1. The applicant for authorisation referred to in Article 27da(4) shall provide all the information necessary to enable ESMA to confirm that the applicant has put in place, at the time of the application for auth­ orisation, all the necessary arrangements to fulfil the criteria laid down in Article 27da(2).

2. ESMA shall assess whether the application for authorisation is complete within 20 working days of receipt of the application.

Where the application for authorisation is not complete, ESMA shall set a deadline by which the applicant is to provide additional information.

After assessing the application for authorisation as complete,  ESMA shall notify the applicant accordingly.

3. Within three months of receipt of a complete application for auth­ orisation, ESMA shall assess the compliance of the applicant with this Title. It shall adopt a reasoned decision granting or refusing authoris­ ation and shall notify the applicant accordingly  within  five  working days of the date of adoption of such reasoned decision. A decision granting authorisation shall specify the conditions under which the applicant is to operate.

4. Following authorisation pursuant to paragraph 3, ESMA may grant the applicant authorised as a CTP a transition period to put in place the necessary operational and technical arrangements.

5. The CTP shall comply at all times with the organisational requirements laid down in Article 27h and with the  conditions  laid down in the reasoned decision authorising the CTP referred to in paragraph 3 of this Article.

A CTP that is no longer able to comply with those requirements and conditions shall inform ESMA thereof without undue delay.

6. The withdrawal of the authorisation referred to in Article 27e shall take effect only after a new CTP has been selected and authorised for the asset class concerned in accordance with Articles 27da and 27db.

7. ESMA shall develop draft regulatory technical standards to determine:

(a) the information to be provided pursuant to paragraph 1;

(b) the  information  to  be  included  in  the  notifications  referred to  in Article 27f(2) as regards CTPs.

ESMA shall submit those draft regulatory technical standards to the Commission by 29 December 2024.

Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first sub­ paragraph in accordance with Articles  10  to  14  of  Regulation  (EU) No 1095/2010.

8. ESMA shall develop draft implementing technical standards to determine standard forms, templates and procedures for the information to be provided pursuant to paragraph 1 of this Article and the information to be included in the notifications referred to Article 27f(2) as regards CTPs.

ESMA shall submit those draft implementing technical standards to the Commission by 29 December 2024.

Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010.