Article 8 Decision to grant or refuse authorisation to operate in the Union and notification of that decision

1.   ESMA shall adopt a fully reasoned decision authorising an applicant to operate in the Union as an ESG rating provider where it concludes from its examination of the application referred to in Article 7 that the applicant complies with the requirements for the provision of ESG ratings set out in this Regulation.

Where ESMA, after examining the application, concludes that the applicant does not meet the requirements for the provision of ESG ratings set out in this Regulation, it shall adopt a fully reasoned decision refusing that authorisation.

2.   ESMA shall inform the applicant within five working days of the decision referred to in paragraph 1.

3.   ESMA shall inform the Commission, EBA and EIOPA of any decision taken pursuant to paragraph 1.

4.   The authorisation shall be effective for the entire territory of the Union.