Commission Delegated Regulation (EU) No 1003/2013 of 12 July 2013 supplementing Regulation (EU) No 648/2012 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

Subject matter

This Regulation lays down rules on the fees that the European Securities and Markets Authority (ESMA) shall charge trade repositories for their registration, supervision and recognition.

Article 2

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) No 648/2012, including those costs resulting from the recognition of trade repositories;

(b) all costs for the reimbursement of direct and indirect costs of competent authorities that have carried out work pursuant to Regulation (EU) No 648/2012, in particular as a result of any delegation of tasks in accordance with Article 74 of Regulation (EU) No 648/2012.

Article 3

Applicable turnover

Trade repositories registered under Regulation (EU) No 648/2012 shall keep audited accounts for the purposes of this Regulation which distinguish between the following:

(a) revenues generated from core functions of centrally collecting and maintaining records of derivatives under Regulation (EU) No 648/2012;

(b) revenues generated from ancillary services that are directly related to 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 revenues from the services determined under point (b).

Trade repositories registered under both Regulation (EU) No 648/2012 and Regulation (EU) 2015/2365 shall keep audited accounts for the purposes of this Regulation which distinguish between the following:

(a) revenues generated from core functions of centrally collecting and maintaining records of derivatives under Regulation (EU) No 648/2012;

(b) revenues generated from core functions of centrally collecting and maintaining records of securities financing transactions under Regulation (EU) 2015/2365;

(c) revenues generated from ancillary services that are directly related to centrally collecting and maintaining records of derivatives under Regulation (EU) No 648/2012;

(d) revenues generated from ancillary services that are directly related to both centrally collecting and maintaining records of derivatives under Regulation (EU) No 648/2012 and centrally collecting and maintaining records of securities financing transactions under Regulation (EU) 2015/2365.

The applicable revenues from ancillary services of the trade repository for a given year (n) shall be the sum of:

(a) the revenues referred to in point (c) of the first subparagraph;

(b) a share of the revenues referred to in point (d) of the first subparagraph.

The share of the revenues referred to in point (d) of the first subparagraph shall be equal to the revenues referred to in point (a) of that subparagraph, divided by the sum of:

(a) the revenues referred to in point (a) of the first subparagraph;

(b) the revenues referred to in point (b) of the first subparagraph.

The applicable turnover of a given trade repository for a given year (n) shall be the sum of the amounts referred to in point (a) and (b) of this paragraph, divided by the sum of the amounts referred to in points (c) and (d) of this paragraph:

(a) the revenues generated from the core functions of centrally collecting and maintaining records of derivatives under Regulation (EU) No 648/2012 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 derivatives under Regulation (EU) No 648/2012 on the basis of the audited accounts of the year (n–2);

(d) the total applicable revenues of all registered trade repositories generated from the ancillary services determined in accordance with paragraph 1 and 2, as applicable, on the basis of the audited accounts of the year (n–2).

CHAPTER II

FEES

Article 5

Types of fees

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.

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).

Article 6

Registration fee

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.

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.

Article 7

Annual supervisory fee for registered trade repositories

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:

(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) No 648/2012 as included in the ESMA’s budget for that year;

(b) a registered trade repository’s annual supervisory fee for a given year (n) shall be the total annual supervisory fee determined pursuant to point (a), for all trade repositories registered in year (n–1), in proportion to their applicable turnover calculated pursuant to Article 3(3).

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:

The registered 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.

Article 8

Fee for recognition of third country trade repositories

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.

CHAPTER III

PAYMENT AND REIMBURSEMENT CONDITIONS

Article 9

General payment modalities

Article 10

Payment of registration fees

Article 11

Payment of annual supervisory fees

ESMA shall not reimburse the annual supervisory fee.

Article 12

Payment of recognition fees

ESMA shall not reimburse the recognition fee.

Article 13

Reimbursement of competent authorities

CHAPTER IV

TRANSITIONAL AND FINAL PROVISIONS

Article 14

Fees in 2013

Article 15

Annual supervisory fee for 2014 for trade repositories registered in 2013

For the purposes of calculating supervisory fees for 2014 for trade repositories registered in 2013 pursuant to Article 7, the applicable turnover of a trade repository shall be the sum of one third of each of the following:

(a) the revenues generated from the core functions of centrally collecting and maintaining records of derivatives of the trade repository during the period from 1 January 2014 to 30 June 2014, divided by the total revenues generated from the core functions of centrally collecting and maintaining records of derivatives of all registered trade repositories during the period from 1 January 2014 to 30 June 2014;

(b) the number of trades reported to the trade repository during the period from 1 January 2014 to 30 June 2014, divided by the total number of trades reported to all registered trade repositories during the period from 1 January 2014 to 30 June 2014;

(c) the number of recorded outstanding trades on 30 June 2014, divided by the total number of recorded outstanding trades on 30 June 2014 in all registered trade repositories.

The first instalment shall be due on 28 February 2014 and shall correspond to the registration fee paid by the trade repository in 2013 pursuant to Article 6.

The second instalment shall be due on 31 August. The amount of the second instalment shall be the annual supervisory fee calculated according to paragraphs 1 and 2 reduced by 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 paragraphs 1 and 2, ESMA shall reimburse the trade repository the difference between the amount paid in the first instalment and the annual supervisory fee calculated according to paragraphs 1 and 2.

Trade repositories will be charged the difference between the annual supervisory fee for 2014 actually paid and the annual supervisory fee for 2014 to be paid as a consequence of any change to the indicators referred to in points (a), (b) or (c) of paragraph 2 used for the calculation of the applicable turnover according to paragraph 2.

ESMA shall send the invoice for any additional payment to be made by a trade repository as a consequence of a change in any of the indicators referred to in points (a), (b) or (c) of paragraph 2 used for the calculation of the applicable turnover according to paragraph 2, 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 a trade repository shall be the sum of one third of each of the following:

(a) the revenues generated from the core functions of centrally collecting and maintaining records of derivatives of the trade repository during the period from 1 January 2021 to 30 June 2021, divided by the total revenues generated from the core functions of centrally collecting and maintaining records of derivatives of all registered trade repositories during the period from 1 January 2021 to 30 June 2021;

(b) the number of trades reported to the trade repository during the period from 1 January 2021 to 30 June 2021, divided by the total number of trades reported to all registered trade repositories during the period from 1 January 2021 to 30 June 2021;

(c) the number of recorded outstanding trades on 30 June 2021, divided by the total number of recorded outstanding trades on 30 June 2021 in all registered trade repositories.

Where the amount already paid by a trade repository pursuant to Article 11(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 third 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.