The European Securities and Markets Authority (ESMA) has launched its public consultation on a potential revision of the Commission Delegated Regulation.
The proposals regard fees charged to Tier 1 third country central counterparties (TC-CCPs) under the European Market Infrastructure Regulation (EMIR). They aim to ensure the proportionality of annual fees, with consideration to variations in size and activity across all Tier 1 TC-CCPs.
ESMA aims to gather stakeholder views on the appropriateness and likely impact of three proposed changes.
Firstly, the allocation of annual fees among all recognised Tier 1 CCPs via a weighing factor, dependent on their global turnover; secondly, the introduction of a basic minimal annual fee of €50,000 for each Tier 1 TC-CCP, with a maximum annual fee of €250,000; and finally, the introduction of an incentive scheme for TC-CCPs that fail to submit annual audited turnover figures.
The consultation will remain open until 10 November 2023, with the feedback received contributing to ESMA’s technical advice to the European Commission on revisions to the regulation.
