Article 27 Fair, reasonable, transparent and non-discriminatory treatment of users of ESG ratings

1.   ESG rating providers shall take steps that are adequate to ensure that fees charged to clients are fair, reasonable, transparent and non-discriminatory.

2.   For the purposes of paragraph 1 of this Article, ESMA may require ESG rating providers to provide it with documented evidence on their pricing policy, including the fee structure and pricing criteria. ESMA may take supervisory measures in accordance with Article 35, and may decide to impose fines in accordance with Article 36 where it finds that fees charged by ESG rating providers are not fair, reasonable, transparent and non-discriminatory.