• Criteria to be met for market making exemption, and conditions to assess notification.
• Market maker to be member of venue that trades instrument, conducts market making.
• Qualifying criteria to be considered by authority which received notification of intent.
• Will determine, in the assessment, whether to allow applicant to use exemption or not.
• Notification of intent to use exemption and its content, including notification template.
• Standards that authorities should take into account to assess notifications it receives.
• Defines which authority to be notified, single entry point for entity from 3rd countries.
• Notifications made before guidelines in effect, will be reviewed within 6 months.

Effective Date

• Authorities must notify ESMA whether they comply or intend to comply with guidelines.
• 2 April 2013, ESMA issued guidelines on exemption for market making re short selling.
• Guidelines applicable two months after translations into all EU languages published.

ESMA Compliance Table

• On 19 June 2013, ESMA issued compliance table on use of market making exemption.
• Table indicates country declarations on status of implementation of ESMA guidelines.
• Lists countries declaring that they comply or intend to comply, and those which do not.
• ESMA published explanations from countries that had indicated their non-compliance.
• Not complying: Denmark DFSA, Germany BaFin, France AMF, Sweden FI, UK FCA