1.Trade repositories registered under Regulation (EU) 2015/2365 only shall keep audited accounts for the purposes of this Regulation which distinguish between at least the following:
revenues generated from core functions of centrally collecting and maintaining records of SFTs under Regulation (EU) 2015/2365;
revenues generated from ancillary services that are directly related to centrally collecting and maintaining records of SFTs under Regulation (EU) 2015/2365.
The applicable revenues from ancillary services of the trade repository for a given year (n) shall be the revenues from the services determined under point (b).
2.Trade repositories registered under both Regulation (EU) 2015/2365 and Regulation (EU) No 648/2012 shall keep audited accounts for the purposes of this Regulation which distinguish between at least the following:
revenues generated from core functions of centrally collecting and maintaining records of SFTs under Regulation (EU) 2015/2365;
revenues generated from core functions of centrally collecting and maintaining records of derivatives under Regulation (EU) No 648/2012;
revenues generated from ancillary services that are directly related to centrally collecting and maintaining records of SFTs under Regulation (EU) 2015/2365;
revenues generated from ancillary services that are directly related to both centrally collecting and maintaining records of SFTs under Regulation (EU) 2015/2365 and centrally collecting and maintaining records of derivatives under Regulation (EU) No 648/2012.
The applicable revenues from ancillary services of the trade repository for a given year (n) shall be the sum of
the revenues referred to in point (c) and
a share of the revenues referred to in point (d).
The share of the revenues referred to in point (d) shall be equal to the revenues referred to in point (a), divided by the sum of
the revenues referred to in point (a) and
the revenues referred to in point (b).
3.The applicable turnover of a trade repository for a given year (n) shall be the sum of
its revenues generated from the core functions of centrally collecting and maintaining records of SFTs under Regulation (EU) 2015/2365 on the basis of the audited accounts of the previous year (n – 1) and
its applicable revenues from ancillary services determined according to paragraphs 1 and 2, as applicable, on the basis of the audited accounts of the previous year (n – 1)
divided by the sum of
the total revenues of all registered trade repositories generated from the core functions of centrally collecting and maintaining records of SFTs under Regulation (EU) 2015/2365 on the basis of the audited accounts of the previous year (n – 1) and
the total applicable revenues from ancillary services of all registered trade repositories determined according to paragraphs 1 and 2, as applicable, on the basis of the audited accounts of the previous year (n – 1).
The applicable turnover of a given trade repository (‘TRi’ in the formula below) shall hence be calculated as follows:
\frac{\mathrm{SFT\,revenue\,TR}_i}{\sum \mathrm{SFT\,revenue\,all\,TR}}
where SFT revenue = revenue core SFT services + applicable revenue ancillary services.
4.Where the trade repository did not operate during the full previous year (n – 1), its applicable turnover shall be estimated according to the formula set out in paragraph 3 by extrapolating, for the trade repository, the value calculated for the number of months during which the trade repository operated in year (n – 1) to the whole year (n – 1).