Reconfigurable Intelligent Surfaces (RISs) are a novel form of ultra-low power devices that are capable to increase the communication data rates as well as the cell coverage in a cost- and energy-efficient way. This is attributed to their programmable operation that enables them to dynamically manipulate the wireless propagation environment, a feature that has lately inspired numerous research investigations and applications. To pave the way to the formal standardization of RISs, the European Telecommunications Standards Institute (ETSI) launched the Industry Specification Group (ISG) on the RIS technology in September 2021. This article provides a comprehensive overview of the status of the work conducted by the ETSI ISG RIS, covering typical deployment scenarios of reconfigurable metasurfaces, use cases and operating applications, requirements, emerging hardware architectures and operating modes, as well as the latest insights regarding future directions of RISs and the resulting smart wireless environments.