1.The relevant body of the Member State and the Commission shall submit an application to their respective registry administrator for the creation in their registries of the accounts referred to in Article 11(1), (3) and (4).
The applicant shall provide the registry administrator with the information reasonably required by the registry administrator. That information shall include the information set out in Annex IV.
2.Within 10 days of the receipt of an application in accordance with paragraph 1 or the activation of the communication link between the registry and the Community independent transaction log, whichever is the later, the registry administrator shall create the account in the registry in accordance with the account creation process set out in Annex VIII.
3.The applicant referred to in paragraph 1 shall notify its registry administrator within 10 days of any changes in the information provided to its registry administrator pursuant to paragraph 1. Within 10 days of the receipt of such a notification the registry administrator shall update that information in accordance with the account update process set out in Annex VIII.
4.The registry administrator may require the applicants referred to in paragraph 1 to agree to comply with reasonable terms and conditions addressing the issues set out in Annex V.
Within 10 days of the receipt of an application from the relevant body of a Member State or from the Commission to close a Party holding account, its registry administrator shall close the account in accordance with the account closure process set out in Annex VIII.
The registry administrator shall immediately notify the account holder of the creation or update of his Party accounts and of the closure of his Party holding accounts.