1. 1. A credit rating agency applying for certification shall pay a certification fee of EUR 10 000.000 .
2. 2. The certification fee shall be payable in full at the time the credit rating agency applies for certification.
3. 3. IfWhere a credit rating agency withdraws its application for certification before ESMA has notified it that the application is completeagency, in accordance with theArticle 15(4), second subparagraph of Article 15(4)subparagraph, of Regulation (EC) No 1060/2009, that the application is complete, ESMA shall reimburse three quartershalf of the certification fee. IfWhere the application is withdrawn after that date, but before ESMA adopts the reasoned decision to certify or refuse certification, ESMA shall not reimburse one quarter of the certification fee.
4. 4. By way of derogation from Article 7, a certified credit rating agency that is required to pay an annual supervisory fee accordingpursuant to Article 7(1) shall paybe exempted from the payment of the supervisory fee in the year ofduring which its certification antakes initial supervisory fee of EUR 500 for each complete month in the time period between the date of certification and the end of the financial year. This fee shall be payable in full once the certification is notified to the credit rating agency.effect.
The annual supervisory fee shall become payable by the certified credit rating agency in the year following its certification by ESMA in accordance with Article 7.