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1. A competent authority of a Member State that finds that acts infringing this Regulation are being, or have been, carried out by an ESG rating provider on the territory of its own or of another Member State shall inform ESMA thereof. Where a competent authority considers it appropriate for investigatory purposes, that competent authority may suggest to ESMA that it assess the need to use the powers under Article 32 in relation to the ESG rating provider involved in those acts.

2. ESMA shall take appropriate action. ESMA shall inform the notifying competent authority of the outcome and, as far as possible, of any significant interim developments.

3. A notifying competent authority of a Member State that considers that an ESG rating provider listed in the register referred to in Article 14 whose ESG ratings are used within the territory of that Member State has infringed this Regulation in such a way that the protection of investors or the stability of the financial system in that Member State is significantly impacted, may request ESMA to suspend the provision of ESG ratings by the ESG rating provider concerned. The notifying competent authority shall provide ESMA with full reasons for its request.

4. Where ESMA considers that the request referred to in paragraph 3 is not justified, it shall inform the notifying competent authority thereof in writing, setting out the reasons for its opinion. Where ESMA considers that the request is justified, it shall take appropriate measures to resolve the issue and it shall inform the notifying competent authority thereof in writing.