1. By way of derogation from Article 4, an ESG rating provider categorised as a small undertaking or as a small group within the meaning of Article 3(2), first subparagraph, or Article 3(5), first subparagraph, respectively, of Directive 2013/34/EU (the ‘small ESG rating provider’) that is established in the Union and wishes to operate in the Union shall only be subject to Article 15(1), (5) and (7), Articles 23 and 24 and Articles 32 to 37 of this Regulation, provided that it:
|
(a)
|
notifies ESMA of its intention to operate in the Union; and
|
|
(b)
|
has been registered by ESMA before it starts operating in the Union.
|