What changed, Commission Delegated Regulation (EU) 2022/805 of 16 February 2022 supplementing Regulation (EU) 2016/1011

+ This Regulation lays down rules on fees that ESMA can charge to benchmark administrators in relation to registration, authorisation, recognition, endorsement and supervision.
− This Regulation lays down rules on fees that ESMA can charge to benchmark administrators in relation to authorisation, recognition and supervision.
+ For the purposes of this Regulation, the following definitions apply:
− For the purpose of this Regulation, the following definitions applies:
+ (a) all direct and indirect costs relating to the supervision of benchmark administrators by ESMA in accordance with Regulation (EU) 2016/1011, including costs resulting from the recognition, endorsement, registration, authorisation or extension of authorisation;
− (a) all direct and indirect costs relating to the supervision of benchmark administrators by ESMA in accordance with Regulation (EU) 2016/1011, including costs resulting from the recognition, authorisation or extension of authorisation;
+ 
+ ### Article 3 — Application fees
+ 
+ **1.** A benchmark administrator established in a third country that applies for recognition pursuant to Article 32 of Regulation (EU) 2016/1011 shall pay an application fee of EUR 40 000 .
+ **1a.** A benchmark administrator that applies for either authorisation and endorsement of third-country benchmarks, or registration and endorsement of third-country benchmarks pursuant to Articles 34 and 33 of Regulation (EU) 2016/1011 shall pay an application fee of EUR 40 000 . A benchmark admini…
− ### Article 3 — Recognition fees and authorisation fees
+ **1b.** By way of derogation from subparagraphs 1 and 1a, where none of the benchmarks it provides or endorses qualify as significant benchmarks pursuant to Article 24 of Regulation (EU) 2016/1011, a benchmark administrator that applies for recognition pursuant to Article 32 of that regulation or fo…
− **1.** A benchmark administrator established in a third country that applies for recognition pursuant to article 32 of Regulation (EU) 2016/1011 shall pay a recognition fee of EUR 40 000 .
+ **3.** Application fees shall be due at the time of the submission of the application, and shall be paid in full within 30 days of the issuance of ESMA’s debit note.
− **3.** The authorisation fee and the recognition fee shall be paid at the time of the submission of the application, upon receipt of ESMA’s debit note.
+ 
+ **4a.** In the case of applications received by national competent authorities after 1 October 2025 and transferred to ESMA, the relevant application fees shall be paid at the beginning of 2026.
+ **5.** Application fees shall not be reimbursed.
− **5.** Recognition fees and authorisation fees shall not be reimbursed.
+ **1.** The administrator of one or more critical benchmarks shall pay an annual supervisory fee:(a) of EUR 300 000 , in cases where ESMA chairs a college of supervisors pursuant to Article 46 of Regulation (EU) 2016/1011;(b) of EUR 250 000 , in cases where ESMA does not chair a college of supervisor…
− **1.** The administrator of one or more critical benchmarks shall pay an annual supervisory fee:(a) of EUR 250 000 , in cases where ESMA has to chair a college of supervisors pursuant to article 46 of Regulation (EU) 2016/1011;(b) of EUR 200 000 , in cases where ESMA does not have to chair a college…
+ **2.** A benchmark administrator established in a third country recognised by ESMA or an administrator endorsing third-country benchmarks supervised by ESMA that provides or endorses, on 30 September of year (*n*-1), at least one benchmark that is significant pursuant to Article 24 of Regulation (EU…
+ 
+ **3.** A benchmark administrator established in a third country recognised by ESMA or an administrator endorsing third-country benchmarks supervised by ESMA that provides or endorses, on 30 September of year (*n*-1), no benchmarks that are significant pursuant to Article 24 of Regulation (EU) 2016/1…
− **2.** A benchmark administrator established in a third country recognised by ESMA shall pay an annual supervisory fee calculated as follows:(a) the annual supervisory fee for a given year (n) shall be the total annual fee for recognised third country administrators adjusted by the turnover coeffici…
+ **4.** Benchmark administrators shall pay their relevant annual supervisory fees to ESMA at the latest on 31 March of the calendar year in which they are due. Where information for the previous calendar years is not available, the fees shall be calculated on the basis of the latest available informa…
− **3.** Benchmark administrators shall pay their relevant annual supervisory fees to ESMA at the latest on 31 March of the calendar year in which they are due. If information for the previous calendar years are not available, the fees shall be calculated on the basis of the latest available informati…
+ ### Article 5 — Annual supervisory fees in year of recognition, endorsement or authorisation
− ### Article 5 — Annual supervisory fees in year of recognition or authorisation
+ By way of derogation from Article 4, the annual supervisory fee in the first year for recognised third-country administrators, administrators endorsing third-country benchmarks, and for authorised critical benchmark administrators, with reference to the year in which they have been recognised or aut…
− By way of derogation from Article 4, the annual supervisory fee in the first year for recognised third-country administrators and for authorised critical benchmark administrators, with reference to the year in which they have been recognised or authorised, shall be calculated by applying to the fee …
+ The supervisory fee of the first year shall be paid after ESMA has notified the benchmark administrator that its application has been successful and within 30 days from the date of issuance of ESMA’s debit note.
− The supervisory fee of the first year shall be paid after the administrator has been notified by ESMA that its application has been successful and within 30 days from the date of issuance of ESMA’s relevant debit note.
+ By way of derogation from the first subparagraph, where a benchmark administrator is recognised, authorised, or starts endorsing third-country benchmarks during the month of December, it shall not pay a first-year supervisory fee.
− By way of derogation, where a benchmark administrator is authorised during the month of December, it shall not pay first-year supervisory fee.
+ 
+ **1.** The applicable turnover of a recognised third-country benchmark administrator for a given year (*n*) shall be its revenues generated in year (*n*–2) in relation to the use by supervised entities in the Union of its significant benchmarks, Paris-aligned Benchmarks, Climate Transition Benchmark…
+ **2.** The applicable turnover of an administrator endorsing third-country benchmarks for a given year (*n*) shall be its revenues generated in year (*n*–2) in relation to the use by supervised entities in the Union of the critical benchmarks, significant benchmarks, Paris-aligned Benchmarks, Climat…
+ 
+ **3.** A recognised third-country benchmark administrator providing at least one significant benchmark shall provide ESMA, on an annual basis, with figures confirming its applicable turnover as referred to in paragraph 1. Where the applicable turnover is not stated in audited annual accounts, the fi…
+ 
+ **4.** An administrator endorsing third-country benchmarks and that provides or endorses at least one significant benchmark shall provide ESMA, on an annual basis, with figures confirming its applicable turnover as referred to in paragraph 2. Where the applicable turnover is not stated in audited an…
− **1.** The applicable turnover of a recognised third-country benchmark administrator for a given year n shall be its revenues accrued in relation to the use of its benchmarks by supervised entities in the Union as stated in the audited accounts of year n-2.
+ **5.** Where the recognised third-country benchmark administrator did not operate during the full year (*n*–2), ESMA shall estimate the applicable turnover by extrapolating, for the recognised third-country benchmark administrator, the value calculated for the number of months during which the recog…
− **2.** A recognised third-country benchmark administrator shall provide ESMA, on an annual basis, with audited figures confirming its revenues accrued in relation to the use of its benchmarks in the Union. The figures shall be certified by an external audit and shall be submitted to ESMA by electron…
+ **6.** Where the administrator endorsing third-country benchmarks did not operate during the full year (*n*–2), ESMA shall estimate the applicable turnover by extrapolating, for that administrator endorsing third-country benchmarks, the value calculated for the number of months during which that adm…
− **3.** Where the recognised third-country benchmark administrator did not operate during the full year (n–2), ESMA shall estimate the applicable turnover by extrapolating, for the recognised third-country benchmark administrator, the value calculated for the number of months during which the recogni…
+ **7.** Where no audited figures for year (*n*–2) are available, ESMA shall use the audited figures of year (*n*–1).
− **4.** Where no audited accounts for year (n–2) are available, ESMA shall use the audited accounts of year (n–1).
+ **8.** ESMA shall convert revenues reported in a currency other than the euro into euro using the average euro foreign exchange rate applicable to the period during which those revenues were recorded. For that purpose, ESMA shall use the euro foreign exchange reference rate published by the European…
− **5.** Where the revenues reported are expressed in a currency other than the euro, ESMA shall convert those revenues into euro using the average euro foreign exchange rate applicable to the period during which those revenues were recorded. For that purpose, ESMA shall use the euro foreign exchange …
− 
− ### Article 8 — Payment of application and authorisation fees
− 
− **1.** The fees for application, authorisation or extension of authorisation shall be due at the time the benchmark administrator applies and shall be paid in full within 30 days from the date of issuance of ESMA’s invoice.
− 
− **2.** ESMA shall not reimburse fees to a benchmark administrator that decides to withdraw its application for authorisation.
− 
− ### Article 9 — Payment of annual supervisory fees
− 
− **1.** The annual supervisory fee referred to in Article 4 for a financial year shall be paid to ESMA before 31 March of the calendar year for which they are due. The fees shall be calculated on the basis of the latest available information for annual fees.
− **2.** ESMA shall not reimburse annual supervisory fees.
− 
− **3.** ESMA shall send the invoice to the benchmark administrator at least 30 days before the payment is due.
− 
+ **1.** In case of a delegation of tasks by ESMA to national competent authorities, only ESMA shall charge the application fee and the fee for the annual supervision of third-country administrators, administrators endorsing third-country benchmarks and administrators of critical benchmarks.
− **1.** In case of a delegation of tasks by ESMA to national competent authorities, only ESMA shall charge the recognition fee and the annual supervisory fees for third country administrators and administrators of critical benchmarks.
+ 
+ **1a.** Article 3 shall not apply to benchmark administrators endorsing third-country benchmarks authorised or registered by national competent authorities on or before 31 December 2025.
+ 
+ **4.** By derogation from Article 4, a benchmark administrator established in a third country recognised by ESMA on 1 January 2026 or an administrator endorsing third-country benchmarks supervised by ESMA on 1 January 2026 that provides or endorses at least one benchmark that is significant pursuant…
+ 
+ By derogation from Article 6, such administrator shall not be required to submit revenue figures in 2025 and 2026.