The European Commission sent a formal request to ESMA to provide technical advice to assist the Commission in formulating a Regulation on fees for Credit Rating Agencies (CRAs) by delegated act. The advice was due to be delivered to the Commission by 13 May 2011. On 14 April 2011, ESMA released a consultation to receive industry input in order to assist it in providing advice to the European Commission. In order to finalise the advice by the due deadline, ESMA decided it was appropriate to conduct a shortened consultation on these possible structures in order to enable it to deliver robust advice to the Commission.

ESMA has considered the feedback it received to the consultation in providing its technical advice to the Commission. This document sets out a summary of the responses received by ESMA regarding the fee structure for CRA supervision and registration in the EU, and includes ESMA’s advice to the Commission on technical aspects of the future Regulation on fees for CRAs, which will be adopted by the Commission in the form of a delegated act.

ESMA will follow-up on this work with the Commission regarding a concrete proposal on the level of fees to be charged for applications for registration and certification, as well as on the method for claiming back the costs of CRA supervision from 1 July 2011 to 31 December 2011.

Full technical advice