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ARTICLE · 26 OCTOBER 2023

EU Green Bond Standard: Final Approval

The EU Green Bond (EU GBS) Regulation has been adopted by the European Parliament (here) and by the EU Council (earlier today, here).

European UnionCorporate/Commercial Law

The EU Green Bond (EU GBS) Regulation has been adopted by the European Parliament (here) and by the EU Council (earlier today, here).

The key provisions of the Regulation are summarised in our June 2023 briefing here.

NEXT STEPS

We expect the Regulation to be published in the Official Journal at the end of Q4 2023 (or very early in Q1 2024). It will apply 12 months + 20 days later.

The Regulation will be directly effective in Ireland. Domestic Irish regulations will be needed regarding administrative penalties and other appropriate administrative measures for breaches of the Regulation. There will be a transitional period to facilitate the provision of services by external reviewers (ERs) while ESMA is putting its registration and supervision framework in place (that period will run for 18 months from the date that that Regulation applies).

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This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.

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