(5)in Article 7 paragraphs 2, 3 and 4 are replaced by the following:‘2.The total annual supervisory fee and the annual supervisory fee for a given trade repository for a given year (n) 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 registered trade repositories’ activities under Regulation (EU) No 648/2012 as included in the ESMA’s budget for that year;
(b)a registered trade repository’s annual supervisory fee for a given year (n) shall be the total annual supervisory fee determined pursuant to point (a), for all trade repositories registered in year (n–1), in proportion to their applicable turnover calculated pursuant to Article 3(3).
3.In no case shall a trade repository registered under Article 55(1) of Regulation (EU) No 648/2012 pay an annual supervisory fee of less than EUR 30000.4.By way of derogation from paragraphs 1, 2 and 3, a registered trade repository shall pay, in the year of its registration, (year (n)), an initial supervisory fee (‘SF(n)’) equal to the following:SFnRF•kwhere:RFthe registration fee calculated in accordance with Article 6;knumber of calendar days from the date of registration until 31 December in year nnumber of calendar days in year n.The registered trade repository shall pay the supervisory fee of the first year after it has been notified by ESMA that its application has been successful and within 30 calendar days from the date of issuance of ESMA’s invoice.However, where a trade repository is registered during the month of December, that trade repository shall not be required to pay an annual supervisory fee for the year in which it was registered.’;