The European Commission has published a draft Delegated Regulation amending Delegated Regulation (EU) 2022/805, proposing new fee structures for the supervision of benchmark administrators that endorse third-country benchmarks under the oversight of the European Securities and Markets Authority (ESMA).
Background
Since January 2022, ESMA has directly supervised critical benchmark administrators such as the European Money Markets Institute (EURIBOR) and several recognised third-country administrators. Following the adoption of Regulation (EU) 2025/914, ESMA’s supervisory scope has been expanded to include EU-based administrators that endorse benchmarks from non-EU jurisdictions.
The draft delegated act establishes how ESMA will levy supervisory and application fees on these new entities, ensuring consistency across all categories of supervised benchmark administrators.
Key provisions
- Application fees:
Benchmark administrators seeking recognition, registration, authorisation, or endorsement of third-country benchmarks will pay EUR 40,000 per application. A reduced fee of EUR 20,000 will apply to administrators endorsing only non-significant benchmarks. - Annual supervisory fees:
- Administrators of critical benchmarks will see their annual fee increased to EUR 250,000–300,000, depending on whether ESMA chairs the supervisory college.
- Recognised third-country administrators and EU administrators endorsing third-country benchmarks will pay:
- EUR 150,000 for the first two years after registration or recognition;
- Thereafter, a variable annual fee based on turnover, with a minimum fee of EUR 40,000 for those providing significant benchmarks;
- A fixed fee of EUR 20,000 for administrators providing or endorsing only non-significant benchmarks.
- Turnover basis:
ESMA will calculate supervisory fees according to the revenue generated from the use of benchmarks by supervised entities in the EU, including revenue from related entities within the same group, to prevent regulatory circumvention. - Transition measures:
Administrators already authorised or registered by national authorities before 31 December 2025 will be exempt from new application fees.
For the first two years of ESMA supervision (2026–2027), a flat fee of EUR 150,000 will apply before moving to a turnover-based system in 2028.
Proportionality and competitiveness
The Commission emphasises that supervisory fees should not distort competition between recognition and endorsement routes for third-country benchmarks. Fees are designed to be proportionate to economic relevance—with simplified fixed fees for low-impact or climate-related benchmarks such as EU Climate Transition and EU Paris-aligned Benchmarks.
Next steps
The draft delegated regulation, which remains non-binding at this stage, was submitted to the Expert Group of the European Securities Committee (EGESC) and opened to public feedback on the Better Regulation portal for a four-week consultation period. Once finalised and adopted, the regulation will enter into force the day after its publication in the Official Journal of the European Union.
Implications
This update marks another step toward a more integrated and harmonised supervisory regime for benchmarks within the EU, aligning oversight of domestic and third-country administrators under ESMA. It also strengthens the EU’s approach to market integrity and transparency in the wake of global benchmark reforms and growing cross-border data dependencies.
