Article 39
General provisions
1. A third-country external reviewer may provide its services in accordance with this Regulation to issuers of European Green Bonds where that third-country external reviewer is registered in the register of third-country external reviewers kept by ESMA in accordance with Article 67.
2. ESMA shall register a third-country external reviewer that has applied for the provision of external reviewer services in accordance with this Regulation throughout the Union in accordance with paragraph 1 (the ‘applicant third-country external reviewer’) only where the following conditions are met:
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(a) |
the Commission has adopted a decision pursuant to Article 40(1); |
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(b) |
the applicant third-country external reviewer is registered or authorised to provide the external review services to be provided in the Union and is subject to effective supervision and enforcement ensuring full compliance with the requirements applicable in that third country; |
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(c) |
cooperation arrangements have been established pursuant to Article 40(3). |
3. Where a third-country external reviewer is registered in accordance with this Article, no additional requirements shall be imposed on the third-country external reviewer in respect of matters covered by this Regulation.
4. The applicant third-country external reviewer shall submit its application to ESMA, using the forms and templates referred to in Article 23(7), after the adoption by the Commission of a decision referred to in Article 40(1) in relation to the third country in which that applicant third-country external reviewer is registered or authorised.
5. The applicant third-country external reviewer shall provide ESMA with all information that is necessary for its registration.
6. Within 20 working days of receipt of an application, ESMA shall assess whether the application is complete.
Where the application is not complete, ESMA shall notify the applicant third-country external reviewer thereof and shall set a deadline by which the applicant third-country external reviewer is to provide additional information.
Where the application is complete, ESMA shall notify the applicant third-country external reviewer thereof.
7. Within 45 working days of receipt of a complete application, ESMA shall register or refuse to register the applicant third-country external reviewer.
ESMA may extend the period referred to in the first subparagraph by 15 working days where the applicant third-country external reviewer intends to outsource certain external review activities.
8. ESMA shall notify the applicant third-country external reviewer in writing of the registration of that third-country external reviewer, or of the refusal to register the applicant third-country external reviewer. Such decision to register or to refuse to register an applicant third-country external reviewer shall provide reasons and shall take effect on the fifth working day after its adoption.
9. Third-country external reviewers shall, before providing any service in relation to issuers of European Green Bonds established in the Union, offer to submit any disputes relating to those services to the jurisdiction of a court of a Member State or an arbitral tribunal with a seat in a Member State.