Article 63U ESG ratingsF1

Unless paragraph (2) applies, providing an ESG rating is a specified kind of activity, where that rating is likely to influence a decision to make an investment specified in Part 3.

This paragraph applies where the person providing an ESG rating could not reasonably have expected it to influence a decision to make an investment specified in Part 3.

For the purposes of paragraph (1), it is immaterial whether the ESG rating is solicited or unsolicited.

In paragraphs (1) and (2), “make”, in relation to an investment specified in Part 3, has the meaning given in article 63Z7.