Recital 4

(4)In line with Commission Delegated Regulation (EU) 2019/715 ⁴ , fees charged to benchmark administrators should be set at a level that ensures that the full cost of services provided by ESMA is covered and a deficit is avoided, but at the same time avoids the accumulation of a significant surplus. Where a significant positive or negative budget result becomes recurrent, the level of the fees should be revised.