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Document 02019R0360-20210526
Commission Delegated Regulation (EU) 2019/360 of 13 December 2018 supplementing Regulation (EU) 2015/2365 of the European Parliament and of the Council with regard to fees charged by the European Securities and Markets Authority to trade repositories (Text with EEA relevance)Text with EEA relevance
Consolidated text: Commission Delegated Regulation (EU) 2019/360 of 13 December 2018 supplementing Regulation (EU) 2015/2365 of the European Parliament and of the Council with regard to fees charged by the European Securities and Markets Authority to trade repositories (Text with EEA relevance)Text with EEA relevance
Commission Delegated Regulation (EU) 2019/360 of 13 December 2018 supplementing Regulation (EU) 2015/2365 of the European Parliament and of the Council with regard to fees charged by the European Securities and Markets Authority to trade repositories (Text with EEA relevance)Text with EEA relevance
This consolidated text may not include the following amendments:
Amending act | Amendment type | Subdivision concerned | Date of effect |
---|---|---|---|
32024R1704 | Modified by | article 11 paragraph 1 | 01/01/2025 |
32024R1704 | Modified by | article 2 paragraph 5 | 01/01/2025 |
32024R1704 | Modified by | article 1 | 01/01/2025 |
32024R1704 | Modified by | article 9 paragraph 1 | 01/01/2025 |
32024R1704 | Modified by | article 11 paragraph 3 | 01/01/2025 |
32024R1704 | Modified by | article 11 paragraph 2 | 01/01/2025 |
32024R1704 | Modified by | article 2 paragraph 3a | 01/01/2025 |
32024R1704 | Modified by | article 6 paragraph 4 | 01/01/2025 |
32024R1704 | Modified by | article 6 paragraph 2 point (a) | 01/01/2025 |
32024R1704 | Modified by | article 8 paragraph 2 | 01/01/2025 |
32024R1704 | Modified by | article 2 paragraph 6 | 01/01/2025 |
32024R1704 | Modified by | article 10 paragraph 1 | 01/01/2025 |
32024R1704 | Modified by | article 2 paragraph 3 | 01/01/2025 |
32024R1704 | Modified by | article 3 | 01/01/2025 |
32024R1704 | Modified by | article 2 paragraph 4 | 01/01/2025 |
32024R1704 | Modified by | article 10 paragraph 2 | 01/01/2025 |
32024R1704 | Modified by | article 6 paragraph 3 | 01/01/2025 |
02019R0360 — EN — 26.05.2021 — 001.001
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COMMISSION DELEGATED REGULATION (EU) 2019/360 of 13 December 2018 supplementing Regulation (EU) 2015/2365 of the European Parliament and of the Council with regard to fees charged by the European Securities and Markets Authority to trade repositories (OJ L 081 22.3.2019, p. 58) |
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COMMISSION DELEGATED REGULATION (EU) 2021/822 of 24 March 2021 |
L 183 |
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25.5.2021 |
COMMISSION DELEGATED REGULATION (EU) 2019/360
of 13 December 2018
supplementing Regulation (EU) 2015/2365 of the European Parliament and of the Council with regard to fees charged by the European Securities and Markets Authority to trade repositories
(Text with EEA relevance)
CHAPTER I
GENERAL PROVISIONS
Article 1
Recovery of supervisory costs in full
The fees charged to trade repositories shall cover:
all costs relating to the registration and supervision of trade repositories by ESMA in accordance with Regulation (EU) 2015/2365, including those costs resulting from the recognition of trade repositories as well as costs resulting from the extension of registration or extension of recognition for trade repositories that have already been registered or recognised under Regulation (EU) No 648/2012;
all costs for the reimbursement of competent authorities that have carried out work pursuant to Regulation (EU) 2015/2365, and as a result of any delegation of tasks pursuant to Article 74 of Regulation (EU) No 648/2012 and in accordance with Article 9 of Regulation (EC) No 2015/2365 (EU).
Article 2
Applicable turnover
Trade repositories registered under Regulation (EU) 2015/2365 only shall keep audited accounts for the purposes of this Regulation which distinguish between at least the following:
revenues generated from core functions of centrally collecting and maintaining records of SFTs under Regulation (EU) 2015/2365;
revenues generated from ancillary services that are directly related to centrally collecting and maintaining records of SFTs under Regulation (EU) 2015/2365.
The applicable revenues from ancillary services of the trade repository for a given year (n) shall be the revenues from the services determined under point (b).
Trade repositories registered under both Regulation (EU) 2015/2365 and Regulation (EU) No 648/2012 shall keep audited accounts for the purposes of this Regulation which distinguish between at least the following:
revenues generated from core functions of centrally collecting and maintaining records of SFTs under Regulation (EU) 2015/2365;
revenues generated from core functions of centrally collecting and maintaining records of derivatives under Regulation (EU) No 648/2012;
revenues generated from ancillary services that are directly related to centrally collecting and maintaining records of SFTs under Regulation (EU) 2015/2365;
revenues generated from ancillary services that are directly related to both centrally collecting and maintaining records of SFTs under Regulation (EU) 2015/2365 and centrally collecting and maintaining records of derivatives under Regulation (EU) No 648/2012.
The applicable revenues from ancillary services of the trade repository for a given year (n) shall be the sum of
The share of the revenues referred to in point (d) shall be equal to the revenues referred to in point (a), divided by the sum of
The applicable turnover of a trade repository for a given year (n) shall be the sum of
divided by the sum of
The applicable turnover of a given trade repository (‘TRi’ in the formula below) shall hence be calculated as follows:
where SFT revenue = revenue core SFT services + applicable revenue ancillary services.
Article 3
Adjustment of fees
Fees charged for ESMA's activities related to trade repositories shall be set at a level such as to avoid a significant accumulation of deficit or surplus.
Where there is a recurrent significant surplus or deficit, the Commission shall revise the level of fees.
CHAPTER II
FEES
Article 4
Types of fees
Trade repositories established in the Union that apply for registration in accordance with Article 5(1) of Regulation (EU) 2015/2365 shall be charged the following types of fees:
registration and extension of registration fees in accordance with Article 5;
annual supervisory fees in accordance with Article 6.
Trade repositories established in third countries that apply for recognition in accordance with Article 19(4) of Regulation (EU) 2015/2365 shall be charged the following types of fees:
recognition or extension of registration fees in accordance with paragraphs 1 and 2 of Article 7;
annual supervisory fees for recognised trade repositories in accordance with Article 7(3).
Article 5
Registration fee and extension of registration fee
A trade repository shall be deemed to offer ancillary services in any of the following situations:
where it directly provides ancillary services;
where an entity belonging to the same group as the trade repository provides ancillary services;
where an entity with which the trade repository has concluded an agreement in the context of the trading or post-trading chain or business line to cooperate in the provision of services provides the ancillary services.
Where a trade repository is applying for registration and has already been registered under Title VI, Chapter 1 of Regulation (EU) No 648/2012, the trade repository shall pay an extension of registration fee of:
EUR 50 000 for trade repositories that provide ancillary services as referred to in paragraph 2;
EUR 32 500 for low expected turnover trade repositories that do not provide ancillary services as referred to in paragraph 2.
Article 6
Annual supervisory fees for registered trade repositories and trade repositories that have extended their registration
The total annual supervisory fee and the annual supervisory fee for a given trade repository for a given year (n) shall be calculated as follows:
the total annual supervisory fee for a given year (n) shall be the estimate of expenditure relating to the supervision of trade repositories' activities under Regulation (EU) 2015/2365 as included in the ESMA's budget for that year;
a trade repository's annual supervisory fee for a given year (n) shall be the total annual supervisory fee determined pursuant to point (a), divided between all trade repositories registered in year n – 1, in proportion to their applicable turnover calculated pursuant to Article 2(3).
Article 7
Fees for third country trade repositories
A trade repository applying for recognition under Article 19(4)(a) of Regulation (EU) 2015/2365 shall pay a recognition fee calculated as the sum of the following:
EUR 20 000 ;
the amount resulting from dividing EUR 35 000 among the total number of trade repositories from the same third country that are either recognised by ESMA, or that have applied for recognition but have not been yet recognised.
CHAPTER III
PAYMENT AND REIMBURSEMENT CONDITIONS
Article 8
General payment modalities
Article 9
Payment of registration fees
Article 10
Payment of annual supervisory fees
The first instalment shall be due on 28 February of that year and shall amount to five sixths of the estimated annual supervisory fee. If the applicable turnover calculated pursuant to Article 2 is not yet available at that time, the calculation on the turnover shall be based on the last applicable turnover available pursuant to Article 2.
The second instalment shall be due on 31 October. The amount of the second instalment shall be the annual supervisory fee calculated according to Article 6 minus the amount of the first instalment.
Article 11
Payment of fees for third country trade repositories
ESMA shall reimburse the difference between the amount charged pursuant to Article 7(1)(b) and the amount resulting from the recalculation equally among the trade repositories already recognised from the same third country. That difference shall be reimbursed either through direct payment or through reduction of the fees charged the subsequent year.
Article 12
Reimbursement of competent authorities
CHAPTER IV
TRANSITIONAL AND FINAL PROVISIONS
Article 13
Calculation of interim supervisory fees
Article 14
Payment of registration fees and fees for third country trade repositories in 2019
Article 15
Annual supervisory fee for 2020 for trade repositories registered or having extended their registration in 2019
For the purposes of calculating the annual supervisory fee for 2020 in accordance with Article 6 for a trade repository registered in 2019 under Article 5(5) of Regulation (EU) 2015/2365, the applicable turnover of the trade repository shall be the sum of
divided by the sum of
The first instalment shall be due on 28 February 2020 and shall amount to the registration fee paid by the trade repository in 2019 pursuant to Article 5.
The second instalment shall be due on 31 October 2020. The amount of the second instalment shall be the annual supervisory fee calculated according to paragraph 1 minus the amount of the first instalment.
Where the amount paid by a trade repository in the first instalment is higher than the annual supervisory fee calculated according to paragraph 1, ESMA shall reimburse the trade repository the difference between the amount paid in the first instalment and the annual supervisory fee calculated according to paragraph 1.
Trade repositories will be charged the difference between the annual supervisory fee for 2020 actually paid pursuant to paragraph 1 and the annual supervisory fee for 2020 to be paid as a consequence of any change to the applicable turnover referred to in the first subparagraph.
ESMA shall send the invoice for any additional payment referred to in the previous subparagraph at least 30 days before the respective payment date.
Article 15a
Annual supervisory fee for 2021 for trade repositories registered as of 31 December 2020
For the purposes of paragraph 1, the applicable turnover of the trade repository shall be the sum of:
divided by the sum of:
Where the amount already paid by a trade repository pursuant to Article 10(1) before 26 May 2021 is higher than the annual supervisory fee calculated in accordance with paragraph 1, ESMA shall reimburse the difference to the trade repository.
Trade repositories shall be charged any difference between the annual supervisory fee for 2021 actually paid and the annual supervisory fee that would have been due for 2021 if the calculation of the applicable turnover had been based on the indicators reported pursuant to the first subparagraph.
ESMA shall send the invoice for any additional payment pursuant to the second subparagraph at least 30 days before the respective payment date.
Article 16
Entry into force
This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.
This Regulation shall be binding in its entirety and directly applicable in all the Member States.
ANNEX
FIRST YEAR INTERIM FEES
Part 1
Interim supervisory fee for the year of a trade repository's registration where the reporting obligation starts in the following year
1. The trade repository's interim supervisory fee shall be the lower of the following:
the trade repository's registration fee due in accordance with Article 5 of the present Regulation;
the trade repository's registration fee due in accordance with Article 5 of the present Regulation multiplied by the ratio between the working days from its date of registration until the end of the year and 150 working days.
This calculation shall be made as follows:
TR interim supervisory fee = Min (Registration fee, Registration fee * Coefficient)
2. The interim supervisory fee shall be paid in full 60 days after the entry into force of this Regulation or 30 days after the notification referred to in Article 8(1) of Regulation (EU) 2015/2365, whichever is the later.
Part 2
Interim supervisory fee for the year of a trade repository's registration where the reporting obligation starts in the first six months of the same year
1. The trade repository's interim supervisory fee shall be the total annual supervisory fee determined pursuant to Article 6(2)(a) of the present Regulation divided between all trade repositories registered in that year, in proportion to the applicable turnover calculated pursuant to paragraph 2.
2. For the purposes of calculating the interim supervisory fee the applicable turnover of a trade repository shall be the sum of
divided by the total revenues generated from the core functions of centrally collecting and maintaining records of SFTs and the applicable revenues from ancillary services of all registered trade repositories in accordance with paragraphs 1 and 2 of Article 2 of the present Regulation, as applicable, during the period from 1 January to 30 June of that year.
3. The interim supervisory fee shall be paid in two instalments.
The first instalment shall be due 30 days after the notification referred to in Article 8(1) of Regulation (EU) 2015/2365 and shall amount to the trade repository's registration fee pursuant to Article 5 of the present Regulation.
The second instalment shall be due on 31 October. The amount of the second instalment shall be the interim supervisory fee calculated according to paragraph 1 minus the amount of the first instalment.
Where the amount paid by a trade repository in the first instalment is higher than the interim supervisory fee calculated according to paragraph 1, ESMA shall reimburse the difference between the amount paid in the first instalment and the interim supervisory fee calculated according to paragraph 1 to the trade repository.
4. When the audited accounts for the year of registration become available, trade repositories shall report to ESMA any change in the applicable turnover calculated in accordance with paragraph 1, stemming from the difference between the final data for the period from 1 January to 30 June and the provisional data used for the calculation pursuant to paragraph 1.
Trade repositories will be charged the difference between the annual supervisory fee for the year of registration actually paid pursuant to paragraph 3 and the annual supervisory fee for the year of registration to be paid as a consequence of any change to the applicable turnover referred to in the first subparagraph.
5. Without prejudice to paragraphs 1 and 4, the interim supervisory fee shall not be lower than 15 000 euros.
Part 3
Interim supervisory fee for the year of a trade repository's registration where the reporting obligation starts in the last six months of the same year
1. The trade repository's interim supervisory fee shall be the total supervisory fee determined pursuant to Article 6(2)(a) of the present Regulation, divided between all trade repositories, in proportion to the ratio of the trade repository's registration fee paid to ESMA to the total of all registration fees paid by trade repositories to ESMA in that year.
2. The fee determined pursuant to paragraph 1 shall be due 30 days after the notification referred to in Article 8(1) of Regulation (EU) 2015/2365.