1.Each counterparty that applies for the validation of a pro forma model in accordance with Article 11(3), fourth subparagraph, of Regulation (EU) No 648/2012 that was not already in use prior to 24 December 2024, shall pay to the EBA a fee of:FeenEUR 500 000Totalnumberofcounterpartieswhere:
—n = the index denoting the counterparty applying for validation to use the pro forma model;
—Total number of counterparties = the number of counterparties applying to use new pro forma model by 31 July of the given year.