Recital (12)

This Directive should also provide for rules on the requirements for registration with national registers as well as rules on refusal thereof. Where a request to register is rejected, financial intermediaries should still be permitted to submit another request for registration at a later stage, if the grounds for rejection have been remedied. Once registered, financial intermediaries should be considered to be certified financial intermediaries in the respective Member State and should be subject to the obligations for certified financial intermediaries under this Directive. Member States should update the Portal regarding the registration of a certified financial intermediary. This Directive should also provide for rules on removing certified financial intermediaries from the national register or on denying them the possibility to request relief. Where a Member State decides to remove a certified financial intermediary from the register, denies a certified financial intermediary the possibility to request relief or rejects a registration request, that Member State should update the Portal accordingly. The purpose of such updates is to allow Member States to evaluate the measures taken, such as the removal or the rejection, and to take those measures into consideration in the context of any future registration request by the same financial intermediary in their own national register. The national rules of the Member State concerned apply to the rights and obligations of parties concerned, including the right to appeal, in relation to any decision taken by a Member State in connection with registration and removal from its national register.