Article 2
Applicable turnover
1. Securitisation repositories registered only under Regulation (EU) 2017/2402 shall keep audited accounts for the purposes of this Regulation which distinguish the revenues generated from the following:
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(a) |
core securitisation services as defined in Article 1, point (3), of Commission Delegated Regulation (EU) 2020/1230 (4); |
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(b) |
ancillary securitisation services as defined in Article 1, point (4), of Delegated Regulation (EU) 2020/1230; |
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(c) |
any other services provided. |
2. A securitisation repository registered under Regulation (EU) 2017/2402 that is also registered as a trade repository under either Regulation (EU) No 648/2012 or Regulation (EU) 2015/2365 shall keep audited accounts for the purposes of this Regulation which distinguish between the revenues generated from:
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(a) |
provision of core securitisation services; |
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(b) |
provision of ancillary securitisation services; |
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(c) |
core functions of centrally collecting and maintaining records of derivatives under Regulation (EU) No 648/2012; |
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(d) |
provision of ancillary services that are directly related to centrally collecting and maintaining records of derivatives under Regulation (EU) No 648/2012; |
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(e) |
core functions of centrally collecting and maintaining records of securities financing transactions under Regulation (EU) 2015/2365; |
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(f) |
provision of ancillary services that are directly related to centrally collecting and maintaining records of securities financing transactions under Regulation (EU) 2015/2365; |
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(g) |
provision of combined ancillary services that are directly related to:
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(h) |
any other services provided. |
3. The applicable turnover of a securitisation repository for a given year n shall be the sum of:
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(a) |
the repository’s revenues, or expected revenues, where paragraph 5 applies, generated from the activities referred to in paragraph 2, point (a), as stated in the audited accounts of year n-2; |
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(b) |
the repository’s revenues generated from the activities referred to in paragraph 2, point (b) and the applicable share of the revenues generated from the activities referred to in paragraph 2, points (g)(i) and g(ii), as stated in the audited accounts of year n-2. |
4. The applicable share of the revenues referred to in paragraph 3, point (b), shall be equal to the revenues generated from the activities referred to in paragraph 2, point (a), divided by the sum of the revenues generated by the activities referred to in:
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(a) |
paragraph 2, point (a); |
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(b) |
paragraph 2, point (c); |
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(c) |
paragraph 2, point (e). |
5. Where no audited accounts for year n-2 are available, ESMA shall use the expected revenues for year n provided in the business plans submitted to ESMA pursuant to Article 13(3) of Delegated Regulation (EU) 2020/1230. Those expected revenues shall be broken down into the following elements:
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(a) |
revenues expected to be generated from the activities referred to in paragraph 2, point (a); |
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(b) |
revenues expected to be generated from the activities referred to in paragraph 2, point (b); |
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(c) |
revenues expected to be generated from the activities referred to in paragraph 2, points (g)(i) and g(ii). |
A securitisation repository that decides to provide ESMA with an update of the expected revenues for year n shall do so by 30 September of year n-1.
(4) Commission Delegated Regulation (EU) 2020/1230 of 29 November 2019 supplementing Regulation (EU) 2017/2402 of the European Parliament and of the Council with regard to regulatory technical standards specifying the details of the application for registration of a securitisation repository and the details of the simplified application for an extension of registration of a trade repository (OJ L 289, 3.9.2020, p. 345).