Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 90

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 90
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 evidence in March 2024, the final report was published in October 2024 with a set of recommendations and a framework.

| 54 |

| Deutsche Bank                   |
| Annual Report 2024 on Form 20-F |

ESG ratings proposals and reporting requirements– The EU ESG Ratings Regulation (the Regulation on the Transparency and Integrity of Environmental, Social and Governance Rating Activities) was published in the Official Journal of the European Union in December 2024 and will apply from July 2, 2026. In the UK, following a mandate by the Financial Conduct Authority (FCA) in December 2023, the International Capital Market Association (ICMA) released a voluntary code of conduct which may be applied in global jurisdictions where there is no regulation currently in place. This provides a globally consistent, voluntary Code of Conduct for ESG ratings and data providers, aligning with IOSCO recommendations. In APAC, ESG rating providers currently have a requirement to apply to the Securities and Exchange Board of India (SEBI) for a certificate to continue operations. In July 2023, the SEBI established a regulatory framework for ESG rating providers (ERPs) in the securities market by introducing a new chapter to its Credit Rating Agencies Regulations (Regulation) and issuing the Master Circular for ESG Rating Providers (Circular). The Regulation and Circular introduce measures to mitigate ERPs’ conflicts of interest and to enhance transparency in ESG ratings. ERPs are also required to consider India-specific parameters in their ESG ratings. ESG Reporting Requirements – 2024 saw firms implementing the Corporate Sustainability Reporting Directive (CSRD) and its associated European Sustainability Reporting Standards (ESRS), which extended reporting requirements for corporates and banks. Provided that the CSRD is transposed into the respective national laws, companies previously subject to the Non-Financial Reporting Directive (NFRD), are required to report for the first time under ESRS for the financial year 2024, with a first Sustainability Statement to be published in 2025. In November 2024, the Global Reporting Initiative (GRI) and the CDP (formerly the Carbon Disclosure Project) also announced a new cooperation agreement which will see the organizations more closely collaborate and align their reporting standards and platform, to improve and streamline environmental reporting for companies and improve access to data on corporate environmental impacts. In late 2024, the German government asked the European Commission to delay the CSRD implementation date by 2 years, with the French government making a similar request in early