Article 11 Application of the ESG ratings transitional provision

(1)

Article 12 applies to a person (“P”) where—

(a)

P makes an application to the FCA for an ESG ratings permission—

(i)

before the main commencement day, and

(ii)

outside of a relevant application period, and

(b)

P’s application has not been granted.

(2)

Article 12 applies to a relevant period applicant whose application is—

(a)

refused by the FCA, or

(b)

withdrawn.

(3)

Subject to paragraph (5), where the FCA has yet to determine an application made by a relevant period applicant, the FCA may direct that article 12 applies to that applicant.

(4)

If the FCA decides to exercise a power in paragraph (3) it must—

(a)

specify the date on which the direction is to come into effect;

(b)

give a decision notice to the person to whom the decision relates.

(5)

The FCA may only exercise the powers in paragraph (3) if it considers that the exercise of the power is necessary in order to advance one or more of its operational objectives set out in section 1B(3) of the Act.

(6)

A person in respect of whom the power in paragraph (3) is exercised may refer the decision to exercise the power to the Tribunal.