ESMA has published the official translations of its final "Guidelines on exemptions for market making activities and primary market operations under the Short Selling Regulation" which was first published last February.

This publication marks the beginning of a two month transitional period during which national supervisors have to declare whether they intend to comply with the guidelines or otherwise explain why there is non-compliance.

ESMA expects the Guidelines to be effective across the EU from 2 June 2013.