Recital 1

(1)Fees that the European Securities Market Authority (ESMA) is to charge to external reviewers of European Green Bonds should fully recover all costs ESMA incurs for the registration, recognition and supervision of external reviewers, including direct and indirect cost. Indirect cost should consist of a reasonable apportionment of ESMA’s fixed and variable overheads related to supervisory activities under Regulation (EU) 2023/2631.