Article 51 3

3.   By way of derogation from paragraph 1 of this Article, ESG rating providers categorised as small ESG rating providers, within the meaning of Article 5(1), which operated in the Union at the date of entry into force of this Regulation shall notify ESMA in accordance with Article 5 no later than 2 November 2026 if they wish to continue operating in the Union. In the absence of such notification by that date, they shall cease their activities.