Article 63W Unregulated benchmarksF1

A person does not carry on the activity of the kind specified by article 63U where they provide an ESG rating in the course of providing a benchmark to which the UK Benchmarks Regulation does not apply as a result of Article 2(2)(a) to (g) (scope: exclusions) of that Regulation.

For the purposes of paragraph (1), an ESG rating is not provided in the course of providing a benchmark of the kind mentioned in paragraph (1) where the ESG rating is provided as a standalone product or service.