"This call for evidence seeks to develop a picture of the size, structure, resourcing, revenues and product offerings of the different ESG rating providers operating in the EU," the European Securities and Markets Authority (ESMA) said in a statement.

"ESMA is looking to complement this picture by collecting views and experiences from the users of these ESG rating providers, as well as those entities covered by ESG rating providers”.

The sector issue of not being regulated is becoming an issue for the authorities, as new rules are being rolled out that mandate ESG disclosures by companies, writes Reuters.

The information gathered will be used alongside a further public consultation to develop an impact assessment on the costs and options of a possible EU intervention, ESMA said.