1.1 Currency and VAT Terms of payment Validity Understanding your invoice Penalty fee... 2

Transcription

1 EMIR Fee Schedule

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3 Contents 1. General Currency and VAT Terms of payment Validity Understanding your invoice Penalty fee Main principles and categories Membership fees Reporting fees Maintenance fees Special services Superuser access Fee cap Family group Fee schedule for Reporting Participants Reporting Participants fee schedule Fee cap Family group Large user fees Superuser access Fee schedule for External Third Parties External Third Parties fee schedule Flexible Fee Cap Fee schedule for Internal Third Parties Internal Third Parties fee schedule Fee cap Family group Large user fees Fee schedule for Non-Reporting Entities (read-only access) Non-Reporting Entities fee schedule Family group Superuser access January 2017 i

4 7. Fee Schedule summary User profile Large user fees January 2017 i

5 REGIS-TR EMIR Fee Schedule 1. General This document is a Governing Document as defined in REGIS-TR's General Terms and Conditions (GTCs) and is subject to the GTCs unless otherwise specified. This document describes the billing concepts and sets out the applicable fees for the services that REGIS-TR provides to Reporting Participants, Reporting Third Parties, and Non-reporting Entities (hereinafter referred collectively to as the Members and, individually, as a Member ) according to the definitions derived from the GTCs and relevant Handbooks. 1.1 Currency and VAT All fees are calculated, invoiced and charged in Euros. The fees are quoted net of Value Added Tax (VAT) and, for Luxembourg domiciled entities, charged with the Luxembourgish VAT applicable to financial services. Payments by Members must be made without deduction of any tax. 1.2 Terms of payment REGIS-TR shall issue Members with an itemised invoice no later than the 6th day of the month following the invoice period. 1 Payment will take place in accordance with Regulation (EU) n 260/2012 establishing technical and business requirements for credit transfers and direct debits in Euro. Members willing to pay through SEPA Direct Debit shall fill in the Mandate Form. Pre-notifications for debit based on the monthly invoices will be delivered at least 14 days before debit date in order to communicate the invoice number, amount date and IBAN code from which collection will take place. The bank account owner of the mandate benefits from a refund right for 8 weeks after the date of debit from the bank account. Alternatively, credit transfers will also be valid in order to pay REGIS-TR invoices. In this case, invoices shall be paid by Members within 30 calendar days of the invoice date. The details of the REGIS-TR bank account are as follows: Name: REGIS-TR - LUXEMBOURG IBAN: LU BIC: BILLLULL 1.3 Validity This fee brochure is valid from 1 January 2017 until further notice and in accordance with the relevant Member Agreements. 1. Non Reporting Entities will be invoiced on a yearly basis. 1 January 2017 Page 1

6 1.4 Understanding your invoice Only two decimal positions will be displayed on the invoice. However, the result of the invoice is calculated using four decimal positions. For example, if the fee is , it will appear as No rounding is performed. 1.5 Penalty fee A flat fee will be applied for unpaid invoices after 90 days. The amount to be charged will be a monthly flat fee of EUR 40 per account and will be charged without necessarily issuing a reminder. The flat fee will be applied for unpaid invoices from the established deadline and it will be cumulative onwards. Page 2 1 January 2017

7 2. Main principles and categories 2.1 Membership fees A membership fee is charged for every master account on a monthly basis. When a Reporting Participant also acts as an Internal Third Party (for other group entities), the membership fee is not charged to the Internal Third Party account. 2.2 Reporting fees The communication of a trade to REGIS-TR is subject to a reporting fee. The reporting fee is applied for each Unique Transaction Identifier (UTI). The reporting fee is applied only once. All life cycle events including modifications, valuation and collateral updates, as well as termination messages are free of charge. The reporting fee will vary depending on the number of New Trades reported per calendar year, as described in the following sections. A trade communicated and cancelled on the same day with action type error will not incur a fee. ETD or OTC cleared positions (reported via XT message) and Backloaded trades (reported via BK message) will not trigger a reporting fee. Note: The execution timestamp for Backloaded trades must be before 12 February Maintenance fees Maintenance fees are charged on a monthly basis per open trade in the given month and Members are charged at the end of each calendar month for all positions open at any time during the relevant month. Matured trades reported via BK message will not be charged the maintenance fee as these are registered with Matured status upon reporting. Matured trades reported via Reported Trade Message will trigger a maintenance fee for the first month as they are recorded as Active status in the system to allow reporting of further trade types until the following day to maturity date, when the status is changed to Matured. New Trades that are cancelled on the reporting date with action type C will not trigger a maintenance fee. 2.4 Special services Special services (requiring ad-hoc dedication of REGIS-TR staff) will be charged at EUR 143 per hour. REGIS-TR will also charge Members any additional fees and costs incurred by REGIS-TR for special or additional services set up at Members' express written request. 2.5 Superuser access The superuser service will be free of charge. The superuser service will allow any entity requesting this functionality to view the activity of any Reporting Participant or Non Reporting Entity holding a REGIS-TR account providing that the relevant agreement has been duly signed between the REGIS-TR account holder and the superuser. 2.6 Fee cap Reporting Participants, Internal Third Parties or family groups will be charged no more than EUR 300,000 per calendar year (excluding VAT), unless the large user fees concept applies. 1 January 2017 Page 3

8 2.7 Family group Family groups commonly include the parent company together with all other affiliates that are more than 50% owned and directly or indirectly controlled by the parent. Family groups could also include a structure comparable to a qualifying family group in their own country. Such structures will need to be reviewed and approved by REGIS-TR on a case by case basis. The activity of a family group identified with a family code, will be taken into account with regard to the EUR 300,000 cap and the applicable reporting fee. Reporting Participants, Internal Third Parties and Non-Reporting Entities may belong to the same family group. Page 4 1 January 2017

9 3. Fee schedule for Reporting Participants A Reporting Participant is a legal person or entity who has signed the Reporting Participant Agreement and therefore holds an account and its corresponding sub-accounts in REGIS-TR with the aim to report, on its own behalf and/or on behalf of its counterparties, the details of derivatives contracts that are subject to a reporting obligation. 3.1 Reporting Participants fee schedule Fee Amount (EUR) Basis Membership fee 450 Monthly Reporting fee OTC or ETD: The first 2000 trades each month are free of charge Up to 5 mn trades per calendar year 0.02 Per new reported trade More than 5 mn trades per calendar year 0.01 Per new reported trade Maintenance fee Monthly per open position Reporting Participants will be charged membership, reporting and maintenance fees on all activity reported to their master account (whether directly by themselves or via a Reporting Third Party on their behalf). 3.2 Fee cap Reporting Participants will be charged no more than EUR 300,000 per calendar year (excluding VAT). As soon as the cap is reached, no further fees are charged except those triggered in cases where Large User fees are activated (see "3.4 Large user fees below). Trade Repositories or entities that have Trade Repositories in their group cannot benefit from this cap. 3.3 Family group A single fee cap of EUR 300,000 per calendar year will be applied to the total invoice of all Members (Reporting Participants, Internal Third Parties and Non-Reporting Entities) that belong to the same family group. Trade Repositories or entities that have Trade Repositories in their group cannot benefit from the cap. REGIS-TR must be advised whether a new Member is part of an existing family group and if the cap should be applied. Proof of membership of a family group must be provided by the new Member. 1 January 2017 Page 5

10 3.4 Large user fees For Members with more than 250 million trades per calendar year and/or more than one million open positions within a given calendar month, the following fee schedule will apply once the previously mentioned EUR 300,000 cap is reached and in addition to it: Fee Amount (EUR) Basis Reporting fee OTC or ETD: More than 250 mn trades per calendar year Per new reported trade Maintenance fee (if more than 1 mn open positions within a given calendar month) Monthly per open position When there are more than one million open positions, the maintenance fee will be applied to all open positions. For months in which there are less than or equal to one million open positions, no maintenance fee will be generated for the existing open position. 3.5 Superuser access The superuser service will be free of charge. The superuser service will allow any entity requesting this functionality to view the activity of any Reporting Participant or Non Reporting Entity holding a REGIS-TR account providing that the relevant agreement has been duly signed between the REGIS-TR account holder and the superuser. Page 6 1 January 2017

11 4. Fee schedule for External Third Parties A External Third Party is a legal person or entity who does not act as counterparty to derivative contracts and has been tasked with the reporting of the contractual data to REGIS-TR in the name and on behalf of a counterparty to a derivative contract. External Third Parties report on behalf of entities that do not belong to their family group. 4.1 External Third Parties fee schedule Reporting and maintenance fees for trades reported by External Third Parties but allocated on the account of a Reporting Participant will be charged directly to the Reporting Participant. Fee Amount (EUR) Basis Membership fee Reporting fee OTC or ETD: The first 2000 trades each month are free of charge Up to 5 mn trades per calendar year Monthly Per new reported trade More than 5 mn trades per calendar year 0.01 Per new reported trade Maintenance fee Flexible Fee Cap Monthly per open position A fee cap of EUR 300,000 per calendar year will be applied to External Third Parties over the activity reported on behalf of underlying customers which are below a certain fee threshold, set at EUR 5,000 per month. The activity of every underlying customer of an External Third Party exceeding the monthly threshold of EUR 5,000 will be calculated separately to the External Third Party fees. REGIS-TR will apply to those underlying customers the same Reporting Participants Fee Schedule and therefore subject to the fee cap of EUR 300,000, per calendar year (excluding VAT). The fees corresponding to every underlying customer exceeding the threshold will be charged separately to the External Third Party unless other payment schema is agreed between the parties involved. 1 January 2017 Page 7

12 5. Fee schedule for Internal Third Parties Internal Third Parties are entities that report on behalf of other entities within their family group by signing the relevant Reporting Third Party agreement. The activities carried out by Internal Third Parties will be charged as follows: 5.1 Internal Third Parties fee schedule Fee Amount (EUR) Basis Membership fee 450 Monthly Reporting fee OTC or ETD: The first 2000 trades each month are free of charge Up to 5 mn trades per calendar year 0.02 Per new reported trade More than 5 mn trades per calendar year 0.01 Per new reported trade Maintenance fee Monthly per open position The Participant pays one membership fee for each of the two master accounts opened as Reporting Participant and Reporting Third Party. Reporting and maintenance fees of trades reported by Reporting Third Parties but allocated on the accounts of the Reporting Participants will be charged directly to the Reporting Participants. 5.2 Fee cap Internal Third Parties will be charged no more than EUR 300,000 per calendar year (excluding VAT). As soon as the cap is reached, no further fees are charged except those triggered in cases where Large User fees are activated (see "5.3 Large user fees below). Trade Repositories or entities that have Trade Repositories in their group cannot benefit from this cap. 5.3 Family group A single fee cap of EUR 300,000 per calendar year will be applied to the total invoice of all Members (Reporting Participants, Internal Third Parties and Non-Reporting Entities) that belong to the same family group. Trade Repositories or entities that have Trade Repositories in their group cannot benefit from the cap. REGIS-TR must be advised whether a new Member is part of an existing family group and if the cap should be applied. Proof of membership of a family group must be provided by the new Member. Page 8 1 January 2017

13 5.4 Large user fees For Members with more than 250 million trades calendar year and/or more than one million open positions within a given calendar month, the following fee schedule will apply in addition to the previously mentioned EUR 300,000 cap: Fee Amount (EUR) Basis Reporting fee OTC or ETD: More than 250 mn trades per calendar year Per new reported trade Maintenance fee (if more than 1 mn open positions within a given calendar month) Monthly per open position When there are more than one million open positions, the maintenance fee will be applied to all open positions. For months in which there are less than or equal to one million open positions, no maintenance fee will be generated for the existing open position. 1 January 2017 Page 9

14 6. Fee schedule for Non-Reporting Entities (read-only access) Entities that have delegated their reporting to an Internal or External Reporting Third Party or to a Reporting Participant (if the Reporting Participant is counterparty to the trade), can have direct access to the data kept by REGIS-TR that has been reported on their behalf, that is, Non-Reporting Entity access to the REGIS-TR website. 6.1 Non-Reporting Entities fee schedule Direct access to the REGIS-TR website is charged as follows: Fee Amount (EUR) Basis Registration fee 500 Once, on registration Maintenance fee 1,200 Yearly Non-Reporting Entities will receive one invoice where: - Registration fee will be included if the account is opened in the relevant billing period. - Maintenance fee will be prorated by the number of months remaining until the end of the billing period. If a Non-Reporting Entity account is closed before the end of the billing period, the remaining months until the end of the billing period will be proportionally and automatically reimbursed by REGIS-TR. Third parties reporting on behalf of Non-Reporting Entities will be charged according to their fee schedule. 6.2 Family group A single fee cap of EUR 300,000 per calendar year will be applied to the total invoice of all Members (Reporting Participants, Internal Third Parties and Non-Reporting Entities) that belong to the same family group. Trade Repositories or entities that have Trade Repositories in their group cannot benefit from the cap. REGIS-TR must be advised whether a new Member is part of an existing family group and if the cap should be applied. Proof of membership of a family group must be provided by the new Member. 6.3 Superuser access The superuser service will be free of charge. The superuser service will allow any entity requesting this functionality to view the activity of any Reporting Participant or Non Reporting Entity holding a REGIS-TR accounts providing that relevant agreement has been duly signed between the REGIS-TR account holder and the superuser. Page 10 1 January 2017

15 7. Fee Schedule summary 7.1 User profile Fee Reporting Participants Internal/External Third Party Non Reporting Entity Licence Fee EUR 450/month EUR 450/month N/A Trade allowance ( trades) each month EUR 0 EUR 0 N/A (Up to 5,000,000 trades) EUR 0.02 EUR 0.02 N/A (5,000, ,000,000 trades) EUR 0.01 EUR 0.01 N/A Maintenance fee (1-1,000,000 trades) EUR EUR EUR 1200/year Registration fee N/A N/A EUR Large user fees Fee Reporting Participants Internal Third Party Reporting Fee > 250,000,000 trades within a given calendar year Maintenance fee > 1,000,000 open positions within a given calendar month EUR /trade EUR /new open position EUR /trade EUR /new open position 1 January 2017 Page 11

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