Article 5 3

3.   Where an ESG rating provider referred to in paragraph 1 of this Article ceases to be categorised as a small ESG rating provider, or three years after its registration in accordance with paragraph 1, point (b), of this Article, whichever occurs first, the ESG rating provider shall become subject to all provisions of this Regulation and shall within six months apply for authorisation to operate in the Union pursuant to Chapter 1 of this Title.