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ESMA, in order to ensure level playing field across EMIR and SFTR, is also proposing some changes to the way ESMA’s fees for TRs under EMIR are calculated.
ESMA is required by law to charge TRs fees which are proportionate to the turnover of the trade repository concerned and which fully cover ESMA’s expenditure relating to the registration, recognition and supervision as well as the reimbursement of any costs that the competent authorities may incur.
Similarly to EMIR, ESMA proposes a mixed system of levying 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 is proposing a significant simplification in the way the annual turnover of TRs is determined.
ESMA will consider all comments received by 31 January 2017 and use the feedback received to finalise its advice for submission to EC by end of Q1/beginning of Q2.