Article 51 1

1.   ESG rating providers which operated in the Union at the date of entry into force of this Regulation shall notify ESMA by 2 August 2026 if they wish to continue operating in the Union and apply for authorisation or recognition in accordance with Title II. In that case, they shall apply for authorisation or recognition within four months of 2 July 2026. In the absence of such an application to ESMA within that four-month period, they shall cease their activities.