1.  ESMA shall, within 40 working days of the notification referred to in Article 10(6), examine the application for registration, or for an extension of registration, based on the compliance of the securitisation repository with this Chapter and shall adopt a fully reasoned decision accepting or refusing registration or an extension of registration.

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