4. ESMA shall establish cooperation arrangements with the third-country competent authorities whose legal framework and supervisory practices have been recognised as equivalent in accordance with paragraph 2. Such arrangements shall specify at least the following:
|
(a)
|
the mechanism for exchanging information on a regular and ad hoc basis between ESMA and the third-country competent authorities concerned, including access to all relevant information requested by ESMA regarding the ESG rating provider authorised or registered in that third country;
|
|
(b)
|
the mechanism for prompt notification to ESMA where a third-country competent authority deems that the ESG rating provider authorised or registered in that third country and supervised by that third-country competent authority is breaching the conditions of its authorisation or registration, or other provisions of national law in that third country;
|
|
(c)
|
the procedures concerning the coordination of supervisory activities, including on-site inspections;
|
|
(d)
|
the mechanism for prompt notification to ESMA where a third-country competent authority takes any regulatory or supervisory actions in relation to the ESG rating provider authorised or registered in that third country, including any change that might have an impact on the ESG rating provider’s continued compliance with applicable laws and regulations;
|
|
(e)
|
the mechanism for prompt notification to the third-country competent authority where ESMA issues a public notice in accordance with Article 35 to the ESG rating provider authorised or registered in that third country.
|
For the purpose of the first subparagraph of this paragraph, where ESMA is informed that an ESG rating provider established outside the Union no longer meets the conditions to be authorised or registered in its country of authorisation or registration, ESMA shall remove it from the register referred to in Article 14.