On 5 May 2026, the European Commission (Commission) adopted a Delegated Regulation supplementing the European Market Infrastructure Regulation (EMIR) by specifying the method for the determination of fees charged by the European Banking Authority for the validation of the pro forma models referred to in Article 11(3), fourth subparagraph, of that Regulation, and specifying the modalities of the payment of those fees.

Article 11(3) of EMIR, as amended by Regulation 2024/2987 (EMIR 3), grants the European Banking Authority (EBA) the task to set up a central validation function for the elements and general aspects of pro forma models, and changes thereto, used or to be used by a subset of financial and non-financial counterparties to calculate the amount of collateral to be exchanged with respect to their portfolios of non-centrally cleared OTC derivatives. Article 11(12a) of EMIR, as amended by EMIR 3, provides that the EBA shall charge annual fees, per pro forma model, to those financial and non-financial counterparties using the pro forma models validated by the EBA. Article 11(12a) of EMIR, as amended by EMIR 3, empowers the Commission to adopt a delegated act in order to specify further the types of fees, by setting out the method for the determination of the amount of the fees and the modalities of the payment of the fees.

The Delegated Regulation adopted by the Commission:

  • Lays down the general principles the EBA should follow when calculating and collecting fees related to the performance of its validation function.
  • Specifies how the EBA should estimate its annual overall costs related to the performance of its validation function.
  • Specifies how counterparties should calculate their average notional amount for the purpose of the determination of the fees to be paid for the validation of the pro forma models they use.
  • Specifies the fees to be paid by counterparties on a regular basis.
  • Specifies the fees to be paid by counterparties using a pro forma model already in use prior to the entry into force of EMIR 3.
  • Specifies the fees to be paid in the first years following the introduction and the application for validation of a new pro forma model.
  • Provides for the general modalities of payment of the EBA fees.
  • Specifies the information to be communicated to the EBA for the purpose of the determination of the EBA fees.

Next steps

The Council of the EU and the European Parliament will now scrutinise the Delegated Regulation. If neither objects, the Delegated Regulation will be published in the Official Journal of the EU and enter into force 20 days after publication.