The European Commission (EC) has published a draft Delegated Regulation amending Commission Delegated Regulation (EU) 2022/930 regarding fees relating to the supervision by ESMA of consolidated tape providers (CTPs). Commission Delegated Regulation (EU) 2022/930 supplements MiFIR by specifying fees relating to the supervision by ESMA of data reporting service providers (DRSPs), as required under Article 38(n) of MiFIR.
The draft Delegated Regulation:
- clarifies that Commission Delegated Regulation (EU) 2022/930 covers all DRSPs subject to ESMA supervision, including CTPs;
- introduces a fixed one-off authorisation fee per CTP of EUR100,000. The amount of the one-off authorisation fee for CTPs is higher compared to the amount of the one-off authorisation fee for approved publication arrangement (APAs) and approved reporting mechanism (ARMs), given the complexity of the authorisation process for CTPs. That fee is lowered to EUR50,000 where an already authorised CTP applies for authorisation to provide the services of an APA, ARM or CTP for a different asset class; and
- clarifies that in general, the same methodology that is currently used to calculate annual supervisory fees for APAs and ARMs also applies for the purposes of calculating annual supervisory fees for CTPs. When calculating the actual amount of annual supervisory fees, ESMA will monitor CTPs' revenues on an ongoing basis. As newly operating CTPs will not have the applicable turnover data available for the first two years of operation, the draft Delegated Regulation introduces a special regime for this period under which a fixed annual supervisory fee of EUR400,000 will apply.
The deadline for comments on the draft Delegated Regulation is 10 March.
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