《2000年金融服务与市场法（受监管活动）（ESG评级）2025年令》

2025 No. FINANCIAL SERVICES AND MARKETS The Financial Services and Markets Act 2000 (Regulated Activities)(ESG Ratings) Order 2025 Coming into force in accordance with article 2 The Treasury make this Order in exercise of the powers conferred by sections 22(1) and (5) and428(3) of, and paragraph 25 of Schedule 2 to, the Financial Services and Markets Act 2000(a)(“the Act”). In the opinion of the Treasury, one of the effects of this Order is that an activity which is not aregulated activity (within the meaning given in section 22 of the Act(b)) will become a regulatedactivity. In accordance with, paragraph 26(1) and (2) of Schedule 2 to the Act(c), a draft of this Orderhas been laid before, and approved by a resolution of, each House of Parliament. PART 1 Introduction Citation and extent 1.—(1) This Order may be cited as the Financial Services and Markets Act 2000 (RegulatedActivities) (ESG Ratings) Order 2025. (2) This Order extends to England and Wales, Scotland and Northern Ireland. Commencement 2.—(1) This Part comes into force on the day after the day on which it is made (“the initialcommencement day”). (2) The remaining provisions of this Order come into force on the initial commencement dayfor the following purposes only— (a)enabling the FCA(a)—(i) to make or approve rules,(ii) to give guidance, and(iii) to impose requirements or give directions;(b)enabling an application for—(i) a Part 4A(b) permission under section 55A (application for permission) of the Act,(ii) a variation of a Part 4A permission under section 55H (variation by FCA at requestof authorised person) of the Act, and(iii) approval under Part 5 (performance of regulated activities) of the Act(c),to be made and determined in relation to any activity which becomes a regulated activityby virtue of this Order;(c)enabling the FCA to exercise any of its powers under Part 4A of the Act in relation toany activity which is to become a regulated activity by virtue of this Order;(d)enabling the scheme operator(d) to—(i) make rules, and(ii) give guidance. (3) The provisions mentioned in paragraph (2) come into force for all other purposes on 29thJune 2028. Interpretation 3.In this Order— “the Act” means the Financial Services and Markets Act 2000; “the main commencement day” means 29th June 2028; “the Regulated Activities Order” means the Financial Services and Markets Act 2000(Regulated Activities) Order 2001(e). PART 2 Amendment of the Regulated Activities Order Amendment of the Regulated Activities Order 4.The Regulated Activities Order is amended in accordance with articles 5 to 7. Definition of “overseas person” 5.In article 3(1) (interpretation)(a), in the definition of “overseas person”, in paragraph (a)—(a)for “63F and” substitute “63F,”;(b)after “63J”, insert “and 63U”. ESG ratings 6.After article 63T (administration of a benchmark by the FCA)(b), insert— “CHAPTER 15FESG RATINGSThe activity ESG ratings 63U.—(1) Unless paragraph (2) applies, providing an ESG rating is a specified kind ofactivity, where that rating is likely to influence a decision to make an investment specifiedin Part 3. (2) This paragraph applies where the person providing an ESG rating could not reasonablyhave expected it to influence a decision to make an investment specified in Part 3. (3) For the purposes of paragraph (1), it is immaterial whether the ESG rating is solicitedor unsolicited. (4) In paragraphs (1) and (2), “make”, in relation to an investment specified in Part 3,has the meaning given in article 63Z7. Exclusions Regulated products and services 63V.—(1) A person does not carry on an activity of the kind specified by article 63Uby providing an ESG rating in the course of carrying on— (a)another activity which is carried on in accordance with a Part 4A permission andis— (i) a regulated activity, or(ii) an ancillary service listed in Part 3A of Schedule 2; (b)an activity for which they are subject to approval by the FCA under a provisionof assimilated law(a) or legislation restated by virtue of section 4 (power to restateand modify saved legislation) of the Financial Services and Markets Act 2023; (c)an activity that is within the scope of a market access arrangement; (d)an activity in relation to— (i) a scheme recognised for the purposes of Part 17 of the Act, or(ii) an AIF which is marketed under regulation 58 (marketing of AIFs managedby small third country AIFMs) or 59 (marketing of AIFs managed by otherthirdcountry AIFMs)of the Alternative Investment Fund ManagersRegulations 2013(b). (2) For the purposes of paragraph (1), an ESG rating is not provided in the course ofcarrying on an activity under any of sub-paragraphs (a) to (d) where it is provided as astandalone product or service. (3) In this article— “approval by the FCA” includes authorisation, registration, and any other functionallyequivalent process of approval however expressed; “market access arrangement” means— (a)the provision of a credit ratin