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Regulation (EU) 2024/3005 of the European Parliament and of the Council of 27 November 2024 on the transparency and integrity of Environmental, Social and Governance (ESG) rating activities, and amending Regulations (EU) 2019/2088 and (EU) 2023/2859 (Text with EEA relevance) article 21 CELEX: 32024R3005 Outsourcing
1. Outsourcing of important operational functions shall not be undertaken in such a way as to materially impair the quality of an ESG rating provider’s internal controls and the ability of ESMA to supervise the ESG rating provider’s compliance with its obligations under this Regulation. 2. ESG rating providers that outsource functions or any services or activities that are relevant for the provision of an ESG rating shall remain fully responsible for discharging all of their obligations under this Regulation and for disclosing the information referred to in Annex II. |