Examination by ESMA of the application for authorisation to operate in the Union as an ESG rating provider
Article 7
1. Within 25 working days of receipt of an application as referred to in Article 6(2), ESMA shall assess whether the application is complete. Where the application is not complete, ESMA shall set a deadline by which the applicant is to provide any missing information. 2. Once it assesses that an application is complete, ESMA shall notify the applicant thereof. 3. Within 90 working days of the notification referred to in paragraph 2 of this Article, ESMA shall adopt a fully reasoned decision, as referred to in Article 8(1), to grant or refuse authorisation to operate as an ESG rating provider in the Union. 4. ESMA may extend the period referred to in paragraph 3 of this Article to 120 working days, in particular where the applicant: (a) envisages endorsing ESG ratings as referred to in Article 11; (b) envisages using outsourcing; or (c) requests exemption from compliance in accordance with Article 22. 5. The decision adopted by ESMA pursuant to paragraph 3 shall take effect on the fifth working day following its adoption. 6. If the applicant does not provide any requested missing information by the expiry of the deadline referred to in paragraph 1, ESMA shall reject the application. If no decision is adopted by ESMA within the period referred to in paragraph 3 or 4, the application shall be deemed rejected.