Delegated regulation 2019/360 - Supplement to Regulation 2015/2365 with regard to fees charged by the European Securities and Markets Authority to trade repositories - Main contents
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official title
Commission Delegated Regulation (EU) 2019/360 of 13 December 2018 supplementing Regulation (EU) 2015/2365 of the European Parliament and of the Council with regard to fees charged by the European Securities and Markets Authority to trade repositories (Text with EEA relevance.)| Legal instrument | delegated regulation |
|---|---|
| Number legal act | Delegated regulation 2019/360 |
| CELEX number i | 32019R0360 |
| Document | 13-12-2018; Date of adoption |
|---|---|
| Publication in Official Journal | 22-03-2019; OJ L 81 p. 58-68 |
| Effect | 11-04-2019; Entry into force Date pub. +20 See Art 16 |
| End of validity | 31-12-9999 |
22.3.2019 |
EN |
Official Journal of the European Union |
L 81/58 |
COMMISSION DELEGATED REGULATION (EU) 2019/360
of 13 December 2018
supplementing Regulation (EU) 2015/2365 of the European Parliament and of the Council with regard to fees charged by the European Securities and Markets Authority to trade repositories
(Text with EEA relevance)
THE EUROPEAN COMMISSION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to Regulation (EU) 2015/2365 of the European Parliament and of the Council of 25 November 2015 on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012 (1), and in particular Article 11(2) thereof,
Whereas:
(1) |
Article 62 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council (2) provides that the revenues of the European Securities and Markets Authority (ESMA) consist of fees paid to ESMA in the cases specified in Union legislation, together with contributions from national public authorities and a subsidy from the Union. |
(2) |
A registration fee should be charged to trade repositories established in the Union to cover ESMA's costs for processing the application for registration. |
(3) |
ESMA's costs for processing the application for registration will be higher where the trade repository provides ancillary services. The provision of such ancillary services is an indicator for high expected turnover and for increased costs associated with assessing the application for registration. Therefore, for the purpose of charging registration fees, trade repositories should be classified into two categories of expected total turnover, higher and lower expected turnover, to which different registration fees should apply, depending on whether they intend to provide ancillary services. |
(4) |
Where a trade repository already registered under Regulation (EU) No 648/2012 of the European Parliament and of the Council (3) applies for an extension of registration, the expenditure necessary to accurately assess and examine the application would be lower than for a new registration as ESMA is already in possession of pertinent information regarding the applicant trade repository. Therefore, the applicant trade repository should pay a reduced fee. Where a trade repository not already registered under Regulation (EU) No 648/2012 simultaneously submits applications for registration under both Regulation (EU) No 648/2012 and Regulation (EU) 2015/2365, the expenditure necessary to accurately assess and examine the applications would also be lower because of the synergies of reviewing once the same type of documents. In the case of simultaneous applications, the trade repository should pay the full registration fee due under Regulation (EU) No 648/2012, and the reduced fee for extension of registration due under Regulation (EU) 2015/2365. |
(5) |
If, after registration, a trade repository starts offering ancillary services and thereby falls into a higher category in terms of expected total turnover, the trade repository should pay the difference between the initial registration fee and the registration fee corresponding to the category of higher expected turnover. Conversely, where a trade repository stops offering ancillary services after registration, it should not be reimbursed by ESMA as the expenditure necessary to assess the application of a high turnover trade repository has effectively been spent during registration. |
(6) |
In order to discourage unfounded applications, registration fees should not be reimbursed if an applicant withdraws its application during the registration process, nor if registration is refused. |
(7) |
To ensure an efficient use of ESMA's budget and, at the same time, alleviate the financial burden on Member States and... |
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