(27)A selected applicant should, without undue delay, apply to ESMA for authorisation. Within 20 working days of such an application, ESMA should assess whether the application is complete and should notify the applicant accordingly. Within three months of receipt of a complete application, ESMA should adopt a reasoned decision granting or refusing authorisation. ESMA should base that reasoned decision on its assessment of whether the applicant is able, within a reasonable time, to operate a consolidated tape in compliance with all the requirements. ESMA’s reasoned decision should specify the conditions applicable to the applicant’s operation of the consolidated tape, in particular the level of fees charged to users. In order to ensure an orderly start of operation, it should be possible for ESMA, after granting authorisation, to allow the applicant a reasonable period of time to complete the development of the consolidated tape.