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In order to be added to the list the environmental and/or social nature of the bonds should be certified by an independent third party entity.

The above mentioned external certification is not a requirement for admission to trading but a condition for obtaining the identification from Borsa Italiana of the financial instrument as green or social bond. This certification may be obtained in different ways such as, by way of example, an audit by a consultant with expertise in the environmental and/or social matters, a check according to internal standards, a certification according to external standards or rating assignment.

The issuers shall also provide Borsa Italiana with written evidence, also via email, proving that the third party in charge of issuing the mentioned external certification is:

  • independent from the issuer company, its directors, managers and advisors;
  • remunerated according to methods that are such to prevent conflicts of interest deriving from the fee structure; and
  • a specialized subject with expertise in assessing projects of an environmental and/or social nature.

Issuers will also be required to provide a specific communication at least once a year regarding the actual use of the income to finance environmental and/or social projects. This certification and any deviation regarding the use of the income by the issuers shall be communicated to the public and to Borsa Italiana without delay that updates the corresponding information provided to the public. In case of failure of the annual communication of this information by the issuer, Borsa Italiana shall delete the indication of the financial instruments from the relevant section of Borsa Italiana website dedicated to green bonds and social bonds.


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