TITLE IIISURVEILLANCE OF CREDIT RATING ACTIVITIES

CHAPTER IRegistration procedure

Article 16F1Examination of the application for registration of a credit rating agency by ESMA

1

ESMA shall, within 45 working days of the notification referred to in the second subparagraph of Article 15(4), examine the application for registration of a credit rating agency based on the compliance of the credit rating agency with the conditions set out in this Regulation.

2

ESMA may extend the period of examination by 15 working days, in particular if the credit rating agency:

a

envisages endorsing credit ratings as referred to in Article 4(3);

b

envisages using outsourcing; or

c

requests exemption from compliance in accordance with Article 6(3).

3

Within 45 working days of the notification referred to in the second subparagraph of Article 15(4), or within 60 working days thereof where paragraph 2 of this Article applies, ESMA shall adopt a fully reasoned decision to register or refuse registration.

4

The decision adopted by ESMA pursuant to paragraph 3 shall take effect on the fifth working day following its adoption.