Annexes to COM(2020)593 - Markets in Crypto-assets - Main contents
Please note
This page contains a limited version of this dossier in the EU Monitor.
| dossier | COM(2020)593 - Markets in Crypto-assets. |
|---|---|
| document | COM(2020)593  |
| date | May 31, 2023 |
The funding decisions and the agreements and the implementing instruments resulting from them shall explicitely stipulate that the Court of Auditors and OLAF may, if need be, carry out on the spot checks on the beneficiaries of monies disbursed by ESMA as well as on the staff responsible for allocating these monies.
3. ESTIMATED FINANCIAL IMPACTOF THE PROPOSAL/INITIATIVE
3.1. Heading(s) of the multiannual financial framework and expenditure budget line(s)
affected
• Existing budget lines
In order of multiannual financial framework headings and budget lines.
| Heading of multiannual financial framework | Budget line | Type of expenditure | Contribution | |||
| Number | Diff./Non-diff.76 | from EFTA countries 77 | from candidate countries78 | from third countries | within the meaning of Article 21(2)(b) of the Financial Regulation | |
| 1 | ESMA: <03.10.04> | Diff. | NO | NO | NO | NO |
• New budget lines requested
In order of multiannual financial framework headings and budget lines.
| Heading of multiannual financial framework | Budget line | Type of expenditure | Contribution | |||
| Number | Diff./non- d iff. | from EFTA countries | from candidate countries | from third countries | within the meaning of Article 21(2)(b) of the Financial Regulation | |
| [XX.YY.YY.YY] | YES/NO | YES/NO | YES/NO | YES/NO |
Diff. = Differentiated appropriations / Non-diff. = Non-differentiated appropriations.
EFTA: European Free Trade Association.
Candidate countries and, where applicable, potential candidates from the Western Balkans.
76
77
8
3.2. Estimated impact on expenditure
3.2.1. Summary of estimated impact on expenditure
| EUR million (to three decimal places) | |||
| Heading of multiannual financial framework | Number | Heading 1 | : Single Market, Innovation & Digital |
| ESMA: <03.10.04> | 202279 | 2023 | 2024 | 2025 | 2026 | 2027 | TOTAL | ||
| Title 1: | Commitments | (1) | 0,059 | 0,118 | 0,118 | 0,118 | 0,118 | 0,118 | 0,649 |
| Payments | (2) | 0,059 | 0,118 | 0,118 | 0,118 | 0,118 | 0,118 | 0,649 | |
| Title 2: | Commitments | (1a) | 0,010 | 0,020 | 0,020 | 0,020 | 0,020 | 0,020 | 0,110 |
| Payments | (2a) | 0,010 | 0,020 | 0,020 | 0,020 | 0,020 | 0,020 | 0,110 | |
| Title 3: | Commitments | (3a) | |||||||
| Payments | (3b) | ||||||||
| TOTAL appropriations for ESMA: <03.10.04> | Commitments | = 1+1a + 3a | 0,069 | 0,138 | 0,138 | 0,138 | 0,138 | 0,138 | 0,759 |
| Payments | =2+2a + 3b | 0,069 | 0,138 | 0,138 | 0,138 | 0,138 | 0,138 | 0,759 |
Year N is the year in which implementation of the proposal/initiative same for the following years.
Please
"N"
by the expected first year of implementation
(for instance: 2021). The
EN
154
79
starts.
replace
| Heading of multiannual financial framework | ‘European public administartion’ |
EUR
(to
three decimal
places)
Year
N
Year
N+1
Year
N+2
Year
N+3
Enter as many years as
necessary to show the duration
of the impact (see point 1.6)
TOTAL
| DG: <.......> | |||||||||
| • Human Resources | |||||||||
| • Other administrative expenditure | |||||||||
| TOTAL DG <.......> | Appropriations |
TOTAL appropriations under HEADING 7
of the multiannual financial framework
commitments
(Total
Total payments)
EUR million (to three decimal places)
| Year 80 N | Year N+1 | Year N+2 | Year N+3 | Enter as many years as necessary to show the duration of the impact (see point 1.6) | TOTAL | ||||
| TOTAL appropriations under HEADINGS 1 to 7 of the multiannual financial framework | Commitments | ||||||||
| Payments |
Year N is the year in which implementation of the proposal/initiative same for the following years.
Please
"N"
by the expected first year of implementation
(for instance: 2021). The
EN
155
million
80
starts.
replace
3.2.2. Est, mated , mpa at an [badyjs appra pr, at, a ns
– El The proposal/initiative does not require the use of operational appropriations
– IZI The proposal/initiative requires the use of operational appropriations, as explained below:
Commitment appropriations in EUR million (to th ree d ec i m al places)
| Indicate | Year N | Year N+1 | Year N+2 | Year N+3 | Enter as many years as necessary to show the duration of the impact (see point 1.6) | TOTAL | ||||||||||||
| objectives and outputs | OUTPUTS | |||||||||||||||||
| Type81 | Avera ge cost | Cost | Cost | Cost | Cost | Cost | Cost | Cost | Total No | Total cost | ||||||||
| SPECIFIC OBJECTIVE No 182… | ||||||||||||||||||
| - Output | | | | | | | | | | | | | | | |||||||||||
| - Output | ||||||||||||||||||
| - Output | ||||||||||||||||||
| Subtotal for specific objective No 1 | ||||||||||||||||||
| SPECIFIC OBJECTIVE No 2 ... | ||||||||||||||||||
| - Output | ||||||||||||||||||
| Subtotal for specific objective No 2 | ||||||||||||||||||
| TOTAL COST |
Outputs
are products and services to be supplied
(e.g.: number
of student exchanges financed, number of km of roads built,
etc.).
As described in point 1.4.2. ‘Specific objective(s)…’
EN
156
EN
81
82
3.2.3. Estimated impact on EBA and ESMA's human resources
3.2.3.1. Summary
– EH The proposal/initiative does not require the use of appropriations of an administrative nature
– El The proposal/initiative requires the use of appropriations of an administrative nature, as explained below:
EUR million (to three deci mal places)
2022
2023
2024
2025
2026
2027
TOTAL
| Temporary agents (AD Grades) EBA and ESMA83 | 1,404 | 3,061 | 3,309 | 3,309 | 3,309 | 3,309 | 17,701 |
| Temporary agents (AST grades) | |||||||
| Contract staff | |||||||
| Seconded National Experts |
TOTAL
Staff
1,404
requirements
(FTE):
2022
3,061 3,309
2023
2024
3,309 3,309
2025
2026
3,309 17,701
2027
TOTAL
| Temporary agents (AD Grades) EBA=15 for 2022 and 18 as of 2023, ESMA=2 | 17 | 20 | 20 | 20 | 20 | 20 | 20 |
| Temporary agents (AST grades) | |||||||
| Contract staff | |||||||
| Seconded National Experts |
TOTAL
17
20
20
20
20
20
20
The
for EBA include 100% employer’s pension contribution and the costs for ESMA include the
pension contribution corresponding to the
60% National Competent Authorities
83
share.
It is forecast that:
Approximatively 50% of the required staff required for 2022 will be recruited in that year, approximatively 50% of the additional 3 posts required for 2023 will be recruited in that year and full staffing will be achieved in 2024.
3.2.3.2. Estimated requirements of human resources for the parent DG
– El The proposal/initiative does not require the use of human resources.
– EH The proposal/initiative requires the use of human resources, as explained below:
Estimate to be expressed in full amounts (or at most to one decimal place)
| Year N | Year N+1 | Year N+2 | Year N+3 | Enter as many years as necessary to show the duration of the impact (see point 1.6) | ||||
| •Establishment plan posts (of f icia ls a nd temporary sta f f ) | ||||||||
| XX 01 01 01 (Headquarters and Commission’s Representation Offices) | ||||||||
| XX 01 01 02 (Delegations) | ||||||||
| XX 01 05 01 (Indirect research) | ||||||||
| 10 01 05 01 (Direct research) | ||||||||
| • External staff (in Full Time Equivalent unit: FTE)84 | ||||||||
| XX 01 02 01 (AC, END, INT from the ‘global envelope’) | ||||||||
| XX 01 02 02 (AC, AL, END, INT and JPD in the Delegations) | ||||||||
| XX 01 04 yy85 | - at Headquarters86 | |||||||
| - in Delegations | ||||||||
| XX 01 05 02 (AC, END, INT – Indirect research) | ||||||||
| 10 01 05 02 (AC, END, INT – Direct research) | ||||||||
| Other budget lines (specify) | ||||||||
| TOTAL |
XX is the policy area or budget title concerned.
The human resources required will be met by staff from the DG who are already assigned to management of the action and/or have been redeployed within the DG, together if necessary
85 86
Seconded National Expert; INT
staff; JPD
AC = Contract Staff; AL = Local Staff; END
Junior Professionals in Delegations .
Sub-ceiling for external staff covered by operational appropriations (former ‘BA’ lines).
Mainly for the Structural Funds, the European Agricultural Fund for Rural Development (EAFRD)
the European Fisheries Fund (EFF).
84
and
with any additional allocation which may be granted to the managing DG under the annual allocation procedure and in the light of budgetary constraints.
Description of tasks to be carried out:
Officials and temporary staff External staff
Description of the calculation of cost for FTE units should be included in the Annex V, section 3.
3.2.4. Compatibility with the current multiannual financial framework
— El The proposal/initiative is compatible the current multiannual financial framework.
— IZI The proposal/initiative will entail reprogramming of the relevant heading in the multiannual financial framework.
Explain
what reprogramming is required, specifying the budget lines concerned and the corresponding amounts.
IZI The proposal/initiative requires application of the flexibility instrument or revision of the multiannual financial framework
Explain
what is required, specifying the headings and budget lines concerned and the corresponding amounts.
3.2.5.
Third-party contributions
– The proposal/initiative does not provide for co-financing by third parties. – The proposal/initiative provides for the co-financing estimated below: EUR million (to three decimal places)
| 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | Total | |
| Industry fees88 EBA | 2,234 | 3,957 | 4,042 | 4,042 | 4,042 | 4,042 | 22,359 |
| TOTAL appropriations co-financed | 2,234 | 3,957 | 4,042 | 4,042 | 4,042 | 4,042 | 22,359 |
EUR million (to three decimal places)
See Articles and of Council Regulation (EU, Euratom) No /2020 laying down the multiannual financial framework for the years 2021-2027. 100% of the cost of implementing the proposal will be covered by fees.
EN
161
EN
88
| 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | Total | |
| National Competent Authorities contribution to ESMA89 | 0,115 | 0,230 | 0,230 | 0,230 | 0,230 | 0,230 | 1,265 |
| TOTAL appropriations co-financed | 0,115 | 0,230 | 0,230 | 0,230 | 0,230 | 0,230 | 1,265 |
60% of the total estimated cost (the EU contribution having been estimated at 40%) plus a 60% share of the employer’s pension contributions
EN
162
EN
89
3.3. Estimated im p act on revenue
- 0 The proposal/initiative has no financial impact on revenue.
- D The proposal/initiative has the f oll owing fina nc ial impact:
on own resources
on other revenue
please indicate, if the revenue is assigned to expenditure lines
EUR
(to
million (to three decimal
places)
| Budget revenue line: | Appropriation s available for the current financial year | Impact of the proposal/initiative90 | ||||||
| Year N | Year N+1 | Year N+2 | Year N+3 | Enter as many years as necessary to show the duration of the impact (see point 1.6) | ||||
| Article …………. |
For miscellaneous ‘assigned’ revenue, specify the budget expenditure line(s) affected.
Specify
the method for calculating the impact on revenue.
As regards traditional own resources (customs duties, sugar levies), the amounts indicated must be net amounts, i.e. gross amounts after deduction of 20 % for collection costs.
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163
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ANNEX
General Assumptions
Title I - Staff Expenditure
The following specific assumptions have been applied in the calculation of the staff expenditure based upon the identified staff ing needs explained below:
• Additional staff hired in 2022 are costed for 6 months given the assumed time needed to recruit the additional staff. The 3 additional staff required for 2023 (over and above the staff required for 2022) are costed for 6 months given the assumed time needed to recruit the additional staff. Full staffing will be achieved in 2024.
• The average annual cost of a Temporary Agent is EUR 150 000, of a Contract Agent is EUR 85 000 and for a seconded national
expert is EUR 80 000, all of which including EUR 25 000 of ‘habillage’ costs (Buildings, IT, etc.);
• The correction coefficients applicable to staff salaries in Paris (EBA and ESMA) is 11 7.7;
• Employer’s pension contributions for Temporary Agents have been based upon the standard basic salaries included in the standard
average annual costs, i.e. EUR 95 660;
• All additional Temporary Agents are AD5s.
Title II – Infrastructure
and operating expenditure
Costs are based upon multiplying the number of staff by the proportion of the year employed by the standard cost for ‘habillage’, i.e. EUR 25 000. Title III – Operational expenditure
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EN
Costs are estimated subject to the following assumptions:
• Translation cost are set at EUR 350 000 per year for the EBA.
• The one-off I T costs of EUR 500 000 for the EBA are assumed to be implemented over the two years 2022 and 2023 on the basis of a 50% - 50% split. Yearly maintenance costs for the EBA are esti mated at EUR 50 000.
• On-site yearly supervision costs for the EBA are estimated at EUR 200.000.
The estimations presented here above result in the following costs per year:
| Heading of multiannual financial framework | Number |
| EBA: <> | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | TOTAL | ||
| Title 1: | Commitments | (1) | 1,246 | 2,744 | 2,992 | 2,992 | 2,992 | 2,992 | 15,958 |
| Payments | (2) | 1,246 | 2,744 | 2,992 | 2,992 | 2,992 | 2,992 | 15,958 | |
| Title 2: | Commitments | (1a) | 0,188 | 0,413 | 0,450 | 0,450 | 0,450 | 0,450 | 2,401 |
| Payments | (2a) | 0,188 | 0,413 | 0,450 | 0,450 | 0,450 | 0,450 | 2,401 | |
| Title 3: | Commitments | (3a) | 0,800 | 0,800 | 0,600 | 0,600 | 0,600 | 0,600 | 4,000 |
| Payments | (3b) | 0,800 | 0,800 | 0,600 | 0,600 | 0,600 | 0,600 | 4,000 | |
| TOTAL appropriations for EBA | Commitments | =1+1a +3a | 2,234 | 3,957 | 4,042 | 4,042 | 4,042 | 4,042 | 22,359 |
| Payments | =2+2a + 3b | 2,234 | 3,957 | 4,042 | 4,042 | 4,042 | 4,042 | 22,359 |
The proposal requires the use of operational appropriations, as explained below:
Commitment appropriations in EUR million (to three decimal places) in constant prices
Constant Prices
EN
165
EN
EBA
| Indicate objectives | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | ||||||||||
| OUTPUTS | ||||||||||||||||
| outputs | ||||||||||||||||
| 4> | Cost | Cost | Cost | Cost | Cost | Cost | Total No | Total cost | ||||||||
| SPECIFIC OBJECTIVE | ||||||||||||||||
| No 192 Direct supervision | ||||||||||||||||
| of significant asset-backet | ||||||||||||||||
| crypto-asset issuers | ||||||||||||||||
| - Output | 0,800 | 0,800 | 0,600 | 0,600 | 0,600 | 0,600 | 4,000 | |||||||||
| Subtotal for specific | ||||||||||||||||
| objective No 1 | ||||||||||||||||
| SPECIFIC OBJECTIVE | ||||||||||||||||
| No 2 approval of amended | ||||||||||||||||
| crypto-asset white paper | ||||||||||||||||
| submitted by issuer of | ||||||||||||||||
| significant asset-referenced | ||||||||||||||||
| token | ||||||||||||||||
| - Output | ||||||||||||||||
| Subtotal for specific | ||||||||||||||||
| objective No 2 | ||||||||||||||||
| TOTAL COST | 0,800 | 0,800 | 0,600 | 0,600 | 0,600 | 0,600 | 4,000 |
Outputs are products and services to be supplied (e.g.: number of student exchanges financed, number of km of roads built, etc.). As described in point 1.4.2. ‘Specific objective(s)…’
EN
166
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92
The direct supervisory activities of the EBA shall be fully funded by fees levied from the supervised entities as follows:
EBA
| 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | Total | |
| The costs shall be covered 100% by fees levied from the supervised entities | 2,234 | 3,957 | 4,042 | 4,042 | 4,042 | 4,042 | 22,359 |
| TOTAL appropriations co-financed | 2,234 | 3,957 | 4,042 | 4,042 | 4,042 | 4,042 | 22,359 |
The coordination activities of ESMA under the DLT pilot regime set out in the related Proposal for a Regulation on DLT market infrastructures shall be funded by their operating budget with EU contributions corresponding to 40% (amounts indicated in table 3.2.1 Summary of estimated
impact on expenditure) and National Competent Authorities corresponding to 60% (amounts
indicated in table
3.2.5 Third
countries
contribution)
of the total cost.
SPECIFIC INFORMATION
Direct Supervisory powers
The European Banking Authority (EBA) is a special Union body, which was established to protect the public interest by contributing to the short, medium and long-term stability and effectiveness of the financial system for the Union economy, its citizens and businesses.
While the EBA will need to recruit specialist personnel, the duties and functions to be undertaken to implement the proposed legislation are in line with the remit and tasks of the EBA.
Specifically, the EBA will need to train and hire specialist to fulfil the duties of the direct supervision as envisaged in this proposal for the supervision of issuers of significant asset-referenced tokens.
Other proposals covered under this Legislative Financial Statement
This Legislative Financial Statement also covers the financial impact stemming from the Proposal for a Regulation which accounts for the increase in the funding for ESMA.
DLT
market infrastructures,
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on