Rivista del Diritto Commerciale e del diritto generale delle Obbligazioni

Abstract: In recent years, the exponential growth of investments in ESG-compliant financial products has led to the development of related services, among which ESG rating/scoring is of central importance. In US financial regulation, ESG profiles are relevant insofar as they have a financial materiality, while in Europe, regulations have been introduced that also require information on the ESG impact of underlying assets. To counteract Greenwashing or Social washing phenomena, the European Union has drawn up a regulatory framework, most recently including, in addition to the Taxonomy Regulation and CSRD, the proposed regulation on ESG rating providers. The proposal is logically inspired by the credit rating regulations in many respects, including prior authorisation, technical and organisational requirements, prohibition of conflicts of interest, and supervision by a public authority. However, in the absence of global harmonisation and especially with the legal system of the USA, where the majority of ESG rating providers are based, it appears problematic to borrow from the credit rating regulations the mechanisms for recognising ESG ratings formed abroad. The alternative therefore appears to be between the dissemination of the European model (the so-called Brussels Effect) and the principles developed by IOSCO and a regulatory Babel, in which ESG rating, instead of providing reliable information, risks confusing investors.  

Sommario: 1. Finanza sostenibile e rating ESG tra libero mercato e prospettive regolatorie. – 2. Il rating ESG nella proposta di regolamento europeo: Giano Bifronte o Camaleonte? – 3. Rating ESG e information materiality nell’approccio statunitense. – 4. Rating ESG e double materiality nell’approccio europeo. – 5. Le raccomandazioni della IOSCO e le iniziative in USA sulla regolazione dei rating ESG. – 6. La regolazione dei rating providers nella proposta di regolamento europeo. a) Il modello della regolazione del credit rating tra similitudini e peculiarità. b) Autorizzazione, requisiti e obblighi informativi dei fornitori di rating ESG e vigilanza dell’ESMA. c) Rating ESG ed intelligenza artificiale. d) La regolazione dei fornitori di rating ESG non europei. – 7. La regolazione globale dei rating ESG: Babele o Brussel effect ?

Keywords: Rating ESG — Financial Materiality / Double Materiality of Information — Greenwashing — Proposal of Regulation — Credit Rating Model — Brussel Effect.