1. For each pro forma model that is validated as of 1 January of a year and that a counterparty uses or applies for validation in accordance with Article 11(3), fourth subparagraph, of Regulation (EU) No 648/2012 in that year, the counterparty shall pay to the EBA a fee of:
\mathrm{Fee}_{\mathrm{n},\mathrm{y},\mathrm{p}} = \mathrm{EUR}\; 200 + \max \left( \frac{\mathrm{EBA}\; \mathrm{costs}_{\mathrm{y}}}{\mathrm{Number}\; \mathrm{of}\; \mathrm{models}_{\mathrm{y}}} * \frac{\mathrm{Average}\; \mathrm{Notional}\; \mathrm{Amount}_{\mathrm{n},\mathrm{p}}}{\mathrm{Average}\; \mathrm{Notional}\; \mathrm{Amount}_{\mathrm{Total},\mathrm{p}}} - \mathrm{EUR}\; 200; 0 \right)
where:
— | n = the index denoting the counterparty using, or applying for validation to use, as applicable, pro forma model p; |
— | y = the index denoting the reference year; |
— | p = the index denoting the pro forma model validated by the EBA as of 1 January of year y; |
— | EBA costs y = the amount estimated in accordance with Article 2 for the year y for pro forma models validated by the EBA as of 1 January of that year; |
— | Number of models y = the number of pro forma models validated by the EBA as of 1 January of year y, floored at 1; |
— | Average Notional Amount n,p the amount calculated by counterparty n, for the pro forma model p, in accordance with Article 3; |
— | \mathrm{AverageNotionalAmount}_{\mathrm{Total,p}} = \sum_{\mathrm{n}} \mathrm{AverageNotionalAmount}_{\mathrm{n,p}}. |
2. Pro forma models that despite being validated are subject to the fee referred to in Article 6 shall not be considered in the calculation set out in paragraph 1.
3. By way of derogation from paragraph 1, a counterparty that becomes subject to the requirement to apply for validation of a pro forma model after 31 March of a given year shall not pay any fee for that year for that pro forma model.