Amendments to Delegated Regulation (EU) 2019/360
Article 1
Open ↗Delegated Regulation (EU) 2019/360 is amended as follows: (1) Article 1 is replaced by the following: ‘Article 1 Recovery of supervisory costs in full The fees charged to trade repositories shall cover: (a) all direct and indirect 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; (b) all costs for the reimbursement of direct and indirect costs 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 (EU) 2015/2365.’; (2) Article 2 is amended as follows: (a) paragraph 3 is replaced by the following: ‘3. The applicable turnover of a given trade repository for a given year (n) shall be the sum of the amounts referred to in points (a) and (b), divided by the sum of the amounts referred to in points (c) and (d): (a) the revenues generated from the core functions of centrally collecting and maintaining records of SFTs under Regulation (EU) 2015/2365 on the basis of the audited accounts of the year (n–2); (b) the applicable revenues from the ancillary services determined in accordance with paragraphs 1 and 2, as applicable, on the basis of the audited accounts of the year (n–2); (c) the total revenues of all registered trade repositories generated from the core functions of centrally collecting and maintaining records of SFTs under Regulation (EU) 2015/2365 on the basis of the audited accounts of the year (n–2); (d) the total applicable revenues from the ancillary services of all registered trade repositories determined in accordance with paragraphs 1 and 2, as applicable, on the basis of the audited accounts of the year (n–2).’ ; (b) the following paragraph 3a is inserted: ‘3a. Trade repositories shall provide ESMA, on an annual basis, with the audited accounts referred to in paragraphs 1 and 2. Trade repositories shall submit those accounts to ESMA by electronic means by 30 September each year (n–1).’ ; (c) paragraph 4 is replaced by the following: ‘4. Where the trade repository did not operate during the full year (n–2), ESMA shall estimate its applicable turnover in accordance with paragraph 3 and by extrapolating the value calculated for the number of months during which the trade repository operated in year (n–2) to the whole year (n–2).’ ; (d) the following paragraphs 5 and 6 are added: ‘5. Where no audited accounts for year (n–2) are available, ESMA shall use the audited accounts for year (n–1). 6. Where the revenues referred to in paragraph 3 are reported in another currency than euro, ESMA shall convert those revenues into euro using the average euro foreign exchange rate applicable to the period during which the revenues were recorded. For that purpose, ESMA shall use the euro foreign exchange reference rate published by the European Central Bank.’ ; (3) Article 3 is deleted; (4) Article 6 is amended as follows: (a) in paragraph 2, point (a) is replaced by the following: ‘(a) the total annual supervisory fee for a given year (n) shall be the estimate of expenditure relating to the supervision of registered trade repositories’ activities under Regulation (EU) 2015/2365 as included in ESMA’s budget for that year;’; (b) paragraph 3 is replaced by the following: ‘3. In no case shall a trade repository registered under Article 5(5) of Regulation (EU) 2015/2365 pay an annual supervisory fee of less than EUR 30 000.’ ; (c) the following paragraph 4 is added: ‘4. By way of derogation from paragraphs 1, 2 and 3, a registered trade repository shall pay, in the year of its registration (‘year (n)’), an initial supervisory fee (‘SF(n)’) equal to the following: where: RF = the registration fee calculated in accordance with Article 5; k = . The trade repository shall pay the supervisory fee of the first year after it has been notified by ESMA that its application has been successful and within 30 calendar days from the date of issuance of ESMA’s invoice. However, where a trade repository is registered during the month of December, that trade repository shall not be required to pay an annual supervisory fee for the year in which it was registered.’ ; (5) in Article 8, paragraph 2 is replaced by the following: ‘2. Any late payment shall incur the default interest laid down in Article 99 of Regulation (EU, Euratom) 2018/1046 of the European Parliament and of the Council ( *1 ) . ( *1 ) Regulation (EU, Euratom) 2018/1046 of the European Parliament and of the Council of 18 July 2018 on the financial rules applicable to the general budget of the Union, amending Regulations (EU) No 1296/2013, (EU) No 1301/2013, (EU) No 1303/2013, (EU) No 1304/2013, (EU) No 1309/2013, (EU) No 1316/2013, (EU) No 223/2014, (EU) No 283/2014, and Decision No 541/2014/EU and repealing Regulation (EU, Euratom) No 966/2012 ( OJ L 193, 30.7.2018, p. 1 , ELI: http://data.europa.eu/eli/reg/2018/1046/oj ).’;" (6) in Article 9, paragraph 1 is replaced by the following: ‘1. The registration fee referred to in Article 5 shall be due at the time the trade repository submits its application for registration under Article 5(5) of Regulation (EU) 2015/2365 and shall be paid in full within 30 calendar days from the date of issuance of ESMA’s invoice.’ ; (7) in Article 10, paragraphs 1 and 2 are replaced by the following: ‘1. The annual supervisory fee referred to in Article 6 for a given year (n) shall be paid in a single instalment which shall be due by the end of March of the year to which it relates. The annual supervisory fee shall not be reimbursed. 2. ESMA shall send the invoice specifying the amount of the annual supervisory fee to the trade repositories at least 30 calendar days before the payment date.’ ; (8) Article 11 is amended as follows: (a) paragraphs 1 and 2 are replaced by the following: ‘1. The recognition fees referred to in Articles 7(1) and 7(2) shall be due at the time the trade repository submits its application for recognition under Article 19(4) of Regulation (EU) 2015/2365 and shall be paid in full within 30 calendar days from the date of issuance of ESMA’s invoice. ESMA shall not refund the recognition fee. 2. The annual supervisory fee for a recognised trade repository for a given year (n) shall be paid by the end of the third month of the calendar year for which such fee is due. ESMA shall send the invoice specifying the amount of the annual supervisory fee to the recognised trade repository at least 30 calendar days before the payment date.’ ; (b) paragraph 3 is deleted.