Commission Delegated Regulation (EU) 2025/884 of 7 May 2025 amending Delegated Regulation (EU) 2022/930 as regards fees relating to the supervision by the European Securities Markets Authority of consolidated tape providers

This Delegated Regulation shall apply to “data reporting services providers” (or “DRSPs”), as defined in Article 2(1), point (36a), of Regulation (EU) No 600/2014, that are subject to ESMA supervision.’

The fees charged to DRSPs shall cover: (a) all direct and indirect costs relating to the authorisation and supervision of DRSPs by ESMA in accordance with Regulation (EU) No 600/2014; (b) all costs for the reimbursement of competent authorities that have carried out work pursuant to Regulation (EU) No 600/2014, in particular as a result of any delegation of tasks in accordance with Article 38o of that Regulation.’

Where a DRSP applies for authorisation to provide data reporting services it shall pay: (a) for APAs and ARMs an application fee of EUR 20000 for the first application and EUR 10000 for each following application for authorisation of additional data reporting services; (b) for APAs and ARMs an authorisation fee of EUR 80000 for the first authorisation and EUR 40000 for each following authorisation of additional data reporting services; (c) for CTPs an authorisation fee of EUR 100000 for the first authorisation and EUR 50000 for each following authorisation of additional data reporting services.

1 APAs and ARMs which are subject to ESMA supervision shall be charged an annual supervisory fee.

2 The total annual supervisory fee and the annual supervisory fee for a given APA or ARM shall be calculated as follows: (a) the total annual supervisory fee for a given year (n) shall be the estimate of expenditure relating to the supervision of APAs’ and ARMs’ activities under Regulation (EU) No 600/2014 as included in ESMA’s budget for that year; (b) an APA or ARM annual supervisory fee for a given year (n) shall be the total annual supervisory fee determined pursuant to point (a) divided between all APAs and ARMs authorised in year (n), in proportion to their applicable turnover calculated pursuant to Article 4.

3 In no case shall an APA or ARM authorised by ESMA pay an annual supervisory fee of less than EUR 30000. An APA or ARM that is subject to minimum supervisory fees for more than one data reporting service shall pay the minimum supervisory fee for each service provided.

4 By way of derogation from paragraphs 2 and 3, and without prejudice to Article 2, the first-year fee for APAs and ARMs shall be equal to the amount of the authorisation fee referred to in Article 2(1), point (b), multiplied by a factor that is equal to the days between authorisation and the end of the year divided by the total number of days in that year. The first-year annual supervisory fee shall therefore be calculated as follows: DRSP first-year fee = Authorisation fee × Coefficient Coefficient = Number of calendar days from the date of authorisation until 31 DecemberNumber of calendar days in year n An APA or ARM that is authorised during the month of December shall not pay the first-year annual supervisory fee.

5 By way of derogation from paragraphs 2 and 3, where the reassessment referred to in Article 1(3) of Commission Delegated Regulation (EU) 2022/466 results in the derogation of ESMA supervision of an APA or ARM, the annual supervisory fee for the year in which the derogation applies shall be calculated solely for the five months of that year during which ESMA continues to be the supervisor of the APA or ARM in accordance with Article 1(4) of Delegated Regulation (EU) 2022/466.

6 By way of derogation from paragraphs 2 and 3, where the reassessment referred to in Article 1(3) of Delegated Regulation (EU) 2022/466 results in ESMA supervision of an APA or ARM, the annual supervisory fee for the year in which ESMA supervision starts to apply shall be calculated solely for the seven months of that year during which ESMA is the supervisor of the APA or ARM in accordance with Article 1(4) of Delegated Regulation (EU) 2022/466.

1 A CTP which is subject to ESMA supervision shall be charged an annual supervisory fee.

2 The total annual supervisory fee and the annual supervisory fee for each individual CTP, shall be calculated as follows: (a) the total annual supervisory fee for a given year (n) shall be the estimate of expenditure relating to the supervision of the CTPs’ activities under Regulation (EU) No 600/2014 as included in ESMA’s budget for that year; (b) the annual supervisory fee for a specific CTP for a given year (n) shall be the total annual supervisory fee for all CTPs calculated in accordance with point (a) divided between all CTPs authorised in year (n), in proportion to their applicable turnover calculated in accordance with Article 4.

3 By way of derogation from paragraph 2, where a CTP becomes operational before 1 July of a given year (n), the annual supervisory fee for that CTP for years (n) and (n+1) shall be calculated as follows: (a) for year (n), paragraphs 4 and 5 shall apply; (b) for year (n+1), the annual supervisory fee shall be EUR 400000. By way of derogation from paragraph 2, where a CTP becomes operational on or after 1 July of a given year (n), the annual supervisory fee for years (n), (n+1) and (n+2) shall be calculated as follows: (a) for year (n), paragraphs 4 and 5 shall apply; (b) for years (n+1) and (n+2), the annual supervisory fee shall be EUR 400000 for each year. A CTP shall be deemed to become operational on the day of the authorisation granted by ESMA pursuant to Article 27db of Regulation (EU) No 600/2014 or on the day following the expiry of the transition period referred to in Article 27db(4) of Regulation (EU) No 600/2014, where that transition period is granted by ESMA.

4 The annual supervisory fee for year (n) referred to in paragraph 3 shall be equal to the amount of the annual supervisory fee of EUR 400000 multiplied by a factor that is equal to the days between the day when a CTP becomes operational and the end of year (n) divided by the total number of days in that year. The annual supervisory fee shall therefore be calculated as follows: CTP fee for the year (n) = EUR 400000 × Coefficient Coefficient = Number of calendar days from the date a CTP becomes operational until 31 December of year nNumber of calendar days in year n

5 Without prejudice to Article 2, where ESMA has granted a CTP a transition period pursuant to Article 27db(4) of Regulation (EU) No 600/2014, the annual supervisory fee for year (n) shall also include a fee for the days between the day of the authorisation and the day when a CTP becomes operational. That fee shall be equal to the amount of the authorisation fee referred to in Article 2, point (c), multiplied by a factor that is equal to the days between the day of the authorisation and the day when a CTP becomes operational divided by the total number of days in year (n). That fee shall therefore be calculated as follows: CTP fee for the days between the authorisation and the day when a CTP becomes operational = Authorisation fee × Coefficient Coefficient= Number of calendar days from the date a CTP is authorised until the date a CTP becomes operationalNumber of calendar days in year n

6 By way of derogation from paragraph 2, where the annual supervisory fee for at least one CTP is calculated in accordance with paragraph 3 and the annual supervisory fee for at least one other CTP is not calculated in accordance with that paragraph, the annual supervisory fee for that other CTP or those other CTPs shall be calculated as follows: (a) the total annual supervisory fee for a given year (n) shall be the estimate of expenditure relating to the supervision of activities under Regulation (EU) No 600/2014 of all CTPs whose annual supervisory fees are not calculated in accordance with paragraph 3, as included in ESMA’s budget for that year; (b) the annual supervisory fee for a specific CTP for a given year (n) shall be the total annual supervisory fee for all CTPs calculated in accordance with point (a) divided between all CTPs authorised in year (n) whose annual supervisory fees are not calculated in accordance with paragraph 3, in proportion to their applicable turnover calculated in accordance with Article 4.’

This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.