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Commission Delegated Regulation (EU) No 272/2012 of 7 February 2012 supplementing Regulation (EC) No 1060/2009 of the European Parliament and of the Council with regard to fees charged by the European Securities and Markets Authority to credit rating agencies Text with EEA relevance

Type Delegated Regulation
Publication 2012-03-28
Last updated 2025-01-01
State In force
Department European Commission
Source EUR-Lex
articles 11
Reform history JSON API

CHAPTER I GENERAL PROVISIONS

Article 1

Subject matter

This Regulation lays down rules regarding the fees that the European Securities and Markets Authority (ESMA) shall charge to credit rating agencies for supervision, registration and certification.

Article 2

Recovery of supervisory costs in full

The fees charged to credit rating agencies shall cover:

  • (a) all direct and indirect costs relating to the supervision of credit rating agencies by ESMA in accordance with Regulation (EC) No 1060/2009, including costs resulting from the registration and certification of credit rating agencies;
  • (b) all costs for the reimbursement of direct and indirect costs of competent authorities to which ESMA has delegated tasks in accordance with Article 30 of Regulation (EC) No 1060/2009;
  • (c) all costs for the reimbursement of direct and indirect costs of competent authorities that have provided assistance to ESMA in accordance with Article 23c(4) and Article 23d(5) of Regulation (EC) No 1060/2009.

Article 3

Applicable turnover

1.

For the purposes of calculating the fees referred to in Article 5, Article 7(1) and Article 11(1) and (2), the applicable turnover for a given financial year (n) shall be the revenues of a credit rating agency as published in its audited accounts of the year n–2 generated from rating activities and ancillary services.

2.

Where the credit rating agency did not operate during the full year (n–2), the applicable revenue shall be estimated by extrapolating that amount for the whole financial year.

3.

Credit rating agencies shall provide ESMA, on an annual basis, with audited accounts as referred to in paragraph 1. Those accounts shall distinguish between revenues generated from rating activities and ancillary services and shall be submitted to ESMA by electronic means by 30 September each year (n–1).

4.

Where the revenues referred to in paragraph 1 are reported in another currency than 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 reference rate published by the European Central Bank.

CHAPTER II FEES

Article 4

Types of fees and general payment modalities

1.

Credit rating agencies established in the Union that apply for registration in accordance with Article 14(1) of Regulation (EC) No 1060/2009 shall be charged the following types of fees

  • (a) annual supervisory fees according to Article 5;
  • (b) registration fees according to Article 6.
2.

Credit rating agencies established in third countries that apply for certification in accordance with Article 5(2) of Regulation (EC) No 1060/2009 shall be charged the following types of fees:

  • (a) flat annual supervisory fees according to Article 7;
  • (b) certification fees according to Article 8.
3.

The fees shall be payable in Euro. They shall be payable as specified in Articles 5(3), 6(6), 7(2) and 8(2).

Any late payment shall incur the default interest laid down in Article 99 of Regulation (EU, Euratom) 2018/1046 of the European Parliament and of the Council ([^E0001]).

Article 5

Annual supervisory fee for registered credit rating agencies

1.

A registered credit rating agency shall be charged an annual supervisory fee.

By way of derogation from the first subparagraph, a registered credit rating agency shall be exempted from paying an annual supervisory fee where its total revenues as published in its most recent audited accounts is less than EUR 10 million, or in case it belongs to a group of credit rating agencies, where the group of credit rating agencies has aggregate total revenues of less than EUR 10 million.

2.

The annual supervisory fee for a given financial year shall be calculated as follows:

  • (a) the basis for the calculation of the annual supervisory fee for a given financial year shall be the estimate of expenditure relating to the supervision of credit rating agencies as included in the ESMA budget for that year, set out and approved in accordance with Article 63 of Regulation (EU) No 1095/2010;
  • (b) the relevant amount for the calculation of the annual supervisory fee for a given financial year shall be the estimate of expenditure referred to in point (a) reduced by the annual supervisory fee referred to in Article 7;
  • (c) a registered credit rating agency as referred to in paragraph 1 shall pay as an annual supervisory fee a part of the relevant amount which corresponds to the ratio of the credit rating agency’s applicable turnover to the total applicable turnover of all registered credit rating agencies required to pay an annual supervisory fee in accordance with paragraph 1.
3.

The annual supervisory fee shall be paid in a single instalment, which shall be due by no later than the end of March of the year to which it relates.

ESMA shall send debit notes to the credit rating agencies concerned specifying the amount of the annual supervisory fee at least 30 calendar days before the day when annual fees are to be paid.

The annual supervisory fee shall not be reimbursed.

Article 6

Registration fee

1.

The amount of the registration fee to be paid by individual credit rating agencies applying for registration shall be proportionate to the complexity of the application and the size of the credit rating agency as specified in paragraphs 2 to 5.

2.

For the purposes of calculating the amount of the registration fee, the following criteria shall be taken into consideration:

  • (a) whether a credit rating agency intends to issue ratings for structured finance instruments;
  • (b) whether a credit rating agency has a branch in another Member State or in a third country;
  • (c) whether a credit rating agency intends to endorse ratings.
3.

Where none of the criteria set out in paragraph 2 apply, the registration fees shall be calculated according to the number of employees, as follows:

  • (a) credit rating agencies with fewer than 15 employees shall pay EUR 2 000 ;
  • (b) credit rating agencies with 15 to 49 employees shall pay EUR 15 000 ;
  • (c) credit rating agencies with at least 50 employees shall pay EUR 40 000 .
4.

Credit rating agencies that only meet one of the criteria set out in paragraph 2 shall pay the following registration fees according to the number of their employees, as follows:

  • (a) credit rating agencies with fewer than 15 employees shall pay EUR 10 000 ;
  • (b) credit rating agencies with 15 to 49 employees shall pay EUR 40 000 ;
  • (c) credit rating agencies with at least 50 employees shall pay EUR 100 000 .
5.

Credit rating agencies that meet at least two of the criteria set out in paragraph 2 shall pay the following registration fees according to the number of their employees, as follows:

  • (a) credit rating agencies with fewer than 15 employees shall pay EUR 30 000 ;
  • (b) credit rating agencies with 15 to 49 employees shall pay EUR 85 000 ;
  • (c) credit rating agencies with at least 50 employees shall pay EUR 125 000 .
6.

The registration fee shall be payable in full at the time the credit rating agency applies for registration.

7.

ESMA shall not reimburse a paid registration fee where a credit rating agency withdraws its application for registration before ESMA has adopted the reasoned decision to register or refuse registration.

8.

By way of derogation from Article 5, a registered credit rating agency that is required to pay an annual supervisory fee in accordance with Article 5(1) shall pay in the year of its registration an initial supervisory fee which is calculated as follows:

registered credit rating agency first-year fee = registration fee * coefficient

Coefficient =

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.

Credit rating agencies shall pay the supervisory fee of the first year after they have been notified by ESMA that their registration is successful and within 30 calendar days from the date of issuance of ESMA’s debit note.

However, where a credit rating agency is registered during the month of December, that credit rating agency shall not be required to pay an annual supervisory fee for the year in which it was registered.

Article 7

Flat annual supervisory fee for certified credit rating agencies

1.

A credit rating agency certified in accordance with Regulation (EC) No 1060/2009 shall pay an annual supervisory fee of EUR 6 000 .

By way of derogation from the first subparagraph, a certified credit rating agency shall be exempted from paying an annual supervisory fee where its total revenues as published in its most recent audited accounts is less than EUR 10 million, or in case it belongs to a group of credit rating agencies, where the group of credit rating agencies has aggregate total revenues of less than EUR 10 million.

2.

The annual supervisory fee for a certified credit rating agency shall be due by the end of March of the year to which it relates. ESMA shall send an invoice specifying the amount of the annual supervisory fee to a certified credit rating agency at least 30 calendar days before that date.

Article 8

Certification fee

1.

A credit rating agency applying for certification shall pay a certification fee of EUR 10 000 .

2.

The certification fee shall be payable in full at the time the credit rating agency applies for certification.

3.

Where a credit rating agency withdraws its application for certification before ESMA has notified that agency, in accordance with Article 15(4), second subparagraph, of Regulation (EC) No 1060/2009, that the application is complete, ESMA shall reimburse half of the certification fee. Where the application is withdrawn after that date, but before ESMA adopts the reasoned decision to certify or refuse certification, ESMA shall not reimburse the certification fee.

4.

By way of derogation from Article 7, a certified credit rating agency that is required to pay an annual supervisory fee pursuant to Article 7(1) shall be exempted from the payment of the supervisory fee in the year during which its certification takes effect.

The annual supervisory fee shall become payable by the certified credit rating agency in the year following its certification by ESMA in accordance with Article 7.

Article 9

Reimbursement of competent authorities

1.

Only ESMA shall charge fees to credit rating agencies for their registration, certification and supervision. Competent authorities shall not charge fees to credit rating agencies, including cases where those authorities carry out tasks on behalf of ESMA according to Article 30 of Regulation (EC) No 1060/2009.

2.

ESMA shall reimburse a competent authority for the actual costs incurred as a result of carrying out delegated tasks in accordance with Article 30 of Regulation (EC) No 1060/2009 or as a result of assisting ESMA in accordance with Article 23c(4) or 23d(5) of that Regulation. Costs to be reimbursed shall comprise all fixed costs and variable costs related to the performance of the delegated tasks or the assistance provided to ESMA.

CHAPTER III TRANSITIONAL AND FINAL PROVISIONS

Article 10

Fees in 2011

1.

Credit rating agencies registered in 2011 shall pay, for 2011, an initial supervisory fee of EUR 500 for each complete month in the period between the date of registration, but not earlier than 1 July 2011, and 31 December 2011. This fee shall be payable in full by end of April 2012.

By way of derogation from the first subparagraph a registered credit rating agency shall be exempted from paying a supervisory fee in 2011 where its total revenues as published in its most recent audited accounts is less than EUR 10 million, or in case it belongs to a group of credit rating agencies, where the group of credit rating agencies has aggregate total revenues of less than EUR 10 million.

2.

Credit rating agencies certified in 2011 shall pay, for 2011, an initial supervisory fee of EUR 500 for each complete month between the date of certification, but not earlier than 1 July 2011, and 31 December 2011. This fee shall be payable in full by end of April 2012.

By way of derogation from the first subparagraph, a certified credit rating agency shall be exempted from paying a supervisory fee in 2011 where it has an applicable turnover of less than EUR 10 million, or in case it belongs to a group of credit rating agencies, where the group of credit rating agencies has an aggregate applicable turnover of less than EUR 10 million.

Article 11

Entry into force

This Regulation shall enter into force on the third day following its publication in the Official Journal of the European Union.

This Regulation shall be binding in its entirety and directly applicable in all Member States.

[^E0001]: Regulation (EU, Euratom) 2018/1046 of the European Parliament and of the Council of 18 July 2018 on the financial rules applicable to the general budget of the Union, amending Regulations (EU) No 1296/2013, (EU) No 1301/2013, (EU) No 1303/2013, (EU) No 1304/2013, (EU) No 1309/2013, (EU) No 1316/2013, (EU) No 223/2014, (EU) No 283/2014, and Decision No 541/2014/EU and repealing Regulation (EU, Euratom) No 966/2012 (OJ L 193, 30.7.2018, p. 1, ELI: http://data.europa.eu/eli/reg/2018/1046/oj).

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