Article 7 Overseas persons

In article 72, after paragraph (5F), insert—

“(5G)

An overseas person (“P”) does not carry on the activity specified by article 63U by providing an ESG rating to a person who is located in the United Kingdom (“Q”) where P receives no remuneration in respect of the ESG rating from any person.

(5H)

In paragraph (5G)—

(a)

“ESG rating” and “located in the United Kingdom” have the meanings given in article 63Z7;

(b)

the reference to P making the rating available is to be interpreted in accordance with the definition of “making available” in article 63Z7;

(c)

“remuneration” means any commission, fee, charge or other payment, including an economic benefit of any kind or any other financial or non-financial advantage or incentive offered or given.”.