Draft amendments to the Financial Market Supervision Act: New rules for ESG ratings in 2026
Announced preliminary information on the draft law amending and supplementing No. 747/2004 Coll. on financial market supervision and amending and supplementing certain acts, as amended, and amending and supplementing certain acts. The draft transposes the requirements of Regulation (EU) 2024/3005 for business entities and the National Bank of Slovakia (NBS).
The draft law is based on the need to implement Regulation (EU) 2024/3005 on transparency and integrity of activities related to environmental, social and governance ratings (ESG ratings) and amending Regulations (EU) 2019/2088 and (EU) 2023/2859. The aim is to designate the NBS as the competent authority for the performance of tasks under the Regulation, including supervision, investigation and cooperation with the European Securities and Markets Authority (ESMA).
The draft law will define the NBS as the competent authority for the performance of tasks under Regulation (EU) 2024/3005 and includes competences in the field of supervision, investigation and cooperation with the European Securities and Markets Authority (ESMA).
ESG ratings play a supporting role in the proper functioning of the EU market for sustainable finance. The aim of the regulation is to increase clarity in relation to the characteristics and objectives of ESG ratings and the activities of ESG rating providers. Specifically:
Ensuring transparency: ESG rating providers must disclose methodologies, conflicts of interest and the structure of ratings so that investors can better assess their reliability.
Supervision and integrity: Registration of providers with ESMA is introduced, with an obligation to report changes and annual reports. Sanctions for violations reach up to 5% of annual turnover.
Cooperation at national level: ESMA may request national authorities (such as the NBS) to carry out investigative tasks, on-site inspections or participate in inspections.
Expected consequences of the implementation of Regulation (EU) 2024/3005:
Extension of competences of the NBS for the supervision of ESG providers (registration, inspections).
Obligation for ESG rating provides to register with ESMA (from 2026), publication of methodologies and annual reports, which will improve transparency, but increase costs by 20–30% (according to ESMA estimates). There are about 5 large ESG rating providers operating in Slovakia, which will affect local investors.
Increased trust in ESG ratings, which will support sustainable investing (EU target: €1 trillion by 2030).
For the public: Better protection against "greenwashing" - misleading ESG claims, which is relevant in Slovakia for 15% of corporate bonds with ESG elements.
