 is replaced by the following:

Added‘6. A delegated act adopted pursuant to Article 3(2), 13(2a), 19a(2), 19c(1), 20(6), 24(7), 27(2b), 30(2a), 30(3a), 33(7), 48i(10), 48l(3), 51(6) or 54(3) shall enter into force only if no objection has been expressed either by the European Parliament or by the Council within a period of three months of notification of that act to the European Parliament and to the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by three months at the initiative of the European Parliament or of the Council.’.

Added(21) in Article 51, the following paragraph is inserted:

Added‘4c. Competent national authorities intending to designate a benchmark provided by an administrator that was included in the ESMA register on [date of entry into application of this amending Regulation – 1 day] and ESMA intending to designate a benchmark that was included in the ESMA register or the administrator of which was included in the ESMA register on [date of entry into application of this amending Regulation – 1 day] shall do so by ...[ nine months date of entry into application of this amending Regulation].

AddedBenchmark administrators that were authorised, registered, endorsed or recognised on [date of entry into application of this amending Regulation] shall retain this status for nine months after entry into application of this amending Regulation. Where one or more of their benchmarks are designated within nine months after [date of entry into application of this amending Regulation], the designated administrators shall not be obliged to re-apply for authorisation registration, recognition, or endorsement pursuant to Article 24a(1), (2), or (3), as applicable.

AddedAdministrators of significant benchmarks that were authorised, registered, endorsed or recognised on [date of entry into application of this amending Regulation], shall not be obliged to re-apply for authorisation registration, recognition, or endorsement pursuant to Article 24a(1) where one or more of their benchmarks are significant pursuant to Art. 24(1)(a).’

AddedAdministrators of benchmarks that were authorised, registered, endorsed or recognised on [date of entry into application of this amending Regulation], who voluntarily opt-in to this Regulation by ...[ nine months after the date of entry into force of this amending Regulation], shall not be obliged to re-apply for authorisation, registration, recognition or endorsement. ;

Added(21a) Article 53, paragraph 1 is deleted;

AddedEntry into force and application

AddedThis Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

AddedIt shall apply from 1 January 2026

AddedThis Regulation shall be binding in its entirety and directly applicable in all Member States.

AddedDone at Brussels,

AddedFor the European Parliament For the Council

AddedThe President The President