We would like objective suggestions for a project to regulate ESG credit rating activity, specifically the Second Party Opinion (SPO) for the different types of ESG Bonds. This includes testimonials, real cases, relevant documentation, scientific research results, examples of regulatory efforts, and other ways to inspire the writing of a regulatory proposal that can accelerate the development of the ESG Bonds market, via better communication of the factors of market risk in credit ratings and SPO reports. In Sustainable Linked Bonds (SLBs), for example, the coupons paid to investors are defined by sustainability targets (Sustainable Performance Targets-SPTs). Such goals are sensitively discussed in the content of the SPOs, which in turn have not been standardized, or even can be provided by a wide range of entities external to the regulated environment of the capital market. This can represent an important risk that can be addressed through regulation.