ESMA advises Commission on fees for trade repositories
ESMA Guidelines and Recommendations
Date:
15 May 2017
On 21 April 2017, the European
Securities and Markets Authority (ESMA) published its final technical advice to the European Commission regarding supervisory
fees for Trade Repositories (TRs) under the Securities Financing Transactions
Regulation (SFTR).
ESMA, in order to ensure a
level playing field across EMIR and SFTR, is also proposing some
changes to the way ESMA’s fees for TRs are calculated under the European Market
Infrastructure Regulation (EMIR).
TRs have to pay fees on
specific administrative actions such as registration, extension of registration
or recognition, and an annual fee for on-going supervision which is
proportionate to the level of turnover of the TRs. ESMA also advises to
simplify the way of determining the turnover of TRs for the purposes of
calculating the annual supervisory fees by including revenues only and
excluding activity figures.
ESMA also proposes lower fees in the case of
extension of registration under SFTR, or in the case of concurrent application
under both regimes. ESMA has also proposed the calculation of fees for
recognition of third country TRs and the reimbursement of the cost to NCAs in
the case of delegation of tasks.