HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN"L 90/6
EN
Official Journal of the European Union
28.3.2012
REGULATIONS
COMMISSION DELEGATED REGULATION (EU) No 272/2012
of 7 February 2012
supplementing Regulation (EC) No 1060/2009 of the European Parliament and of the Council with
regard to fees charged by the European Securities and Markets Authority to credit rating agencies
(Text with EEA relevance)
THE EUROPEAN COMMISSION,
where the credit rating agency or the group of credit
rating agencies to which it belong do not exceed a
certain threshold of turnover.
Having regard to the Treaty on the Functioning of the European
Union,
(4) In
order
to
ensure
a
fair
and
clear
allocation
of
fees
Having regard to Regulation (EC) No 1060/2009 of the
which, at the same time, reflects the actual administrative
European Parliament and of the Council of 16 September
burden per supervised entity, the supervisory fee should
2009 on credit rating agencies (
be calculated according to the credit rating agencies’

1 ), and in particular Article 19(2)
thereof,
turnover, generated from rating activities and ancillary
services, since the cost of supervision is higher for
larger credit rating agencies than for smaller ones.
Moreover, the provision of ancillary services requires
Whereas:
additional supervisory effort as possible conflicts of
interests resulting from the provision of ancillary
services need monitoring. Credit rating agencies should
not circumvent the fair allocation of fees according to
(1) Article
62
of
Regulation
(EU)
No
1095/2010
of
the
this Regulation by reallocating revenue to other entities
European Parliament and of the Council of 24 November
within their group in order to reduce their fee contribu
2010 establishing a European Supervisory Authority
tions. ESMA should monitor and report any critical
(European Securities and Markets Authority) ( 2 ) provides
developments in this respect.
that the revenues of the European Securities and Markets
Authority (ESMA) should also consist of fees paid to
ESMA in cases specified in Union legislation alongside
contributions from national public authorities and a
subsidy from the Union.
(5) A
registration
fee
should
be
charged
to
credit
rating
agencies established in the Union to reflect ESMA’s
costs for processing the application for registration. The
(2) To
ensure
an
efficient
use
of
ESMA’s
budget
and,
at
the
complexity of an application and costs associated to
same time, alleviate the financial burden for Member
assessing the application increase where a credit rating
States and the Union, it is necessary to ensure that
agency applies for issuing ratings for structured finance
credit rating agencies pay at least all the costs related
instruments or plans to endorse ratings from third
to their supervision. Any deficit that may occur during
country agencies or has branches. Therefore the regis
1 financial year should be recovered from credit rating
tration fee should be calculated according to those
agencies in the following year.
factors. The processing costs also depend to a large
extent on the size of the applicant credit rating agency.
As the future turnover of a new credit rating agency
would not be known at the moment of its application
(3) An
annual
supervisory
fee
should
be
charged
to
credit
for registration, the number of employees should replace
rating agencies exceeding a certain threshold of turnover
turnover as a common basis for calculation of all credit
in order to provide for budgetary certainty for both
rating agencies.
ESMA and the credit rating agencies concerned. Annual
supervisory fees should not become a burden for new
entrants to the credit rating market. Moreover, small
credit rating agencies are expected to engender signifi
cantly less supervisory costs than larger ones. It would
(6) This
Regulation
should
provide
for
fees
to
be
charged
to
be therefore proportionate to fully exempt small credit
third country credit rating agencies that apply for certifi
rating agencies from paying the annual supervisory fee
cation in the Union according to Article 5(2) of Regu
lation (EC) No 1060/2009 in order to cover their certifi
( 1 ) OJ L 302, 17.11.2009, p. 1.
cation and annual supervisory costs. In this regard,
( 2 ) OJ L 331, 15.12.2010, p. 84.
ESMA’s necessary expenditure relates to the certification

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EN
28.3.2012 Official
Journal
of
the
European
Union
L
90/7
of such third country credit rating agencies according to
1060/2009, including costs resulting from the registration
Article 5(3) of Regulation (EC) No 1060/2009 which
and certification of credit rating agencies;
follows a similar procedure as the one applicable to the
registration of credit rating agencies established in the
Union, as well as ESMA’s expenditure necessary for the
(b) all costs for the reimbursement of competent authorities to
supervision of certified credit rating agencies.
which ESMA has delegated tasks in accordance with
Article 30 of Regulation (EC) No 1060/2009;
(7) Credit
rating
agencies
should
be
reimbursed
a
percentage
of the fee initially charged for their registration or certifi
cation when withdrawing their application during the
(c) all costs for the reimbursement of competent authorities
registration or certification process as ESMA’s costs for
that have provided assistance to ESMA in accordance to
processing the application would be lower in such cases.
Article 23c(4) and Article 23d(5) of Regulation (EC) No
1060/2009.
(8) In
view
of
possible
future
developments,
it
is
appropriate
for the thresholds for exempting credit rating agencies
from paying annual supervisory fees and the amounts of
Article 3
registration and certification fees to be reviewed and
Applicable turnover
updated as necessary. The Commission should assess
the correct application of these measures within 4
1. For the purposes of calculating the fees referred to in
years from the entry into force of this Regulation and
Article 5, Article 7(1) and Article 11(1) and (2), the applicable
report to the European Parliament and the Council on
turnover for a given financial year (n) shall be the revenues of a
the possible need to review it.
credit rating agency as published in its audited accounts of the
previous year (n-1) generated from rating activities and ancillary
services.
(9) National
competent
authorities
incur
costs
when
carrying
out tasks delegated to them by ESMA in accordance with
Article 30 of Regulation (EC) No 1060/2009 and when
2. Where
the
credit
rating
agency
did
not
operate
during
the
providing assistance to ESMA in the other cases specified
full year (n-1), the applicable revenue shall be estimated by
in that Regulation. The fees to be charged by ESMA to
extrapolating that amount for the whole financial year.
credit rating agencies should also cover those costs. In
order to avoid that competent authorities incur loss or
realise profit from carrying out delegated tasks or from
assisting ESMA, ESMA should reimburse the actual costs
CHAPTER II
incurred by that national competent authority.
FEES
Article 4
(10) This
Regulation
should
form
the
basis
for
ESMA’s
right
to charge fees to credit rating agencies. In order to
Types of fees and general payment modalities
immediately facilitate effective and efficient supervisory
1. Credit
rating
agencies
established
in
the
Union
that
apply
and enforcement activity, it should enter into force on
for registration in accordance with Article 14(1) of Regulation
the third day following its publication,
(EC) No 1060/2009 shall be charged the following types of fees
HAS ADOPTED THIS REGULATION:
(a) annual supervisory fees according to Article 5;
CHAPTER I
GENERAL PROVISIONS
(b) registration fees according to Article 6.
Article 1
Subject matter
2. Credit
rating
agencies
established
in
third
countries
that
This Regulation lays down rules regarding the fees that the
apply for certification in accordance with Article 5(2) of Regu
European Securities and Markets Authority (ESMA) shall
lation (EC) No 1060/2009 shall be charged the following types
charge to credit rating agencies for supervision, registration
of fees:
and certification.
(a) flat annual supervisory fees according to Article 7;
Article 2
Recovery of supervisory costs in full
(b) certification fees according to Article 8.
The fees charged to credit rating agencies shall cover:
(a) all costs relating to the supervision of credit rating agencies
3. The fees shall be payable in Euro. They shall be payable as
by ESMA in accordance with Regulation (EC) No
specified in Articles 5(3), 6(6), 7(2) and 8(2).

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L 90/8
EN
Official Journal of the European Union
28.3.2012
Any late payments shall incur a daily penalty equal to 0,1 % of
2. For the purposes of calculating the amount of the regis
the amount due.
tration fee, the following criteria shall be taken into consider
ation:
Article 5
Annual supervisory fee for registered credit rating agencies
(a) whether a credit rating agency intends to issue ratings for
1. A
registered
credit
rating
agency
shall
be
charged
an
structured finance instruments;
annual supervisory fee.
(b) whether a credit rating agency has a branch in another
By way of derogation from the first subparagraph, a registered
Member State or in a third country;
credit rating agency shall be exempted from paying an annual
supervisory fee where its total revenues as published in its most
recent audited accounts is less than EUR 10 million, or in case
(c) whether a credit rating agency intends to endorse ratings.
it belongs to a group of credit rating agencies, where the group
of credit rating agencies has aggregate total revenues of less
than EUR 10 million.
3. Where
none
of
the
criteria
set
out
in
paragraph
2
apply,
the registration fees shall be calculated according to the number
2. The
annual
supervisory
fee
for
a
given
financial
year
shall of employees, as follows:
be calculated as follows:
(a) the basis for the calculation of the annual supervisory fee
(a) credit rating agencies with fewer than 15 employees shall
for a given financial year shall be the estimate of expen
pay EUR 2 000;
diture relating to the supervision of credit rating agencies as
included in the ESMA budget for that year, set out and
(b) credit rating agencies with 15 to 49 employees shall pay
approved in accordance with Article 63 of Regulation
EUR 15 000;
(EU) No 1095/2010;
(b) the relevant amount for the calculation of the annual super
(c) credit rating agencies with at least 50 employees shall pay
visory fee for a given financial year shall be the estimate of
EUR 40 000.
expenditure according to point (a) reduced by any annual
supervisory fees to be charged to certified credit rating
agencies for a given financial year according to Article 7
4. Credit
rating
agencies
that
only
meet
one
of
the
criteria
and increased by any deficit from the previous financial
set out in paragraph 2 shall pay the following registration fees
year;
according to the number of their employees, as follows:
(c) a registered credit rating agency as referred to in paragraph
(a) credit rating agencies with fewer than 15 employees shall
1 shall pay as an annual supervisory fee a part of the
pay EUR 10 000;
relevant amount which corresponds to the ratio of the
credit rating agency’s applicable turnover to the total
applicable turnover of all registered credit rating agencies
(b) credit rating agencies with 15 to 49 employees shall pay
required to pay an annual supervisory fee in accordance
EUR 40 000;
with paragraph 1.
3. The
annual
supervisory
fee
for
a
given
financial
year
shall (c) credit rating agencies with at least 50 employees shall pay
be paid in two instalments.
EUR 100 000.
The first instalment shall be due by the end of February of that
year and shall amount to two thirds of the estimated annual
5. Credit
rating
agencies
that
meet
at
least
two
of
the
criteria
supervisory fee. If the applicable turnover is not yet available at
set out in paragraph 2 shall pay the following registration fees
that time, ESMA shall base the calculation on the turnover
according to the number of their employees, as follows:
included in the most recent audited accounts available.
(a) credit rating agencies with fewer than 15 employees shall
The second instalment shall be due by the end of August. The
pay EUR 30 000;
amount of the second instalment shall be the annual super
visory fee calculated according to paragraph 2 reduced by the
amount of the first instalment.
(b) credit rating agencies with 15 to 49 employees shall pay
EUR 85 000;
ESMA shall send the invoices for the instalments to the credit
rating agencies at least 30 days before the respective payment
date.
(c) credit rating agencies with at least 50 employees shall pay
EUR 125 000.
Article 6
Registration fee
6. The
registration
fee
shall
be
payable
in
full
at
the
time
the
credit rating agency applies for registration.
1. The
amount
of
the
registration
fee
to
be
paid
by
indi
vidual credit rating agencies applying for registration shall be
proportionate to the complexity of the application and the size
7. If
a
credit
rating
agency
withdraws
its
application
for
of the credit rating agency as specified in paragraphs 2 to 5.
registration before ESMA has notified it that the application is

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EN
28.3.2012 Official
Journal
of
the
European
Union
L
90/9
complete in accordance with the second subparagraph of
the end of the financial year. This fee shall be payable in full
Article 15(4) of Regulation (EC) No 1060/2009, ESMA shall
once the certification is notified to the credit rating agency.
reimburse three quarters of the registration fee paid. If the
application is withdrawn after this date, but before ESMA
adopts the reasoned decision to register or refuse registration,
Article 9
ESMA shall reimburse one quarter of the registration fee paid.
Reimbursement of competent authorities
1. Only
ESMA
shall
charge
fees
to
credit
rating
agencies
for
8. By
way
of
derogation
from
Article
5,
a
registered
credit their registration, certification and supervision. Competent auth
rating agency that is required to pay an annual supervisory fee
orities shall not charge fees to credit rating agencies, including
in accordance with Article 5(1) shall pay in the year of its
cases where those authorities carry out tasks on behalf of ESMA
registration an initial supervisory fee of EUR 500 for each
according to Article 30 of Regulation (EC) No 1060/2009.
complete month in the time period between the date of regis
tration and the end of the financial year. This fee shall be
payable in full once the registration is notified to the credit
2. ESMA
shall
reimburse
a
competent
authority
for
the
rating agency.
actual costs incurred as a result of carrying out delegated
tasks in accordance with Article 30 of Regulation (EC) No
Article 7
1060/2009 or as a result of assisting ESMA in accordance
with Article 23c(4) or 23d(5) of that Regulation. Costs to be
Flat annual supervisory fee for certified credit rating
reimbursed shall comprise all fixed costs and variable costs
agencies
related to the performance of the delegated tasks or the
assistance provided to ESMA.
1. A
credit
rating
agency
certified
in
accordance
with
Regu
lation (EC) No 1060/2009 shall pay an annual supervisory fee
of EUR 6 000.
CHAPTER III
TRANSITIONAL AND FINAL PROVISIONS
By way of derogation from the first subparagraph, a certified
credit rating agency shall be exempted from paying an annual
Article 10
supervisory fee where its total revenues as published in its most
Fees in 2011
recent audited accounts is less than EUR 10 million, or in case
it belongs to a group of credit rating agencies, where the group
1. Credit
rating
agencies
registered
in
2011
shall
pay,
for
of credit rating agencies has aggregate total revenues of less
2011, an initial supervisory fee of EUR
500 for each
than EUR 10 million.
complete month in the period between the date of registration,
but not earlier than 1 July 2011, and 31 December 2011. This
fee shall be payable in full by end of April 2012.
2. The
annual
supervisory
fee
for
a
certified
credit
rating
agency shall be due by the end of February. ESMA shall send
a payment invoice to a certified credit rating agency at least 30
By way of derogation from the first subparagraph a registered
days before that date.
credit rating agency shall be exempted from paying a super
visory fee in 2011 where its total revenues as published in its
most recent audited accounts is less than EUR 10 million, or in
Article 8
case it belongs to a group of credit rating agencies, where the
Certification fee
group of credit rating agencies has aggregate total revenues of
less than EUR 10 million.
1. A
credit
rating
agency
applying
for
certification
shall
pay
a
certification fee of EUR 10 000.
2. Credit
rating
agencies
certified
in
2011
shall
pay,
for
2011, an initial supervisory fee of EUR
500 for each
2. The
certification
fee
shall
be
payable
in
full
at
the
time
the complete month between the date of certification, but not
credit rating agency applies for certification.
earlier than 1 July 2011, and 31 December 2011. This fee
shall be payable in full by end of April 2012.
3. If
a
credit
rating
agency
withdraws
its
application
for
certification before ESMA has notified it that the application
is complete in accordance with the second subparagraph of
By way of derogation from the first subparagraph, a certified
Article 15(4) of Regulation (EC) No 1060/2009, ESMA shall
credit rating agency shall be exempted from paying a super
reimburse three quarters of the certification fee. If the appli
visory fee in 2011 where it has an applicable turnover of less
cation is withdrawn after that date, but before ESMA adopts
than EUR 10 million, or in case it belongs to a group of credit
the reasoned decision to certify or refuse certification, ESMA
rating agencies, where the group of credit rating agencies has an
shall reimburse one quarter of the certification fee.
aggregate applicable turnover of less than EUR 10 million.
4. By
way
of
derogation
from
Article
7,
a
certified
credit
Article 11
rating agency that is required to pay an annual supervisory
Entry into force
fee according to Article 7(1) shall pay in the year of its certifi
cation an initial supervisory fee of EUR 500 for each complete
This Regulation shall enter into force on the third day following
month in the time period between the date of certification and
its publication in the Official Journal of the European Union.

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L 90/10
EN
Official Journal of the European Union
28.3.2012
This Regulation shall be binding in its entirety and directly applicable in all Member States.
Done at Brussels, 7 February 2012.
For the Commission
The President
José Manuel BARROSO

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Document Outline

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