ESMA publishes fee and penalty rules for ESG ratings providers

On 30 July 2026, two Commission Delegated Regulations supplementing the ESG Ratings Regulation were published in the Official Journal. These set out important practical rules on how ESMA will supervise ESG rating providers, including the fees it will charge and the procedure to be followed before fines or periodic penalty payments can be imposed.

What has been published?

The two Delegated Regulations are:

• Commission Delegated Regulation (EU) 2026/904 (the Fines and Penalties Delegated Regulation) sets out ESMA’s rules of procedure for fines and periodic penalty payments imposed on ESG rating providers.
• Commission Delegated Regulation (EU) 2026/910 (the Fees Delegated Regulation) sets out the fee regime for ESG rating providers supervised by ESMA.

The Fees Delegated Regulation entered into force the day following publication, i.e., 31 July 2026, while the Fines and Penalties Delegated Regulation will enter into force on the twentieth day following publication (19 August 2026).

Key takeaways

Together, the Delegated Regulations provide greater clarity for ESG rating providers on:

• how ESMA enforcement proceedings will be conducted;
• what procedural rights apply before fines or penalty payments are imposed;
• how ESMA fees will be calculated and charged; and
• the fixed costs associated with authorisation, registration and recognition.

In practical terms, ESG rating providers should now factor ESMA fees into regulatory planning and ensure they have processes in place to respond effectively to ESMA investigations, information requests and statements of findings.

Fines and periodic penalty payments

The Fines and Penalties Delegated Regulation focuses on procedural safeguards in ESMA enforcement cases. Before a case is submitted to ESMA’s Board of Supervisors, the investigating officer must issue a statement of findings, including any aggravating or mitigating factors. The person under investigation may then respond in writing and provide supporting documents.
ESMA’s Board of Supervisors must then review the file. Where it agrees with the findings, the person under investigation has a further opportunity to make written submissions before a decision is made whether there has been an infringement and whether supervisory measures or a fine should be imposed.

For periodic penalty payments, ESMA must also provide a statement of findings explaining why the payment is proposed and setting out the amount payable per day of non-compliance.

The Fines and Penalties Delegated Regulation also provides for:

• access to the file after a statement of findings has been notified, with use of those documents limited to judicial or administrative proceedings concerning the ESG Ratings Regulation;
• a five-year limitation period for ESMA to impose fines and periodic penalty payments; and
• a separate five-year limitation period for enforcing decisions imposing those penalties.

ESMA fees

The Fees Delegated Regulation introduces a full cost recovery model.

Fees charged to ESG rating providers must cover ESMA’s supervision costs, including authorisation, registration and recognition costs, as well as the reimbursement of national competent authorities where they assist ESMA or carry out delegated tasks.

Annual supervisory fees are generally based on the ESG rating provider’s turnover from ESG rating activities. ESG rating providers must submit those accounts to ESMA electronically by 30 September each year.

Key fee amounts include:

• EUR 40,000 authorisation fee for EU ESG rating providers;
• EUR 20,000 reduced authorisation fee for certain small ESG rating providers;
• EUR 5,000 additional fee for each endorsement or outsourcing request;
• EUR 10,000 registration fee for third-country providers under the equivalence regime;
• EUR 40,000 recognition fee for third-country providers; and
• EUR 2,000 registration fee for small EU ESG rating providers.

There is also a more proportionate approach for smaller providers. Small registered ESG rating providers benefiting from the temporary regime are subject to annual supervisory fees capped at 2% of applicable turnover, while micro ESG rating providers are exempt from annual supervisory fees during that period.