On 10 February 2025, the European Commission issued a consultation on a draft Delegated Regulation that amends 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).

Key points include:

• The draft Delegated Regulation introduces a fixed one-off authorisation fee per CTP of EUR 100,000.
• The draft Delegated Regulation provides that the annual supervisory fee payable by the CTP to ESMA will, generally, follow the same methodology used to calculate annual supervisory fees for approved publication arrangements and approved reporting mechanisms.
• When calculating the actual amount of annual supervisory fees, ESMA will monitor CTPs’ revenues on an ongoing basis to ensure a proportionate approach that does not jeopardise their business viability and is in principle in line with the full cost recovery principle.
• The individual annual supervisory fee for a given data reporting services provider (DSRP) a given year (n) is, as a rule, calculated by taking into account its applicable turnover. The applicable turnover is calculated on the basis of the DRSP’s revenues from core and, where relevant, ancillary services, as recorded in the audited accounts for year (n-2). Given that CTPs that start operating for the first time will not have the applicable turnover data available for the first two years of operation, the draft Delegated Regulation introduces a special regime for this period. Under the special regime, a fixed annual supervisory fee of EUR 400,000 will apply.

Next steps

The deadline for comments on the consultation is 10 March 2025.

The Commission plans to adopt the draft Delegated Regulation in Q3 2025.