{"id":38023,"date":"2025-10-17T07:48:11","date_gmt":"2025-10-17T05:48:11","guid":{"rendered":"https:\/\/www.co2news.sk\/?p=38023"},"modified":"2025-10-17T07:49:01","modified_gmt":"2025-10-17T05:49:01","slug":"esma-finalizuje-technicke-normy-pre-esg-ratingy-europska-unia-posilnuje-transparentnost-a-integritu-trhu","status":"publish","type":"post","link":"https:\/\/www.co2news.sk\/ar\/2025\/10\/17\/esma-finalizuje-technicke-normy-pre-esg-ratingy-europska-unia-posilnuje-transparentnost-a-integritu-trhu\/","title":{"rendered":"\u0627\u0644\u0647\u064a\u0626\u0629 \u0627\u0644\u0623\u0648\u0631\u0648\u0628\u064a\u0629 \u0644\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0648\u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u062a\u064f\u0646\u0647\u064a \u0648\u0636\u0639 \u0627\u0644\u0645\u0639\u0627\u064a\u064a\u0631 \u0627\u0644\u0641\u0646\u064a\u0629 \u0644\u062a\u0635\u0646\u064a\u0641\u0627\u062a \u0627\u0644\u062d\u0648\u0643\u0645\u0629 \u0627\u0644\u0628\u064a\u0626\u064a\u0629 \u0648\u0627\u0644\u0627\u062c\u062a\u0645\u0627\u0639\u064a\u0629 \u0648\u0627\u0644\u0645\u0624\u0633\u0633\u064a\u0629: \u0627\u0644\u0627\u062a\u062d\u0627\u062f \u0627\u0644\u0623\u0648\u0631\u0648\u0628\u064a \u064a\u0639\u0632\u0632 \u0634\u0641\u0627\u0641\u064a\u0629 \u0627\u0644\u0633\u0648\u0642 \u0648\u0646\u0632\u0627\u0647\u062a\u0647"},"content":{"rendered":"

15 \u0623\u0643\u062a\u0648\u0628\u0631 2025<\/strong> \u2013 \u0646\u0634\u0631\u062a \u0627\u0644\u0647\u064a\u0626\u0629 \u0627\u0644\u0623\u0648\u0631\u0648\u0628\u064a\u0629 \u0644\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0648\u0627\u0644\u0623\u0633\u0648\u0627\u0642 (ESMA) \u0627\u0644\u0646\u0633\u062e\u0629 \u0627\u0644\u0646\u0647\u0627\u0626\u064a\u0629 \u0631\u0633\u0627\u0644\u0629<\/span><\/a> \u0628\u0634\u0623\u0646 \u0645\u0633\u0648\u062f\u0629 \u0627\u0644\u0645\u0639\u0627\u064a\u064a\u0631 \u0627\u0644\u0641\u0646\u064a\u0629 \u0627\u0644\u062a\u0646\u0638\u064a\u0645\u064a\u0629 (RTS) \u0644\u0636\u0645\u0627\u0646 \u0627\u0644\u062a\u0646\u0641\u064a\u0630 \u0627\u0644\u0633\u0644\u0633 \u0644\u0644\u0627\u0626\u062d\u0629 \u0627\u0644\u0628\u0631\u0644\u0645\u0627\u0646 \u0627\u0644\u0623\u0648\u0631\u0648\u0628\u064a \u0648\u0627\u0644\u0645\u062c\u0644\u0633 (\u0627\u0644\u0627\u062a\u062d\u0627\u062f \u0627\u0644\u0623\u0648\u0631\u0648\u0628\u064a). 2024\/3005<\/span><\/a> o transparentnosti a integrite \u010dinnost\u00ed t\u00fdkaj\u00facich sa environment\u00e1lnych, soci\u00e1lnych a riadiacich ratingov (ESG ratingov).<\/p>\n

Toto nariadenie, ktor\u00e9 bolo uverejnen\u00e9 v \u00daradnom vestn\u00edku Eur\u00f3pskej \u00fanie 12. decembra 2024 a vst\u00fapilo do platnosti 3. janu\u00e1ra 2025, sa za\u010dne uplat\u0148ova\u0165 2. j\u00fala 2026. Jeho hlavn\u00fdm cie\u013eom je zavies\u0165 spolo\u010dn\u00fd regula\u010dn\u00fd pr\u00edstup na posilnenie integrity, transparentnosti, porovnate\u013enosti (kde je to mo\u017en\u00e9), zodpovednosti, spo\u013eahlivosti, dobrej spr\u00e1vy a nez\u00e1vislosti \u010dinnost\u00ed t\u00fdkaj\u00facich sa ESG ratingov, \u010d\u00edm prispieva k programu E\u00da v oblasti udr\u017eate\u013en\u00e9ho financovania.<\/p>\n

ESMA vypracovala n\u00e1vrhy technick\u00fdch noriem v k\u013e\u00fa\u010dov\u00fdch oblastiach: povo\u013eovanie a uzn\u00e1vanie (\u010dl\u00e1nky 6 ods. 3 a 12 ods. 9), oddelenie \u010dinnost\u00ed (\u010dl\u00e1nok 16 ods. 5) a zverej\u0148ovanie inform\u00e1ci\u00ed (\u010dl\u00e1nky 23 ods. 4 a 24 ods. 3). Verejn\u00e1 konzult\u00e1cia o t\u00fdchto n\u00e1vrhoch prebehla v m\u00e1ji 2025 a priniesla 57 odpoved\u00ed od \u0161irok\u00e9ho spektra zainteresovan\u00fdch str\u00e1n. ESMA v reakcii na pripomienky revidovala n\u00e1vrhy s cie\u013eom dosiahnu\u0165 rovnov\u00e1hu medzi cie\u013emi nariadenia a z\u00e1ujmami relevantn\u00fdch zainteresovan\u00fdch str\u00e1n.<\/p>\n

Zjednodu\u0161enie povolenia a oddelenia \u010dinnost\u00ed<\/h3>\n

V oblasti \u017eiadost\u00ed o povolenie a uznanie<\/strong> do\u0161lo k zjednodu\u0161eniu a odstr\u00e1neniu niektor\u00fdch informa\u010dn\u00fdch po\u017eiadaviek s cie\u013eom zn\u00ed\u017ei\u0165 administrat\u00edvnu z\u00e1\u0165a\u017e. Napr\u00edklad, ESMA zl\u00fa\u010dila pr\u00e1vomoci pre povo\u013eovanie a uzn\u00e1vanie do jedn\u00e9ho n\u00e1vrhu RTS, \u010d\u00edm prispela k zn\u00ed\u017eeniu z\u00e1\u0165a\u017ee. V r\u00e1mci rev\u00edzi\u00ed sa zn\u00ed\u017eil rozsah po\u017eiadavky na preuk\u00e1zanie vlastn\u00edckych v\u00e4zieb v r\u00e1mci Pr\u00edlohy II (\u010cas\u0165 D) iba na matersk\u00e9 podniky a dc\u00e9rske spolo\u010dnosti, pri\u010dom sa vypustila po\u017eiadavka na in\u00e9 pridru\u017een\u00e9 subjekty. Rovnako sa zjednodu\u0161ila po\u017eiadavka na predkladanie inform\u00e1ci\u00ed o zamestnancoch (\u010cas\u0165 G), pri\u010dom sa namiesto detailn\u00fdch \u00fadajov o ka\u017edej osobe vy\u017eaduje len opis po\u010dtu, odbornej pr\u00edpravy a sk\u00fasenost\u00ed zamestnancov, rozdelen\u00fdch na analytikov a ostatn\u00fdch zamestnancov priamo zapojen\u00fdch do \u010dinnost\u00ed ESG ratingov. Preukazovanie bez\u00fahonnosti vrcholov\u00e9ho mana\u017ementu bolo tie\u017e upraven\u00e9, pri\u010dom sa obmedzilo na vybran\u00fd zoznam finan\u010dn\u00fdch trestn\u00fdch \u010dinov a zaviedla sa flexibilita, pokia\u013e ide o krajiny, z ktor\u00fdch sa z\u00e1znamy predkladaj\u00fa.<\/p>\n

\u0645\u062a\u0639\u0644\u0642 oddelenie \u010dinnost\u00ed<\/strong>, ESMA zachovala po\u017eiadavku na fyzick\u00e9 oddelenie zamestnancov. Reagovala v\u0161ak na obavy o neprimeranos\u0165 prechodom na princ\u00edpov\u00fd pr\u00edstup, ktor\u00fd sa zameriava na zabezpe\u010denie nez\u00e1vislosti a nestrann\u00e9ho rozhodovania. Fyzick\u00e9 oddelenie m\u00f4\u017ee by\u0165 dosiahnut\u00e9 jednoduch\u00fdmi opatreniami, ako je pridelenie r\u00f4znych poschod\u00ed alebo oddelen\u00fdch kr\u00eddel kancel\u00e1ri\u00ed, alebo pou\u017eitie prie\u010dok. Pre zamestnancov zapojen\u00fdch do procesu posudzovania hodnotenej polo\u017eky sa tie\u017e stanovila povinnos\u0165 predklada\u0165 samopriznanie, \u017ee neposkytuj\u00fa in\u00e9 \u010dinnosti, raz za 12 mesiacov, \u010d\u00edm sa spresnil p\u00f4vodne nejasn\u00fd pojem \u201ev pravideln\u00fdch intervaloch\u201c.<\/p>\n

K\u013e\u00fa\u010dov\u00e9 po\u017eiadavky na zverej\u0148ovanie inform\u00e1ci\u00ed<\/h3>\n

N\u00e1vrhy RTS v oblasti zverej\u0148ovania inform\u00e1ci\u00ed<\/strong> (\u010dl\u00e1nky 23 ods. 4 a 24 ods. 3) usiluj\u00fa o zv\u00fd\u0161enie transparentnosti a porovnate\u013enosti ESG ratingov. Poskytovatelia ESG ratingov musia zverej\u0148ova\u0165 metodiky, modely a k\u013e\u00fa\u010dov\u00e9 ratingov\u00e9 predpoklady. K\u013e\u00fa\u010dov\u00e9 po\u017eiadavky zah\u0155\u0148aj\u00fa opis riz\u00edk a vplyvov, ktor\u00e9 rating pokr\u00fdva, ak posudzuje rizik\u00e1 alebo vplyvy. Poskytovatelia musia tie\u017e pop\u00edsa\u0165, ako zoh\u013ead\u0148uj\u00fa finan\u010dn\u00fa a vplyvov\u00fa v\u00fdznamnos\u0165 pod\u013ea princ\u00edpu dvojitej v\u00fdznamnosti. Zverejnenie inform\u00e1ci\u00ed by malo by\u0165 usporiadan\u00e9 v s\u00falade so sekvenciou stanovenou v tabu\u013eke v pr\u00edlohe k RTS. ESMA umo\u017e\u0148uje poskytovate\u013eom pou\u017ei\u0165 kr\u00ed\u017eov\u00e9 odkazy a hypertextov\u00e9 odkazy na relevantn\u00e9 inform\u00e1cie na svojej webovej str\u00e1nke.<\/p>\n

D\u00f4le\u017eit\u00e1 zmena v n\u00e1vrhu RTS pre zverej\u0148ovanie nastala v reakcii na obavy o nadmern\u00fa administrat\u00edvnu z\u00e1\u0165a\u017e a zverej\u0148ovanie citliv\u00fdch inform\u00e1ci\u00ed: ESMA vypustila po\u017eiadavku, aby poskytovatelia zverej\u0148ovali, ak\u00e9 konkr\u00e9tne hodnoten\u00e9 polo\u017eky alebo emitentov hodnotia. Namiesto toho sa v r\u00e1mci v\u0161eobecn\u00fdch metodologick\u00fdch zverejnen\u00ed vy\u017eaduje opis r\u00f4znych typov hodnoten\u00fdch polo\u017eiek, na ktor\u00e9 sa metodika vz\u0165ahuje.<\/p>\n

\u010eal\u0161ie kroky<\/h3>\n

ESMA predlo\u017e\u00ed n\u00e1vrhy technick\u00fdch noriem Eur\u00f3pskej komisii na prijatie prostredn\u00edctvom delegovan\u00e9ho nariadenia do konca okt\u00f3bra 2025. Tieto technick\u00e9 normy bud\u00fa tie\u017e podlieha\u0165 kontrole Eur\u00f3pskeho parlamentu a Rady. Cel\u00fd regula\u010dn\u00fd r\u00e1mec sa za\u010dne uplat\u0148ova\u0165 od 2. j\u00fala 2026. \u062c\u064a\u0647 \u0622\u0631 \u0622\u064a<\/strong><\/em><\/p>\n

(\u010cl\u00e1nok bol vypracovan\u00fd s vyu\u017eit\u00edm inform\u00e1ci\u00ed z dokumentov ESMA84-2037069784-1184 a Nariadenia E\u00da 2024\/3005)<\/em><\/p>","protected":false},"excerpt":{"rendered":"

15. okt\u00f3ber 2025 \u2013 Eur\u00f3psky org\u00e1n pre cenn\u00e9 papiere a trhy (ESMA) zverejnil z\u00e1vere\u010dn\u00fa spr\u00e1vu o n\u00e1vrhu regula\u010dn\u00fdch technick\u00fdch predpisov (RTS), ktor\u00e9 maj\u00fa zabezpe\u010di\u0165 bezprobl\u00e9mov\u00fa implement\u00e1ciu Nariadenia Eur\u00f3pskeho parlamentu a Rady (E\u00da)<\/p>","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[34],"tags":[],"class_list":["post-38023","post","type-post","status-publish","format-standard","hentry","category-lca_esg_ghg_csddd_csrd_iso_flr"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.co2news.sk\/ar\/wp-json\/wp\/v2\/posts\/38023","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.co2news.sk\/ar\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.co2news.sk\/ar\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.co2news.sk\/ar\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.co2news.sk\/ar\/wp-json\/wp\/v2\/comments?post=38023"}],"version-history":[{"count":0,"href":"https:\/\/www.co2news.sk\/ar\/wp-json\/wp\/v2\/posts\/38023\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.co2news.sk\/ar\/wp-json\/wp\/v2\/media?parent=38023"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.co2news.sk\/ar\/wp-json\/wp\/v2\/categories?post=38023"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.co2news.sk\/ar\/wp-json\/wp\/v2\/tags?post=38023"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}