CMS advised ESG Portal on obtaining registration as an ESG Rating Agency with ESMA
CMS advised ESG Portal Società Benefit S.r.l., an Italian company specializing in the provision of sustainability ratings, in proceedings before the European Securities and Markets Authority (ESMA) that resulted in the company's registration as an ESG rating provider pursuant to Article 5 of Regulation (EU) 2024/3005.
Since 2020, ESG Portal has been active in the ESG assessment sector, supporting public and private organizations through a dedicated fully digital platform that provides rating services designed to measure their performance and level of compliance with environmental, social and governance criteria.
CMS's assistance covered all stages of the process, including the preparation, submission and management of the notification required under the new European regulatory framework governing ESG ratings. The regime set out in Article 5 of the Regulation is reserved for small ESG rating providers that were already operating within the European Union at the time the legislation entered into force.
Obtaining registration marks a significant milestone for ESG Portal in the context of the implementation of the new European framework aimed at enhancing the transparency, reliability and integrity of the ESG ratings market.
The CMS team advising ESG Portal was led by Andrea Arcangeli, Partner, with support from Alfredo Gravagnuolo, Counsel.
This transaction further confirms CMS's experience in advising financial intermediaries, asset managers, fintech companies and regulated entities on the evolving European regulatory framework governing sustainability and financial services.
