Article 2
Applicable turnover
1.
Trade repositories registered under Regulation (EU) 2015/2365 only shall keep audited accounts for the purposes of this Regulation which distinguish between at least the following:
(a)
revenues generated from core functions of centrally collecting and maintaining records of SFTs under Regulation (EU) 2015/2365;
(b)
revenues generated from ancillary services that are directly related to centrally collecting and maintaining records of SFTs under Regulation (EU) 2015/2365.
The applicable revenues from ancillary services of the trade repository for a given year (n) shall be the revenues from the services determined under point (b).
2.
Trade repositories registered under both Regulation (EU) 2015/2365 and Regulation (EU) No 648/2012 shall keep audited accounts for the purposes of this Regulation which distinguish between at least the following:
(a)
revenues generated from core functions of centrally collecting and maintaining records of SFTs under Regulation (EU) 2015/2365;
(b)
revenues generated from core functions of centrally collecting and maintaining records of derivatives under Regulation (EU) No 648/2012;
(c)
revenues generated from ancillary services that are directly related to centrally collecting and maintaining records of SFTs under Regulation (EU) 2015/2365;
The applicable revenues from ancillary services of the trade repository for a given year (n) shall be the sum of
—
the revenues referred to in point (c) and
—
a share of the revenues referred to in point (d).
The share of the revenues referred to in point (d) shall be equal to the revenues referred to in point (a), divided by the sum of
—
the revenues referred to in point (a) and
—
the revenues referred to in point (b).
3.
The applicable turnover of a given trade repository for a given year (n) shall be the sum of the amounts referred to in points (a) and (b), divided by the sum of the amounts referred to in points (c) and (d):
(a)
the revenues generated from the core functions of centrally collecting and maintaining records of SFTs under Regulation (EU) 2015/2365 on the basis of the audited accounts of the year (n–2);
(b)
the applicable revenues from the ancillary services determined in accordance with paragraphs 1 and 2, as applicable, on the basis of the audited accounts of the year (n–2);
(c)
the total revenues of all registered trade repositories generated from the core functions of centrally collecting and maintaining records of SFTs under Regulation (EU) 2015/2365 on the basis of the audited accounts of the year (n–2);
(d)
the total applicable revenues from the ancillary services of all registered trade repositories determined in accordance with paragraphs 1 and 2, as applicable, on the basis of the audited accounts of the year (n–2).
3a.
Trade repositories shall provide ESMA, on an annual basis, with the audited accounts referred to in paragraphs 1 and 2. Trade repositories shall submit those accounts to ESMA by electronic means by 30 September each year (n–1).
4.
Where the trade repository did not operate during the full year (n–2), ESMA shall estimate its applicable turnover in accordance with paragraph 3 and by extrapolating the value calculated for the number of months during which the trade repository operated in year (n–2) to the whole year (n–2).
5.
Where no audited accounts for year (n–2) are available, ESMA shall use the audited accounts for year (n–1).
6.
Where the revenues referred to in paragraph 3 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 the revenues were recorded. For that purpose, ESMA shall use the euro foreign exchange reference rate published by the European Central Bank.