1.   External reviewers shall keep audited accounts which clearly distinguish the revenues generated from external review services from their other revenues.

2.   The applicable turnover of an external reviewer for a given year (n) as referred to in Article 2(2) shall be the sum of that external reviewer’s revenues generated from the provision of external review services on the basis of the audited accounts of the year (n-2).

3.   To calculate the turnover co-efficient of each external reviewer, ESMA shall divide the applicable turnover of that external reviewer in year (n-2) by the applicable turnover of all external reviewers in year (n-2) reduced by the turnovers of external reviewers that are exempted from paying an annual supervisory fee pursuant to Article 2(1). Where no audited accounts for year (n–2) are available for a given external reviewer, ESMA shall use the audited accounts of that external reviewer of year (n–1).

4.   Where the external reviewer did not operate during the full year (n-2) or (n-1), ESMA shall calculate the applicable turnover of that external reviewer in accordance with paragraph 2 by extrapolating for that external reviewer the values calculated for the number of months during which that external reviewer operated in year (n-2) or (n-1) to the whole year (n-2) or (n-1).

5.   External reviewers shall provide ESMA with the audited accounts referred to in paragraph 1 on an annual basis. They shall submit those accounts to ESMA by electronic means no later than 30 September each year (n-1). An external reviewer that is registered or recognised after 30 September shall provide ESMA with its audited accounts immediately upon registration or recognition, and by the end of the year of registration or recognition.

6.   ESMA shall convert revenues generated from external review services that are reported in another currency than euro into euro using the average euro foreign exchange rate applicable to the period during which those revenues were recorded. For that purpose, ESMA shall use the euro foreign exchange reference rate published by the European Central Bank.