Article 58 — Examination of the application

1.ESMA shall, within 40 working days from the notification referred to in the third subparagraph of Article 56(2), examine the application for registration based on the compliance of the trade repository with Articles 78 to 81 and shall adopt a fully reasoned registration decision or decision refusing registration.

2.A decision issued by ESMA pursuant to paragraph 1 shall take effect on the fifth working day following its adoption.