Separate E, S and G ratings: ESG rating providers will be able to provide separate E, S and G ratings, and if a single rating is provided, the weighting of the factors should be explicit. Conflict of interest rules: ESG rating providers would be subject to conflict of interest rules that would prevent ESG rating providers from engaging in advisory, audit or credit rating activities. Passporting: Non-EU ESG rating providers wishing to operate in the EU will need to have their ratings validated by an EU ESG rating provider.