Types of fees
1. Trade repositories established in the Union that apply for registration in accordance with Article 55(1) of Regulation (EU) No 648/2012 shall be charged the following types of fees:
(a)
registration fees according to Article 6;
(b)
annual supervisory fees according to Article 7.
2. Trade repositories established in third countries that apply for recognition in accordance with Article 77(1) of Regulation (EU) No 648/2012 shall be charged the following types of fees:
(a)
recognition fees according to Article 8(1);
(b)
annual supervisory fees for recognised trade repositories according to Article 8(2).
Registration fee
1. The registration fee to be paid by individual applicant trade repositories shall be calculated according to the supervisory effort necessary for the assessment and examination of the application, as well as the expected total turnover of the trade repository as specified in paragraphs 2 to 6.
2. For the calculation of the registration fee, the following activities shall be taken into consideration:
(a)
the provision by the trade repository of ancillary services such as trade confirmation, trade matching, credit event servicing, portfolio confirmation or portfolio compression services;
(b)
the provision of repository services in three or more classes of derivatives by the trade repository.
3. For the purposes of paragraph 2, a trade repository shall be deemed to offer ancillary services in any of the following situations:
(a)
where it provides direct ancillary services;
(b)
where an entity belonging to the same group as the trade repository provides indirect ancillary services;
(c)
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.
4. Where a trade repository does not engage in either of the activities set out in paragraph 2, the trade repository concerned is deemed to have a low expected total turnover and shall pay a registration fee of EUR 45 000.
5. Where a trade repository engages in one of the two activities set out in paragraph 2, the trade repository is deemed to have a medium expected total turnover and shall pay a registration fee of EUR 65 000.
6. Where a trade repository engages in both activities set out in paragraph 2, the trade repository is deemed to have a high expected total turnover and shall pay a registration fee of EUR 100 000.
7. In case of a material change in the provision of services, as a consequence of which the trade repository owes a higher registration fee pursuant to paragraphs 4, 5 and 6 than the registration fee paid initially, the trade repository shall be charged the difference between the initially paid registration fee and the higher applicable registration fee resulting from that material change.
Annual supervisory fee for registered trade repositories
1. A registered trade repository shall be charged an annual supervisory fee.
2. The total annual supervisory fee for a given financial year (n) shall be calculated as follows:
(a)
the basis for the calculation of the total annual supervisory fee for a given financial year (n) shall be the estimate of expenditure relating to the supervision of trade repositories as included in the ESMA’s budget for that year, set out and approved in accordance with Article 63 of Regulation (EU) No 1095/2010;
(b)
the total annual supervisory fee for a given financial year (n) shall be calculated by deducting the following from the estimate of expenditure according to point (a):
(i)
the total registration fees paid by trade repositories in accordance with Article 6 in a given financial year (n) and the additional registration fees paid in a given financial year (n) by already registered trade repositories in case a material change to their registration takes place as referred to in Article 6(7);
(ii)
the total recognition fees paid by third country trade repositories in accordance with Article 8 that given financial year (n);
(iii)
the initial supervisory fee to be paid by trade repositories in a given financial year (n) pursuant to paragraph 4;
(c)
a registered trade repository shall pay an annual supervisory fee resulting from dividing the total annual supervisory fee calculated pursuant to point (b) between all trade repositories registered in year n-1, in proportion to the ratio of the trade repository’s applicable turnover to the total applicable turnover of all registered trade repositories calculated pursuant to Article 3(1), and adjusted pursuant to paragraphs 2 and 3 of Article 4.
3. In no case shall the trade repository pay an annual supervisory fee of less than EUR 30 000.
4. By way of derogation from paragraphs 2 and 3, a registered trade repository shall pay, in the year of its registration, an initial supervisory fee equal to the lower of the following:
(a)
the registration fee due in accordance with Article 6;
(b)
the registration fee due in accordance with Article 6 multiplied by the ratio between the working days from its date of registration until the end of the year and 60 working days.
This calculation shall be made as follows:
Fee for recognition of third country trade repositories
1. A trade repository applying for recognition shall pay an application fee calculated as the sum of the following:
(a)
EUR 20 000;
(b)
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.
2. A trade repository recognised in accordance with Article 77(1) of Regulation (EU) No 648/2012 shall pay an annual supervisory fee of EUR 5 000.
