Recital 6

(6)Pursuant to Article 66(3) of Regulation (EU) 2023/2631, the threshold should be based on the annual turnover at group level. The annual turnover should be determined on the basis of consolidated financial statements drawn up pursuant to Directive 2013/34/EU of the European Parliament and of the Council ² . To ensure proportionality in the long term, it is necessary to introduce a cap on fees measured as a share of applicable turnover. To ensure a degree of predictability of fee collection for ESMA, it is also necessary to set a minimum fee for all external reviewers above the threshold. This minimum fee should be set at a level that ensures consistency with ESMA’s comparable direct supervisory mandates.