On January 11, 2018, ESMA published a Thematic Report, following its supervisory review of the current fee structures in the credit rating and trade repository industries. The CRA Regulation requires CRAs to ensure that fees for the credit rating and ancillary services are not discriminatory and are based on actual costs. Similarly, EMIR requires TRs to provide non-discriminatory access and charge publicly disclosed and cost-related fees.
ESMA has compiled its Thematic Report using information from publicly available resources, periodical submissions to ESMA and dedicated requests for information from supervised entities. It has also used information gained from users of CRA and TR services. The Thematic Report identifies three areas in which CRAs and TRs need to improve their fee practices and to which ESMA proposes to give supervisory priority. These are: transparency and disclosure, the fee- setting process and interaction with entities related to CRAs and TRs.
The Thematic Report is accompanied by factsheets summarizing ESMA's findings on TRs' and CRAs' fees.
The Thematic Report is available at: https://www.esma.europa.eu/sites/default/files/library/esma80-196-954_thematic_report_on_fees_charged_by_cras_and_trs.pdf, the Factsheet on Trade Repositories' Fees is available at: https://www.esma.europa.eu/sites/default/files/library/esma71-99-923_factsheet_tr_fees.pdf and the Factsheet on CRAs' Fees is available at: https://www.esma.europa.eu/sites/default/files/library/esma71-99-928_factsheet_cra_fees.pdf.
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