[34073]
March 11, 2022
TO: ICI MembersICI Global Members
ESG Task Force
EU ESG Disclosure Regulation Working Group SUBJECTS: ESG
International/Global RE: ICI Responds to ESMA ESG Ratings Consultation
Attached is our response to the Call for Evidence on Market Characteristics of ESG Rating Providers in the European Union, which was conducted by the European Securities and Markets Authority (ESMA).[1]
In our letter, we restate our key recommendations from our September 2021 response to the IOSCO Consultation on ESG ratings and data providers.[2] More specifically:
- We emphasized the need for greater transparency by ESG ratings and data providers.
- We stated that regulatory intervention for this market is premature, but we expressed support for the concept of industry-developed codes of conduct for ESG ratings and data providers, which generally could be based on the IOSCO's high-level recommendations.
Anna Driggs
Director and Associate Chief Counsel
ICI Global
endnotes
[1] See Memorandum [34029], dated February 8, 2022, available at https://www.ici.org/memo34029.
[2] See Memorandum [33770], dated September 14, 2022, available at https://www.ici.org/memo33770.