The European Commission has launched a consultation on a draft Delegated Regulation that would amend the fee structure for the supervision of consolidated tape providers (CTPs) by the European Securities and Markets Authority (ESMA). Published on 10 February, the proposal seeks to update Commission Delegated Regulation (EU) 2022/930 with new authorisation and supervisory fees for CTPs.
Under the proposed regulation, new CTPs would be required to pay a one-time authorisation fee of €100.000. Once operational, they would also be subject to annual supervisory fees, calculated similarly to those imposed on approved publication arrangements (APAs) and approved reporting mechanisms (ARMs).
The annual fee structure will be based on the revenues of each CTP, following ESMA’s principle of full cost recovery while ensuring fees remain proportionate and do not threaten business viability. ESMA will monitor CTPs’ revenues on an ongoing basis to adjust fees accordingly.
Special regime for newcomers
Recognising that newly established CTPs will not have sufficient revenue data in their first years of operation, the draft regulation introduces a fixed annual supervisory fee of €400.000 for the first two years. After this period, fees will be determined based on audited revenue figures from core and, where relevant, ancillary services.
Stakeholders have until 10 March to submit feedback on the consultation. The European Commission aims to finalise and adopt the new regulation in Q3 2025. If implemented, the updated fee structure could have significant implications for firms entering the consolidated tape space under ESMA’s oversight.
