Market Maker Exemptions

Article 17 of Regulation (EU) 236/2012 of the European Parliament and of the Council of 14 March 2012 on short selling and certain aspects of credit default swaps (Short Selling Regulations) provides for an exemption for market making activities and primary market operations.    

In order to avail of the exemption a written notification of intent to use the exemption must be forwarded to the relevant competent authority not less than 30 calendar days before the natural or legal person (“Notifying Party”) first intends to use the exemption.

Notifications of intent to use the exemption for market making activities and primary market operations should be made to the Central Bank, shortselling@centralbank.ie, using the relevant notification form and annex as provided below, together with any other relevant documentation. A Notifying Party making its first notification should contact the Central Bank for further information.    

When completing the notification form, the Notifying Party should have regard to the “ESMA Guidelines on exemption for market making activities and primary market operations under Regulation (EU) 236/2012 of the European Parliament and the Council on short selling and certain aspects of Credit Default Swaps” which are available on ESMA’s website.

The Central Bank will respond to the Notifying Party within 30 calendar days of receiving a complete notification to confirm whether or not an objection to the proposed use of the exemption will be raised.

The Notifying Party must inform the Central Bank in writing as soon as possible where there are changes affecting the Notifying Party’s eligibility to make use of the exemption under Article 17 of the Short Selling Regulations or in the event that the Notifying Party no longer wishes to avail of the exemption.

Gaeilge
No Items