EC adopts Delegated Regulation on fees payable to ESMA under Benchmark Regulation

The European Commission has adopted a Delegated Regulation amending Delegated Regulation (EU) 2022/805 to update the supervisory fee framework for benchmark administrators under the oversight of the European Securities and Markets Authority (ESMA). This amendment follows the expansion of ESMA's supervisory remit under the revised Benchmarks Regulation (BMR), which now includes EU benchmark administrators endorsing third-country benchmarks. Following the draft published in July, the Regulation introduces application and annual supervisory fees for this new category, aligning them with those applicable to recognised third-country administrators.

Notably, fees are differentiated based on whether benchmarks are deemed significant under Article 24 of the BMR, with fixed fees for non-significant benchmarks and turnover-based fees for significant ones. The Regulation also clarifies the calculation of applicable turnover and introduces transitional provisions for administrators recognised or supervised as of 1 January 2026. Specifically, administrators who are already under ESMA's supervision or have obtained recognition before this date will be subject to the new fee framework starting from the 2026 fee cycle. The changes aim to ensure proportionality ahead of the 31 December transitional deadline for third-country benchmark use in the EU. The Regulation will enter into force on the day following its publication in the Official Journal of the European Union.

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