Recital 1

(1)Article 25d of Regulation (EU) No 648/2012 requires that the European Securities and Markets Authority (‘ESMA’) charge third-country central counterparties (‘CCPs’) fees associated with applications for recognition under Article 25 of that Regulation and annual fees associated with the performance of its tasks in accordance with that Regulation in relation to recognised third-country CCPs. Article 25d(2) of Regulation (EU) No 648/2012 requires that such fees be proportionate to the turnover of the CCP concerned and cover all costs incurred by ESMA for the recognition and the performance of its tasks in relation to third-country CCP in accordance with that Regulation.