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Recital 3

Recital 3

(3)Registration fees for external reviewers should be set at a level that is appropriate to reflect the cost incurred by ESMA when assessing the applications and to ensure consistency with its comparable direct supervision mandates. The fees for external reviewers that, post registration, apply for authorisation as an endorsing external reviewer of a third-country external reviewer should take into account that they are have already been assessed and registered by ESMA.

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