(7)As only limited data will be available on the activity of a securitisation repository during the financial year following registration, the annual supervisory fee for that year should be calculated on the basis of the registration fee and the effort ESMA has put into supervising that securitisation repository over the course of the year. The supervisory effort in the first months after registration is similar to the effort in assessing the registration of the applicant. Therefore, in the first year of operation of the securitisation repository, the supervisory fee should be based on the registration fee paid by the applicant, adjusted by a coefficient.