ESMA's Board of Supervisors may, where a credit rating agency has committed an infringement listed in Annex III, take one or more of the following decisions: withdraw the agency's registration; temporarily prohibit the agency from issuing credit ratings across the Union; suspend the use for regulatory purposes of the agency's credit ratings across the Union; require the agency to bring the infringement to an end; or issue public notices. In taking such decisions the Board must consider the nature and seriousness of the infringement, having regard to duration and frequency, whether serious or systemic weaknesses in procedures, management systems or internal controls are revealed, whether financial crime was facilitated or attributable to the infringement, and whether the infringement was intentional or negligent. Prior to withdrawing registration, imposing a prohibition or suspending use for regulatory purposes, the Board shall inform EBA and EIOPA.

Credit ratings may continue to be used for regulatory purposes after decisions to withdraw registration or suspend use for a limited period: up to 10 working days from publication if other registered agencies have ratings of the same instrument or entity, or up to three months if no other such ratings exist; the three‑month period may be extended by a further three months in exceptional circumstances related to potential market disruption or financial instability, including following a request by EBA or EIOPA. ESMA's Board shall notify the affected agency without undue delay, communicate the decision to competent and sectoral competent authorities, the Commission, EBA and EIOPA, and publish the decision on its website within 10 working days. Publication must also state the agency's right to appeal, whether an appeal has been lodged (noting the appeal does not have suspensive effect), and that the Board of Appeal may suspend application of the contested decision under Article 60(3) of Regulation (EU) No 1095/2010.