The European Securities and Markets Authority (ESMA), acting as the financial markets regulator and supervisor for the European Union (EU), has published the official register of firms authorised to act as external reviewers of European Green Bonds.

External reviewers are considered essential in ensuring that the proceeds from European Green Bonds are allocated strictly in accordance with EU Taxonomy requirements.

These firms also play a vital role in bolstering investor confidence by guaranteeing that capital genuinely supports the wider green transition.

As of June 22, 2026, all registered external reviewers are subject to direct ESMA supervision and must demonstrate full compliance with the requirements set out in the European Green Bond Regulation (EuGB).

These regulatory obligations include clear senior management accountability, strong analytical capabilities, the use of robust and transparent methodologies, effective internal controls and a comprehensive framework for managing potential conflicts of interest.

The transitional regime previously provided for under Articles 69 and 70 of the EuGB Regulation has now concluded.

From June 22, 2026, all external reviewers that were listed in the transitional register must cease their external review activities.

To ensure transparency regarding disclosure requirements for European Green Bonds issued prior to this date, ESMA has established a separate register.

This supplementary list documents the firms that provided formal notification to ESMA under the transitional articles and were permitted to provide reviews during that period, while also specifying the dates during which they were active.

Issuers who are currently planning to issue a European Green Bond are advised to consult the official ESMA register to select a registered reviewer.

This selection process is necessary to conduct mandatory pre-issuance, post-issuance and impact report reviews where applicable.

ESMA has confirmed that it will update the register on a regular basis to reflect any changes to the registration status of various entities and to include any newly approved applications.