Commission Delegated Regulation (EU) 2024/1703

law://eu/reg/2024/1703/preamble@2026-11-13

Contents

THE EUROPEAN COMMISSION,Having regard to the Treaty on the Functioning of the European Union,Having regard to Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012^note, and in particular Article 16(2) thereof,Whereas:

(1)Commission Delegated Regulation (EU) 2020/1732^note specifies the type and amount of fees charged by the European Securities and Markets Authority (ESMA) to securitisation repositories, and the payment modalities thereof.

(2)In 2018, both the Commission’s Internal Audit Service’s review and the European Court of Auditors’ audit^note concluded that ESMA’s fee funding system is unnecessarily complex. To simplify the collection of fees and reduce risks linked to the incorrect calculation or inefficient allocation of fees, it is necessary to ensure consistency of technical aspects across the different delegated acts on fees charged by ESMA.

(3)To fully cover ESMA’s expenditures relating to the supervision of securitisation repositories, the annual supervisory fees should be determined on the basis of the annual estimate of all direct costs necessary for the supervisory tasks performed by ESMA and a reasonable apportionment of ESMA’s fixed and variable overheads.

(4)In line with Commission Delegated Regulation (EU) 2019/715^note, fees charged to securitisation repositories should be set at a level that ensures that the full cost of services provided by ESMA is covered and a deficit is avoided, but at the same time avoids the accumulation of a significant surplus. Where a significant positive or negative budget result becomes recurrent, the level of the fees should be revised.

(5)ESMA should be able to establish its annual budget in time, based on certified turnover data. To enable ESMA to calculate the annual supervisory fees, a deadline should be set by which securitisation repositories are to submit to ESMA their audited accounts.

(6)The applicable turnover of securitisation repositories is calculated in euros. It is therefore necessary to specify a mechanism for the conversion into euros of revenues generated in other currencies.

(7)The registration and extension-of-registration fee is meant to cover the costs incurred by ESMA to investigate whether the securitisation repository concerned fulfils all conditions for registration or extension of registration. Where an applicant securitisation repository withdraws its application, ESMA will have incurred costs and is under no obligation to refund fees related to such registration or extension of registration.

(8)The administrative cost linked to the first year supervisory fee for a securitisation repository registered in December, is not proportionate to the fee itself. Therefore, a securitisation repository that is registered in December should be exempted from the requirement to pay an annual supervisory fee for the year in which that securitisation repository was registered.

(9)To ensure consistency among delegated acts on fees to be paid to ESMA, ESMA should calculate the penalty in case of late payments in line with the provisions on default interest set out in Article 99 of Regulation (EU, Euratom) 2018/1046 of the European Parliament and of the Council^note.

(10)To further simplify the fee management, and to ensure that ESMA has the necessary resources to carry out its planned supervisory activities, ESMA should not refund annual supervisory fees.

(11)In order to avoid legal uncertainty for the ongoing fee collection process, this Regulation should apply from 1 January 2025.

(12)Delegated Regulation (EU) 2020/1732 should therefore be amended accordingly,

HAS ADOPTED THIS REGULATION:

Commission Delegated Regulation (EU) 2024/1703

Commission Delegated Regulation (EU) 2024/1703

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