20/02/2013

On 14 January 2013 ESMA received a formal request from the European Commission (the Commission) to provide technical advice to assist the Commission in formulating a Regulation on fees for Trade Repositories (TRs) by a delegated act.

In order to deliver its advice to the Commission, ESMA has considered possible fee structures for TRs applying for registration. In order to finalise its advice by the due deadline, ESMA considers it necessary to conduct a shortened consultation on the technical advice for fees structures in order to deliver robust advice to the Commission.

Respondents to this consultation are encouraged to provide the relevant data to support their arguments or proposals.

This document sets out the possible options ESMA has considered for the fee structures for TR registration and supervision in the EU and welcomes comments in order to assist in the finalisation of the advice.

For registration, ESMA is considering for its advice different fee bands based on objective criteria. Such criteria are taking into account the costs to be incurred in carrying out all the relevant actions regarding the applications submitted and aim to be proportionate to the estimated turnover of TRs.

For on-going supervisory fees, ESMA is considering for its advice a single periodic fee based on turnover of the TR relative to the turnover of other TRs registered in the EU. An option for a minimum supervisory fee is also considered.

ESMA has formulated an initial view on the appropriate method for considering the turnover of a TR in fees calculations. ESMA is also considering alternative methods for the calculation of turnover and fees.

ESMA proposes its preferred option on timing and modalities of payment.

Next steps

ESMA will consider the feedback it receives to this consultation until 6 March 2013 and will provide by 31 March 2013 its advice on technical aspects of delegated act which needs to be adopted by the Commission.