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This Commission Delegated Regulation (EU) 2026/323 modifies the fees levied by the European Securities and Markets Authority (ESMA) on benchmark administrators, as previously established in Delegated Regulation (EU) 2022/805.
The regulation primarily addresses the fees for supervising administrators, specifically those endorsing benchmarks originating from non-EU countries. It seeks to ensure the proportionality of these fees, preventing any discouragement from offering such benchmarks within the Union.
**Key changes include:**
* **Scope Clarification:** Article 1 is amended to explicitly define the regulation’s scope, focusing on fees for registration, authorization, recognition, endorsement, and supervision of benchmark administrators.
* **Third-Country Benchmark Fees:** Article 3 is modified to specify application fees for administrators seeking recognition or endorsement of third-country benchmarks, with a reduced fee for benchmarks deemed non-significant.
* **Annual Supervisory Fees:** Articles 4, 5, and 6 are replaced to provide detailed provisions for annual supervisory fees, considering the significance of the benchmarks and the administrator’s turnover. Fixed fees are introduced for the initial years of operation and for administrators of less significant benchmarks.
* **Fee Alignment:** Application and annual supervisory fees for administrators endorsing third-country benchmarks are aligned with those of recognized third-country administrators.
* **Critical Benchmark Fee Increase:** Annual supervisory fees for administrators of critical benchmarks are increased.
* **Fixed Fees for Non-Significant Benchmarks:** A fixed annual fee is introduced for administrators of benchmarks that are not considered significant.
* **Turnover Calculation:** The regulation details how the applicable turnover is calculated to determine supervisory fees, ensuring proportionality to the administrator’s activities within the Union.
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Review of each of legal acts published today:
Commission Delegated Regulation (EU) 2026/323 of 29 October 2025 amending Delegated Regulation (EU) 2022/805 as regards fees for the supervision by the European Securities and Markets Authority of benchmark administrators endorsing third-country benchmarks
This Commission Delegated Regulation (EU) 2026/323 amends Delegated Regulation (EU) 2022/805, focusing on the fees charged by the European Securities and Markets Authority (ESMA) for supervising benchmark administrators, particularly those endorsing benchmarks from third countries (non-EU countries). The regulation aims to ensure that the fees for supervising these administrators are proportionate and do not discourage them from offering their benchmarks in the Union. It also adjusts the supervisory fees for administrators of critical benchmarks to better reflect the actual costs of supervision.
The regulation modifies several articles of Delegated Regulation (EU) 2022/805. It replaces Article 1 to clarify the scope of the regulation, which concerns fees for registration, authorization, recognition, endorsement, and supervision of benchmark administrators. It amends Article 3 to specify application fees for benchmark administrators seeking recognition or endorsement of third-country benchmarks, with a reduced fee for those whose benchmarks are not considered significant. It replaces Articles 4, 5, and 6 to detail the annual supervisory fees, including adjustments based on the significance of the benchmarks and the turnover of the administrators. It also includes provisions for fixed fees for the initial years of operation and for administrators of less significant benchmarks.
Key provisions include the introduction of specific application and annual supervisory fees for benchmark administrators endorsing third-country benchmarks, aligning these fees with those of recognized third-country administrators. The regulation also increases the annual supervisory fees for administrators of critical benchmarks and introduces a fixed annual fee for administrators of benchmarks that are not considered significant. Furthermore, it details how the applicable turnover is calculated for determining supervisory fees, ensuring that fees are proportionate to the administrator’s activities in the Union.
