Article 63Z1 Ancillary non-commercial provisionF1
A person does not carry on an activity of the kind specified by article 63U by providing an ESG rating where the following conditions are met—
the ESG rating is provided in the course of the person’s activities as a journalist, an academic, or a charity, and
either of the following applies—
the person does not receive relevant remuneration from a person who uses or is the subject of the ESG rating in connection with the provision of the ESG rating, or
the ESG rating is provided on an occasional or one-off basis.
The condition in paragraph (1)(b)(ii) is not met where the ESG rating is regularly updated or maintained in a way that would enable it to be relied upon on an ongoing basis.
In this article, “relevant remuneration” means any commission, fee, charge or other payment, including an economic benefit of any kind or any other financial advantage or incentive offered.
Annotations
Textual amendments
- F1
Pt. 2 Ch. 15F inserted (16.12.2025 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (ESG Ratings) Order 2025 (S.I. 2025/1349), arts. 2, 6 (with arts. 8-22)