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The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, is publishing today the outcome of the Common Supervisory Action (CSA) on ESG disclosures under the Benchmarks Regulation (BMR) which took place in 2024.
This was the first CSA that ESMA conducted together with National Competent Authorities in its role as a direct supervisor of Benchmarks Administrators, and it results in recommendations:
- to the European Commission (EC) for potential amendments to the BMR Level 2 measures with the objective to alleviate the regulatory burden on benchmarks administrators; and
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to benchmarks administrators with the objective to enhance transparency and comparability of ESG information for the benefit of users of benchmarks.
In the report ESMA considers the wider regulatory context on sustainable finance and the need to ensure consistency and compatibility of the ESG disclosure requirements across the various sustainable finance legislations.
Next steps
Building on the findings, ESMA will continue liaising and cooperating with the national competent authorities and the EC on follow-up actions. These will include the need to use supervisory convergence tools to build a stronger supervisory culture across the EU and promote effective, sound and consistent supervision regarding ESG disclosure.
