On 12 July 2021, the European Securities and Markets Authority (ESMA) issued a final report setting out its technical advice to the European Commission regarding the simplification and harmonisation of its fee regulations applicable to trade repositories (TRs) under the European Market Infrastructure Regulation and the Securities Financing Transactions Regulation (SFTR).
In particular in section 4 of the final report ESMA assesses two alternatives on the simplification of fees, one keeping two layers of TRs and another one with a single fixed fee. Furthermore, ESMA is also proposing a simplification of the way to determine the turnover of TRs for the purposes of calculation of the annual supervisory fees by including only revenues and excluding activity figures. In addition, ESMA has specifically defined the calculation of lower fees in the case of extension of registration under the SFTR or in the case of concurrent application under both regimes. ESMA has also proposed a simplification of the calculation of fees for recognition of third-country TRs and the different payment conditions by setting a single deadline for payment by 31 March.
ESMA has submitted its final report to the Commission. It expects the Commission to amend the Delegated Regulations on fees for TRs, in line with its original request for advice.