On 3 January 2024, the European Commission (Commission) published for consultation a draft Delegated Regulation amending Delegated Regulation (EU) 2020/1732 as regards harmonisation of certain aspects linked to fees charged by the European Securities and Markets Authority (ESMA) to securitisation repositories.
Article 16(2) of the Securitisation Regulation mandates the Commission to adopt a delegated act specifying the type of fees to be charged by ESMA to securitisation repositories, the matters for which fees are due and the manner in which they are to be paid. Delegated Regulation (EU) 2020/1732 sets (i) the level of the registration and extension-of-registration fees that are to be paid by applicants, (ii) defines the applicable turnover on the basis of which annual supervisory fees are to be charged and (iii) sets the level of the annual supervisory fees. Delegated Regulation (EU) 2020/1732 also defines the payment modalities and provides for reimbursements of costs incurred by Member State competent authorities.
Following recommendations from the Internal Audit Service, the European Court of Auditors and technical advice provided by ESMA, the Commission is seeking to align certain technical aspects of the fee collection process across ESMA’s mandate.
The draft Delegated Regulation aligns several elements of the fees to be paid by securitisation repositories to ESMA with corresponding rules in other areas in which ESMA charges fees. This includes setting a deadline for the submission of audited accounts by securitisation repositories for the calculation of annual supervisory fees and specifying the conversion into euro of revenues in other currencies for the purposes of determining applicable turnover. It also specifies that a securitisation repository that is registered in the month of December, does not have to pay an annual supervisory fee for the year it is registered.
The deadline for comments on the draft delegated act is 31 January 2024.