1. ESMA shall, within 55 working days of the notification referred to in the second subparagraph of Article 15(4), examine the applications for registration of a group of credit rating agencies based on the compliance of those credit rating agencies with the c
2. ESMA may extend the period of examination by 15 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. Within 55 working days of the notification as referred to in the second subparagraph of Article 15(4), or within 70 working days thereof where paragraph 2 of this Article applies, ESMA shall adopt a fully reasoned individual decision to register or refuse registration for each credit rating agency of the group.
4. The decision adopted by ESMA pursuant to paragraph 3 shall take effect on the fifth working day following its a
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