The three draft delegated regulations set out sustainability criteria and ESG disclosure requirements for benchmarks provided in accordance with the EU Benchmarks Regulation.

On 8 April 2020, the European Commission published the three draft delegated regulations required by Regulation (EU) 2019/2089, commonly referred to as the Low Carbon Benchmarks Regulation, setting out sustainability criteria in order for a benchmark to qualify as an EU Climate Transition Benchmark (EU CTB) or EU Paris-aligned Benchmark (EU PAB) and setting out the environmental, social, and governance (ESG) disclosure requirements for benchmarks provided in accordance with the European Benchmarks Regulation.

All benchmark administrators are required to explain clearly how ESG criteria are reflected for each benchmark or family of benchmarks from 30 April 2020. However, as the consultation period for the draft delegated regulations does not close until 6 May 2020, ESMA has issued a no action statement directing National Competent Authorities not to take any supervisory or enforcement action against firms not compliant with these new requirements by the original implementation deadline.