Updated 26/10/2025
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Version from: 22/09/2025
Amendments (1)
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MiFIR ToolDelegated Regulation 2022/930
Article 3

Article 3 - Delegated Regulation 2022/930

Article 3

Annual supervisory fees for APAs and ARMs

1.  
APAs and ARMs which are subject to ESMA supervision shall be charged an annual supervisory fee.
2.  

The total annual supervisory fee and the annual supervisory fee for a given APA or ARM 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 APAs’ and ARMs’ activities under Regulation (EU) No 600/2014 as included in ESMA’s budget for that year;

(b) 

an APA or ARM annual supervisory fee for a given year (n) shall be the total annual supervisory fee determined pursuant to point (a) divided between all APAs and ARMs authorised in year (n), in proportion to their applicable turnover calculated pursuant to Article 4.

3.  
In no case shall an APA or ARM authorised by ESMA pay an annual supervisory fee of less than EUR 30 000 .

An APA or ARM that is subject to minimum supervisory fees for more than one data reporting service shall pay the minimum supervisory fee for each service provided.

4.  
By way of derogation from paragraphs 2 and 3, and without prejudice to Article 2, the first-year fee for APAs and ARMs shall be equal to the amount of the authorisation fee referred to in Article 2(1), point (b), multiplied by a factor that is equal to the days between authorisation and the end of the year divided by the total number of days in that year. The first-year annual supervisory fee shall therefore be calculated as follows:

DRSP first-year fee = Authorisation fee × Coefficient

Coefficient =

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An APA or ARM that is authorised during the month of December shall not pay the first-year annual supervisory fee.

5.  
By way of derogation from paragraphs 2 and 3, where the reassessment referred to in Article 1(3) of Commission Delegated Regulation (EU) 2022/466 ( 1 ) results in the derogation of ESMA supervision of an APA or ARM, the annual supervisory fee for the year in which the derogation applies shall be calculated solely for the five months of that year during which ESMA continues to be the supervisor of the APA or ARM in accordance with Article 1(4) of Delegated Regulation (EU) 2022/466.
6.  

By way of derogation from paragraphs 2 and 3, where the reassessment referred to in Article 1(3) of Delegated Regulation (EU) 2022/466 results in ESMA supervision of an APA or ARM, the annual supervisory fee for the year in which ESMA supervision starts to apply shall be calculated solely for the seven months of that year during which ESMA is the supervisor of the APA or ARM in accordance with Article 1(4) of Delegated Regulation (EU) 2022/466.

( 1 ) Commission Delegated Regulation (EU) 2022/466 of 17 December 2021 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council by specifying criteria for derogation of the principle that approved publication arrangements and approved reporting mechanisms are supervised by the European Securities Markets Authority (OJ L 96, 24.3.2022, p. 1), ELI: http://data.europa.eu/eli/reg_del/2022/466/oj).