Delegated Regulation (EU) No 272/2012 is amended as follows:
(1)
Article 2 is replaced by the following:
‘Article 2
Recovery of supervisory costs in full
The fees charged to credit rating agencies shall cover:
(a)
all direct and indirect costs relating to the supervision of credit rating agencies by ESMA in accordance with Regulation (EC) No 1060/2009, including costs resulting from the registration and certification of credit rating agencies;
(b)
all costs for the reimbursement of direct and indirect costs of competent authorities to which ESMA has delegated tasks in accordance with Article 30 of Regulation (EC) No 1060/2009;
(c)
all costs for the reimbursement of direct and indirect costs of competent authorities that have provided assistance to ESMA in accordance with Article 23c(4) and Article 23d(5) of Regulation (EC) No 1060/2009.’;
(2)
Article 3 is replaced by the following:
‘Article 3
Applicable turnover
1. For the purposes of calculating the fees referred to in Article 5, Article 7(1) and Article 11(1) and (2), the applicable turnover for a given financial year (n) shall be the revenues of a credit rating agency as published in its audited accounts of the year n–2 generated from rating activities and ancillary services.
2. Where the credit rating agency did not operate during the full year (n–2), the applicable revenue shall be estimated by extrapolating that amount for the whole financial year.
3. Credit rating agencies shall provide ESMA, on an annual basis, with audited accounts as referred to in paragraph 1. Those accounts shall distinguish between revenues generated from rating activities and ancillary services and shall be submitted to ESMA by electronic means by 30 September each year (n–1).
4. Where the revenues referred to in paragraph 1 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 those revenues were recorded. For that purpose, ESMA shall use the euro foreign exchange reference rate published by the European Central Bank.’
;
(3)
in Article 4(3), the second subparagraph is replaced by the following:
‘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 ).’;"
(4)
Article 5 is amended as follows:
(a)
in paragraph 2, point (b) is replaced by the following:
‘(b)
the relevant amount for the calculation of the annual supervisory fee for a given financial year shall be the estimate of expenditure referred to in point (a) reduced by the annual supervisory fee referred to in Article 7;’;
(b)
paragraph 3 is replaced by the following:
‘3. The annual supervisory fee shall be paid in a single instalment, which shall be due by no later than the end of March of the year to which it relates.
ESMA shall send debit notes to the credit rating agencies concerned specifying the amount of the annual supervisory fee at least 30 calendar days before the day when annual fees are to be paid.
The annual supervisory fee shall not be reimbursed.’
;
(5)
in Article 6, paragraphs 7 and 8 are replaced by the following:
‘7. ESMA shall not reimburse a paid registration fee where a credit rating agency withdraws its application for registration before ESMA has adopted the reasoned decision to register or refuse registration.
8. By way of derogation from Article 5, a registered credit rating agency that is required to pay an annual supervisory fee in accordance with Article 5(1) shall pay in the year of its registration an initial supervisory fee which is calculated as follows:
registered credit rating agency first-year fee = registration fee * coefficient
Coefficient =
. Credit rating agencies shall pay the supervisory fee of the first year after they have been notified by ESMA that their registration is successful and within 30 calendar days from the date of issuance of ESMA’s debit note.
However, where a credit rating agency is registered during the month of December, that credit rating agency shall not be required to pay an annual supervisory fee for the year in which it was registered.’
;
(6)
in Article 7, paragraph 2 is replaced by the following:
‘2. The annual supervisory fee for a certified credit rating agency shall be due by the end of March of the year to which it relates. ESMA shall send an invoice specifying the amount of the annual supervisory fee to a certified credit rating agency at least 30 calendar days before that date,’;
(7)
in Article 8, paragraphs 3 and 4 are replaced by the following:
‘3. Where a credit rating agency withdraws its application for certification before ESMA has notified that agency, in accordance with Article 15(4), second subparagraph, of Regulation (EC) No 1060/2009, that the application is complete, ESMA shall reimburse half of the certification fee. Where the application is withdrawn after that date, but before ESMA adopts the reasoned decision to certify or refuse certification, ESMA shall not reimburse the certification fee.
4. By way of derogation from Article 7, a certified credit rating agency that is required to pay an annual supervisory fee pursuant to Article 7(1) shall be exempted from the payment of the supervisory fee in the year during which its certification takes effect.
The annual supervisory fee shall become payable by the certified credit rating agency in the year following its certification by ESMA in accordance with Article 7.’
.