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.