HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN"L 279/4
EN
Official Journal of the European Union
19.10.2013
COMMISSION DELEGATED REGULATION (EU) No 1003/2013
of 12 July 2013
supplementing Regulation (EU) No 648/2012 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,
in terms of expected total turnover, the trade repository
should pay the difference between the registration fee
initially paid and the registration fee corresponding to
Having regard to the Treaty on the Functioning of the European
the new category of expected total turnover in which it
Union,
falls.
Having regard to Regulation (EU) No 648/2012 of the
(5) In
order
to
discourage
unfounded
applications,
regis
European Parliament and of the Council of 4 July 2012 on
tration fees should not be reimbursed if an applicant
OTC derivatives, central counterparties and trade repositories ( 1 ),
withdraws its application during the registration
and in particular Article 72(3) thereof,
process, nor if registration is refused.
Whereas:
(6) To
ensure
an
efficient
use
of
ESMA’s
budget
and,
at
the
same time, alleviate the financial burden on Member
States and the Union, it is necessary to ensure that
(1) Article
62
of
Regulation
(EU)
No
1095/2010
of
the
trade repositories pay at least all the costs related to
European Parliament and of the Council of 24 November
their supervision. Fees should be set at a level such as
2010 establishing a European Supervisory Authority
to avoid a significant accumulation of deficit or surplus
(European Securities and Markets Authority), amending
for activities related to trade repositories. If significant
Decision No 716/2009/EC and repealing Commission
deficits or surplus become recurrent, the Commission
Decision 2009/77/EC ( 2 ) provides that the revenues of
should revise the level of the fees and charges.
the European Securities and Markets Authority (ESMA)
consist of fees paid to ESMA in the cases specified in
Union legislation, together with contributions from
(7) In
order
to
ensure
a
fair
and
clear
allocation
of
fees
national public authorities and a subsidy from the Union.
which, at the same time, reflects the actual administrative
effort devoted to each supervised entity, the supervisory
fee should be calculated on the basis of the turnover
(2) A
registration
fee
should
be
charged
to
trade
repositories
generated by a trade repository’s core activities. The
established in the Union to reflect ESMA’s costs for
supervisory fees charged to a trade repository should
processing the application for registration. The costs
be proportionate to the activity of that individual trade
associated with assessing the application increase where
repository compared to the total activity of all registered
a trade repository intends to cover at least three
and supervised trade repositories within a given financial
derivative classes or to offer ancillary services. Therefore,
year. However, given that there are some fixed adminis
the registration fee should be calculated with regard to
trative costs for the supervision of trade repositories, a
these two objective criteria.
minimum supervisory fee should be established.
(3) The
provision
of
ancillary
services
and
of
reporting (8) As
only
limited
data
will
be
available
regarding
the
services in more than three derivative classes are also
activity of a trade repository in the year in which it is
expected to have a direct impact on the future
registered, the initial annual supervisory fee should be
turnover of the trade repository. Therefore, for the
calculated on the basis of the registration fee and the
purpose of charging registration fees, trade repositories
supervisory effort ESMA has put into supervising that
should be classified into three different categories of
trade repository that year.
expected total turnover (high, medium and low
expected total turnover), to which different registration
fees should apply, depending on whether they intend to
(9) Trade
repositories
are
relatively
new
entities
that
provide
provide ancillary services or reporting services in more
new regulated financial services and therefore a reliable
than three derivative classes, or both.
measure of their turnover does not yet exist. Nonetheless,
in order to estimate the trade repositories’ turnover,
several indicators should be taken into account, in
(4) If,
after
registration,
a
trade
repository
starts
offering
particular the trade repositories’ core financial revenues
ancillary services or starts operating in more than three
generated from centrally collecting and maintaining
derivative classes, thereby falling into an upper category
records of derivatives, excluding any revenues arising
from ancillary services, the number of trades reported
( 1 ) OJ L 201, 27.7.2012, p. 1.
for a certain period and the number of trades
( 2 ) OJ L 331, 15.12.2010, p. 84.
outstanding at the end of each period. In the first year

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EN
19.10.2013 Official
Journal
of
the
European
Union
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279/5
of operation of the trade repository, the supervisory fee
(15) National
competent
authorities
incur
costs
when
carrying
should correspond to the supervisory effort carried out
out work pursuant to Regulation (EU) No 648/2012 and,
by ESMA for its supervision since the date of registration
in particular as a result of any delegation of tasks in
until the end of the year, on the basis of registration fees
accordance with Article 74 of Regulation (EU) No
determined according to the expected total turnover
648/2012. The fees charged by ESMA to trade reposi
level.
tories should also cover those costs. In order to avoid
competent authorities incurring a loss or profit from
carrying out delegated tasks or from assisting ESMA,
ESMA should reimburse only the actual costs incurred
(10) Trade
repositories registered in 2013 will not start
by that national competent authority.
providing reporting services before the end of 2013
and their level of activity in 2013 is likely to be
almost non-existent. Therefore, their annual supervisory
fee for 2014 should be calculated on the basis of their
(16) This
Regulation
should
form
the
basis
for
ESMA’s
right
applicable turnover during the first half of 2014.
to charge fees to trade repositories. In order to
immediately facilitate effective and efficient supervisory
and enforcement activity, it should enter into force on
(11) In view of the nascent stage of the trade repositories
the third day following that of its publication,
industry and possible future developments, the method
of calculating the turnover of trade repositories should be
reviewed if necessary. The Commission should assess the
appropriateness of the methodology for the calculation
HAS ADOPTED THIS REGULATION:
of turnover set out in this Regulation within four years
of the entry into force of this Regulation.
CHAPTER I
(12) Rules should be provided for fees to be charged to third
GENERAL PROVISIONS
country trade repositories that apply for recognition in
Article 1
the Union pursuant to the relevant provisions of Regu
lation (EU) No 648/2012, in order to cover recognition
Subject matter
and annual supervisory administrative costs. In this
regard, ESMA’s costs are based on the necessary expen
This Regulation lays down rules on the fees that the European
diture relating to the recognition of such third country
Securities and Markets Authority (ESMA) shall charge trade
trade repositories pursuant to Article 77(2) of that Regu
repositories for their registration, supervision and recognition.
lation, the conclusion of cooperation arrangements with
the competent authorities of the third country where the
applicant trade repository is registered pursuant to
Article 75(3) of that Regulation, and the supervision of
Article 2
recognised trade repositories. The costs associated with
Recovery of supervisory costs in full
the conclusion of cooperation arrangements will be
shared among the trade repositories recognised from
The fees charged to trade repositories shall cover:
the same third country.
(a) all costs relating to the registration and supervision of trade
(13) The supervisory functions exercised by ESMA in respect
repositories by ESMA in accordance with Regulation (EU)
of recognised third country trade repositories mainly
No 648/2012, including those costs resulting from the
relate to the implementation of cooperation arrange
recognition of trade repositories;
ments, including the effective exchange of data between
relevant authorities. The cost of providing those
functions should be covered by supervisory fees
charged to recognised trade repositories. As those costs
(b) all costs for the reimbursement of competent authorities
will be much lower than the costs incurred by ESMA for
that have carried out work pursuant to Regulation (EU)
providing direct supervision of registered trade reposi
No 648/2012, in particular as a result of any delegation
tories in the Union, the supervisory fees for recognised
of tasks in accordance with Article 74 of Regulation (EU)
trade repositories should be significantly lower than the
No 648/2012.
minimum supervisory fee charged to registered trade
repositories directly supervised by ESMA.
Article 3
(14) In
view
of
possible
future
developments,
it
is
appropriate
Applicable turnover
that the methodology for the calculation of the
applicable turnover, as well as the level of registration,
1. The applicable turnover of a trade repository for a given
recognition and supervision fees be reviewed and
financial year (n) shall be the sum of one third of each of the
updated when necessary.
following:

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L 279/6
EN
Official Journal of the European Union
19.10.2013
(a) the revenues generated from the core functions of centrally
(c) the number of recorded outstanding trades on 31 December
collecting and maintaining records of derivatives of the
of the previous year (n-1), divided by the total number of
trade repository on the basis of the audited accounts of
recorded outstanding trades on 31 December of the
the previous year (n-1), divided by the total revenues
previous year (n-1) in all registered trade repositories.
generated from the core functions of centrally collecting
and maintaining records of derivatives of all registered
trade repositories during the previous year (n-1);
(b) the number of trades reported to the trade repository during
the previous year (n-1), divided by the total number of
The applicable turnover of a given trade repository (‘TRi’ in the
trades reported to all registered trade repositories during
formula below) as referred to in the first subparagraph shall be
the previous year (n-1);
calculated as follows:
1
Core Revenues TRi
1
Trades reported to TRi
1
Outstanding Trades at TRi
3 P Core Revenues
all TR 3 P Trades reported to all TR 3 P Outstanding Trades at all TR
2. Where the trade repository did not operate during the full
2. Trade
repositories
established
in
third
countries
that
apply
year (n-1), the applicable turnover shall be estimated according
for recognition in accordance with Article 77(1) of Regulation
to the formula set out in paragraph 1 by extrapolating for the
(EU) No 648/2012 shall be charged the following types of fees:
trade repository, and for each of the elements referred to in
points (a), (b) and (c) of paragraph 1, the values calculated for
the number of months during which the trade repository
(a) recognition fees according to Article 8(1);
operated in year (n-1) to the whole year (n-1).
(b) annual supervisory fees for recognised trade repositories
Article 4
according to Article 8(2).
Adjustment of fees
1. Fees
charged
to
trade
repositories
shall
be
set
at
a
level
Article 6
such as to avoid a significant accumulation of deficit or surplus.
Registration fee
Where there is a recurrent significant surplus or deficit, the
1. The
registration
fee
to
be
paid
by
individual
applicant
Commission shall revise the level of fees.
trade repositories shall be calculated according to the super
visory effort necessary for the assessment and examination of
2. Where
the
fees
charged
to
trade
repositories
in
year
(n)
are the application, as well as the expected total turnover of the
insufficient to cover ESMA’s total necessary expenditure for
trade repository as specified in paragraphs 2 to 6.
registration, supervision and recognition of trade repositories,
ESMA shall increase in year (n+1) the supervisory fees to be
2. For the calculation of the registration fee, the following
charged to the trade repositories that were registered during the
activities shall be taken into consideration:
full year (n) and are still registered in year (n+1) by the
necessary amount.
(a) the provision by the trade repository of ancillary services
3. The
adjustment
of
fees
for
deficits
covered
by
paragraph
2
such as trade confirmation, trade matching, credit event
shall be calculated for each individual trade repository in
servicing, portfolio confirmation or portfolio compression
proportion to its applicable turnover in year (n).
services;
CHAPTER II
(b) the provision of repository services in three or more classes
FEES
of derivatives by the trade repository.
Article 5
Types of fees
3. For
the
purposes
of
paragraph
2,
a
trade
repository
shall
be deemed to offer ancillary services in any of the following
1. Trade
repositories
established
in
the
Union
that
apply
for situations:
registration in accordance with Article 55(1) of Regulation (EU)
No 648/2012 shall be charged the following types of fees:
(a) where it provides direct ancillary services;
(a) registration fees according to Article 6;
(b) where an entity belonging to the same group as the trade
(b) annual supervisory fees according to Article 7.
repository provides indirect ancillary services;

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European
Union
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(c) where an entity with which the trade repository has
(ii) the total recognition fees paid by third country trade
concluded an agreement in the context of the trading or
repositories in accordance with Article 8 that given
post-trading chain or business line to cooperate in the
financial year (n);
provision of services provides the ancillary services.
(iii) the initial supervisory fee to be paid by trade reposi
4. Where
a
trade
repository
does
not
engage
in
either
of
the
tories in a given financial year (n) pursuant to
activities set out in paragraph 2, the trade repository concerned
paragraph 4;
is deemed to have a low expected total turnover and shall pay a
registration fee of EUR 45 000.
(c) a registered trade repository shall pay an annual supervisory
fee resulting from dividing the total annual supervisory fee
5. Where
a
trade
repository
engages
in
one
of
the
two
calculated pursuant to point (b) between all trade reposi
activities set out in paragraph 2, the trade repository is
tories registered in year n-1, in proportion to the ratio of
deemed to have a medium expected total turnover and shall
the trade repository’s applicable turnover to the total
pay a registration fee of EUR 65 000.
applicable turnover of all registered trade repositories
calculated pursuant to Article 3(1), and adjusted pursuant
to paragraphs 2 and 3 of Article 4.
6. Where
a
trade
repository
engages
in
both
activities
set
out
in paragraph 2, the trade repository is deemed to have a high
expected total turnover and shall pay a registration fee of
3. In
no
case
shall
the
trade
repository
pay
an
annual
super
EUR 100 000.
visory fee of less than EUR 30 000.
7. In case of a material change in the provision of services,
4. By way of derogation from paragraphs 2 and 3, a
as a consequence of which the trade repository owes a higher
registered trade repository shall pay, in the year of its regis
registration fee pursuant to paragraphs 4, 5 and 6 than the
tration, an initial supervisory fee equal to the lower of the
registration fee paid initially, the trade repository shall be
following:
charged the difference between the initially paid registration
fee and the higher applicable registration fee resulting from
that material change.
(a) the registration fee due in accordance with Article 6;
Article 7
(b) the registration fee due in accordance with Article 6
multiplied by the ratio between the working days from its
Annual supervisory fee for registered trade repositories
date of registration until the end of the year and 60
1. A
registered
trade
repository
shall
be
charged
an
annual
working days.
supervisory fee.
This calculation shall be made as follows:
2. The
total
annual
supervisory
fee
for
a
given
financial
year
(n) shall be calculated as follows:
TR supervisory fee in year 1 = Min (TR Registration fee,
TR Registration fee * Coefficient)
(a) the basis for the calculation of the total annual supervisory
Supervisory working days in year 1
fee for a given financial year (n) shall be the estimate of
Coefficient
60
expenditure relating to the supervision of trade repositories
as included in the ESMA’s budget for that year, set out and
approved in accordance with Article 63 of Regulation (EU)
No 1095/2010;
Article 8
Fee for recognition of third country trade repositories
(b) the total annual supervisory fee for a given financial year (n)
1. A
trade
repository
applying
for
recognition
shall
pay
an
shall be calculated by deducting the following from the
application fee calculated as the sum of the following:
estimate of expenditure according to point (a):
(a) EUR 20 000;
(i) the total registration fees paid by trade repositories in
accordance with Article 6 in a given financial year (n)
and the additional registration fees paid in a given
(b) the amount resulting from dividing EUR 35 000 among the
financial year (n) by already registered trade repositories
total number of trade repositories from the same third
in case a material change to their registration takes
country that are either recognised by ESMA, or that have
place as referred to in Article 6(7);
applied for recognition but have not been yet recognised.

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L 279/8
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Official Journal of the European Union
19.10.2013
2. A trade repository recognised in accordance with 2. Each
time
a
new
application
for
recognition
of
a
third
Article 77(1) of Regulation (EU) No 648/2012 shall pay an
country trade repository is made, ESMA shall recalculate the
annual supervisory fee of EUR 5 000.
amount referred to in Article 8(1)(b).
CHAPTER III
ESMA shall reimburse equally among the trade repositories
PAYMENT AND REIMBURSEMENT CONDITIONS
already recognised from the same third country the difference
Article 9
between the amount charged pursuant to Article 8(1)(b) and the
amount resulting from the recalculation. That difference shall be
General payment modalities
reimbursed either through direct payment or through reduction
1. All fees shall be payable in euro. They shall be paid as
of the fees charged the subsequent year.
specified in Articles 10, 11 and 12.
2. Any
late
payments
shall
incur
a
daily
penalty
equal
to
3. The
annual
supervisory
fee
for
a
recognised
trade
0,1 % of the amount due.
repository shall be due by the end of February each financial
year. ESMA shall send a payment invoice to a recognised trade
repository at least 30 days before that date.
Article 10
Payment of registration fees
Article 13
1. The
registration
fee
referred
to
in
Article
6
shall
be
paid
in
full at the time the trade repository applies for registration.
Reimbursement of competent authorities
1. Only
ESMA
shall
charge
fees
to
trade
repositories
for
their
registration, supervision and recognition.
2. Registration
fees
shall
not
be
reimbursed
if
a
trade
repository withdraws its application for registration before
ESMA adopts the reasoned decision to register or refuse regis
tration, or if registration is refused.
2. ESMA
shall
reimburse
a
competent
authority
for
the
actual costs incurred as a result of carrying out tasks pursuant
to Regulation (EU) No 648/2012 and, in particular as a result of
Article 11
any delegation of tasks in accordance with Article 74 of Regu
Payment of annual supervisory fees
lation (EU) No 648/2012.
1. The
annual
supervisory
fee
referred
to
in
Article
7
for
a
given financial year shall be paid in two instalments.
CHAPTER IV
The first instalment shall be due on 28 February of that year
TRANSITIONAL AND FINAL PROVISIONS
and shall amount to two thirds of the estimated annual super
Article 14
visory fee. If the applicable turnover calculated pursuant to
Article 3 is not yet available at that time, the calculation on
Fees in 2013
the turnover shall be based on the last applicable turnover
1. Trade
repositories
which
apply
for
registration
in
2013
available pursuant to Article 3.
shall pay the registration fee referred to in Article 6 in full
30 days after the entry into force of this Regulation or at the
date of submission of the application for registration, whichever
The second instalment shall be due on 31 August. The amount
is the later.
of the second instalment shall be the annual supervisory fee
calculated according to Article 7 reduced by the amount of
the first instalment.
2. Trade
repositories
registered
in
2013
shall
pay
for
2013,
an initial annual supervisory fee calculated in accordance with
2. ESMA shall send the invoices for the instalments to the
Article 7(4) in full 60 days after the entry into force of this
trade repositories at least 30 days before the respective payment
Regulation or 30 days after the adoption of the decision on
date.
registration, whichever is the later.
Article 12
Payment of recognition fees
3. Third
country
trade
repositories
which
apply
for
recog
nition in 2013 shall pay the recognition fee referred to in
1. The
recognition
fees
referred
to
in
Article
8(1)
shall
be Article 8(1) in full 30 days after the entry into force of this
payable in full at the time the trade repository applies for
Regulation or at the date of submission of the application,
recognition. They shall not be reimbursed.
whichever is the later.

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4. Third
country
trade
repositories
recognised
in
2013
shall The second instalment shall be due on 31 August. The amount
pay, for 2013, an annual supervisory fee calculated in
of the second instalment shall be the annual supervisory fee
accordance with Article 8(3) in full 60 days after the entry
calculated according to paragraphs 1 and 2 reduced by the
into force of this Regulation or 30 days after the adoption of
amount of the first instalment.
the decision on recognition, whichever is the later.
Where the amount paid by a trade repository in the first
Article 15
instalment is higher than the annual supervisory fee calculated
Annual supervisory fee for 2014 for trade repositories
according to paragraphs 1 and 2, ESMA shall reimburse the
registered in 2013
trade repository the difference between the amount paid in
the first instalment and the annual supervisory fee calculated
1. Trade
repositories
registered
in
2013
shall
be
charged
an according to paragraphs 1 and 2.
annual supervisory fee for 2014 calculated according to
Article 7 on the basis of their applicable turnover during the
period from 1 January 2014 to 30 June 2014, as set out in
4. ESMA
shall
send
the
invoices
for
the
instalments
of
the
paragraph 2 of this Article.
annual supervisory fee for 2014 to the trade repositories
registered in 2013 at least 30 days before the payment date.
2. For
the
purposes
of
calculating
supervisory
fees
for
2014
for trade repositories registered in 2013 pursuant to Article 7,
the applicable turnover of a trade repository shall be the sum of
5. When
the
audited
accounts
for
2014
become
available,
one third of each of the following:
trade repositories registered in 2013 shall report to ESMA any
change in the indicators referred to in points (a), (b) or (c) of
paragraph 2 used for the calculation of the applicable turnover
(a) the revenues generated from the core functions of centrally
according to paragraph 2, stemming from the difference
collecting and maintaining records of derivatives of the
between the final data and the provisional data used for the
trade repository during the period from 1 January 2014
calculation.
to 30 June 2014, divided by the total revenues generated
from the core functions of centrally collecting and main
taining records of derivatives of all registered trade reposi
Trade repositories will be charged the difference between the
tories during the period from 1 January 2014 to 30 June
annual supervisory fee for 2014 actually paid and the annual
2014;
supervisory fee for 2014 to be paid as a consequence of any
change to the indicators referred to in points (a), (b) or (c) of
paragraph 2 used for the calculation of the applicable turnover
(b) the number of trades reported to the trade repository during
according to paragraph 2.
the period from 1 January 2014 to 30 June 2014, divided
by the total number of trades reported to all registered trade
repositories during the period from 1 January 2014 to
ESMA shall send the invoice for any additional payment to be
30 June 2014;
made by a trade repository as a consequence of a change in any
of the indicators referred to in points (a), (b) or (c) of paragraph
(c) the number of recorded outstanding trades on 30 June
2 used for the calculation of the applicable turnover according
2014, divided by the total number of recorded outstanding
to paragraph 2, at least 30 days before the respective payment
trades on 30 June 2014 in all registered trade repositories.
date.
3. The annual supervisory fee for 2014 for trade repositories
Article 16
registered in 2013 shall be paid in two instalments.
Entry into force
The first instalment shall be due on 28 February 2014 and shall
This Regulation shall enter into force on the third day following
correspond to the registration fee paid by the trade repository in
that of its publication in the Official Journal of the European
2013 pursuant to Article 6.
Union.
This Regulation shall be binding in its entirety and directly applicable in all the Member States.
Done at Brussels, 12 July 2013.
For the Commission
The President
José Manuel BARROSO

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