1.The facilitator and the competent authorities who are members of the relevant college shall, within 60 working days of the notification referred to in the second subparagraph of Article 15(5):
(a)jointly examine the applications for registration; and
1.(b) doESMA everything reasonableshall, within their55 powerworking days of the notification referred to reachin anthe agreementsecond onsubparagraph whetherof toArticle grant15(4), orexamine refusethe applications for registration of the members of thea group of credit rating agencies based on the compliance of those credit rating agencies with the conditions set out in this Regulation.
2.The facilitatorESMA may extend the period of examination by 3015 working days, in particular if any of the credit rating agencies in the group:
(a)envisages endorsing credit ratings as referred to in Article 4(3);
(b)envisages using outsourcing; or
(c)requests exemption from compliance in accordance with Article 6(3).
3.The facilitator shall coordinate the examination of the applications submitted by the group of credit rating agencies and shall ensure that all information necessary to carry out the examination of the applications is shared among the members of the relevant college.
4.The competent authorities of the home Member States shall prepare individual fully reasoned draft decisions for each credit rating agency of the group following the agreement referred to in paragraph 1(b) and shall submit it to the facilitator.
In the absence of agreement among the members of the relevant college, the competent authorities of the home Member States shall prepare fully reasoned draft refusal decisions based on the written opinions of the members of the college who oppose registration and shall submit them to the facilitator. The members of the college who are in favour of registration shall prepare and submit a detailed explanation of their opinions to the facilitator.
6.Within 20 working days of receipt of the communication referred to in paragraph 5, CESR shall provide its advice on the compliance of the credit rating agencies of the group with the requirements for the registration to the members of the relevant college. Following receipt of CESR’s advice, the members of the college shall re-examine the draft decisions.
7.The competent authorities of the home Member States shall adopt fully reasoned registration or refusal decisions within 15 working days of receipt of the advice of CESR. If the competent authorities of the home Member States depart from CESR’s advice, they shall provide full reasons. If CESR has provided no advice, the competent authorities of the home Member States shall adopt their decisions within 30 working days of the communication to CESR of the draft decisions in accordance with paragraph 5.
In the event of continued absence of agreement among the members of the relevant college on whether to register any of the credit rating agencies of the group, the competent authority of the home Member State of such credit rating agency shall adopt a fully reasoned refusal decision, which shall identify the dissenting competent authorities and shall include a description of their opinions.
3.5. Within 6055 working days of the notification as referred to in the second subparagraph of Article 15(5),15(4), and in any eventor within 9070 working days thereof in the event thatwhere paragraph 2 of this Article applies, the facilitatorESMA shall communicateadopt to CESRa fully reasoned individual draftdecision to register or refuse registration orfor refusaleach decisionscredit accompaniedrating byagency of the detailed explanations referred to in the second subparagraph of paragraph 4.group.
4.The decision adopted by ESMA pursuant to paragraph 3 shall take effect on the fifth working day following its adoption.