OJEU: publication of Delegated Regulation 2026/904 setting out the penalties applicable to ESG agencies

The European Commission published in the Official Journal of the European Union (OJEU) on 28 July 2026 the Commission Delegated Regulation (EU) 2026/904 of 24 April 2026 supplementing Regulation (EU) 2024/3005 with procedural rules relating to fines and periodic penalty payments imposed on ESG rating providers by the European Securities and Markets Authority (ESMA).
This Regulation sets out a strict framework for the ESMA’s investigation procedures, with specific time limits, as well as the amount of fines (capped at €5 million), calculated according to objective criteria (seriousness, impact, size of the provider). It also sets out the safeguards afforded to ESG rating providers.