ESMA raises concerns on fees charged by CRAs and Trade Repositories


On 11 January 2018, the European Securities and Markets Authority (ESMA) published a Thematic Report on fees charged by Credit Rating Agencies (CRAs) and Trade Repositories (TRs) , following the conclusion of ESMA’s supervisory review of the current fee structures in the credit rating and trade repository industries.

In conducting its review, ESMA has collected and analysed information from publically available resources, periodical submissions to ESMA and dedicated requests for information from supervised entities. ESMA also maintained regular engagement with users of credit rating and trade repositories services who provided further information.


Based on this evidence, the Thematic Report provides ESMA’s views on the application of the requirements that fees charged by CRAs should be non-discriminatory and cost-based, and TRs provide non-discriminatory access and charge publicly disclosed and cost-related fees. It equally identifies the areas for improvement regarding transparency and disclosure, the fee-setting process and the interaction with entities related to CRAs and TRs. Going forward, these areas will form the core of ESMA’s supervisory focus.


Next Steps

ESMA will continue to engage with both supervised entities and their clients to ensure effective application of the fee provisions, e.g. on costs, price deviations and controls in place.


ESMA may also decide to provide further supervisory guidance to ensure compliance with the relevant requirements.