ESMA is consulting on draft guidelines under the SSR for market making and the application of the exemptions for market making activities and primary market operations. ESMA says regulators should use the draft guidelines as the interim benchmark for notification and application of the exemption, since the notification period is already open. The draft guidelines explain:
- the link between the relevant financial instrument, the venue and the membership of the notifying entity;
- who the competent authority for the notification is, and the process for notifying; and
- transitional measures for notifications.
ESMA wants comments by 5 October. ESMA also published notification of a set of FAQs on the SSR, but this disappeared from its website. (Source: ESMA Consults on SSR Exemptions Guidelines)