Q44. Do you agree that the new TR may charge fees to the active TR participants for maintenance and the recordkeeping of their non-outstanding SFTs? Which other aspects need to be considered? Please elaborate on the reasons for your response.

298. ESMA proposed that TRs can charge a fee to TR participants for the maintenance and the recordkeeping of their non-outstanding SFTs in the case of withdrawal of registration.

299. One respondent remarked that smaller TRs may be less competitive if they introduce a fee and asked that ESMA clarify how the fee should be calculated.

300. One respondent argued that the rationale behind Guideline 30 was not clear when considering Guideline 29.