On 7 May 2025, the European Commission (Commission) adopted a Commission Delegated Regulation amending Commission Delegated Regulation (EU) 2022/930 as regards fees relating to the supervision by the European Securities and Markets Authority (ESMA) of consolidated tape providers (CTPs).
Background
Commission Delegated Regulation (EU) 2022/9302 is based on Article 38n(3) of the Markets in Financial Instruments Regulation. It sets out the fees for ESMA supervision of two specific data reporting service providers (DRSPs), namely approved publication arrangements (APAs) and approved reporting mechanisms (ARMs).
Changes
Article 1 of the Delegated Regulation clarifies that Commission Delegated Regulation (EU) 2022/930 applies to all DRSPs subject to ESMA supervision, including CTPs.
It also:
- Specifies that the fees charged to DRSPs should fully cover the direct and indirect costs of supervision.
- Introduces a fixed authorisation fee applicable to CTPs.
- Introduces amendments to supervisory fees for APAs and ARMs to ensure consistency with rules on supervisory fees applicable to other entities under ESMA supervision and to specify how to calculate supervisory fees for the year in which supervision of a given APA or ARM is transferred to ESMA, in accordance with Article 1(4) of Commission Delegated Regulation (EU) 2022/466.
- Introduces a new article on the annual supervisory fee applicable to CTPs, including a fixed fee for CTPs’ first years of operation.
- Introduces the methodology to be used to calculate the revenues of CTPs.
Next steps
The Delegated Regulation enters into force on the twentieth day following that of its publication in the Official Journal of the European Union.