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Review By 26 June 2024, the Commission, in close cooperation with EBA and ESMA, shall submit a report, together with a legislative proposal if appropriate, to the European Parliament and to the Council, on the following:

(a) the provisions on remuneration in this Directive and in Regulation (EU) 2019/2033 as well as in Directives 2009/65/EC and 2011/61/EU with the aim of achieving a level playing field for all investment firms active in the Union, including the application of those provisions;

(b) the appropriateness of the reporting and disclosure requirements in this Directive and in Regulation (EU) 2019/2033, taking into account the principle of proportionality;

(c) an assessment, which shall take into account the EBA report referred to in Article 35 and the taxonomy on sustainable finance, on whether any:

(i) ESG risks are to be considered for an investment firm’s internal governance;

(ii) ESG risks are to be considered for an investment firm’s remuneration policy;

(iii) ESG risks are to be considered for the treatment of risks;

(iv) ESG risks are to be included in the supervisory review and evaluation process;

(d) the effectiveness of information‐sharing arrangements under this Directive;

(e) the cooperation of the Union and Member States with third countries in the application of this Directive and of Regulation (EU) 2019/2033;

(f) the implementation of this Directive and of Regulation (EU) 2019/2033 to investment firms on the basis of their legal structure or ownership model;

(g) the potential for investment firms to pose a risk of disruption in the financial system with serious negative consequences to the financial system and the real economy and appropriate macroprudential tools to address such a risk and replace the requirements of point (d) of Article 36(1) of this Directive;

(h) the conditions under which the competent authorities may apply to investment firms, in accordance with Article 5 of this Directive, the requirements of Regulation (EU) No 575/2013.