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ARTICLE · 16 JULY 2013

Newsletter April-June 2013

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Further to the publication of the Guidelines on April 2nd 2013 by ESMA, the Commission de Surveillance du Secteur Financier has by way of the Circular amended Circular 12/548 concerning the practical aspects of implementing Regulation No 236/2012 of March 14th 2012 on short selling and certain aspects of credit default swaps.

LuxembourgFinance and Banking
Bonn Steichen & Partners
Bonn Steichen & Partners
Nuala Doyle
Nuala Doyle
Evelyn Maher
Evelyn Maher

CAPITAL MARKETS

CSSF CIRCULAR 13/565 DATED APRIL 17TH 2013 (THE "CIRCULAR") AMENDING CSSF CIRCULAR 12/548 ("CIRCULAR 12/548") TRANSPOSING THE GUIDELINES OF THE EUROPEAN SECURITIES AND MARKETS AUTHORITY ("ESMA") ON THE EXEMPTION FOR MARKET MAKING ACTIVITIES AND PRIMARY MARKET OPERATIONS (THE "GUIDELINES")

Further to the publication of the Guidelines on April 2nd 2013 by ESMA, the Commission de Surveillance du Secteur Financier (CSSF) has by way of the Circular amended Circular 12/548 concerning the practical aspects of implementing Regulation (EU) No 236/2012 of March 14th 2012 on short selling and certain aspects of credit default swaps (the "Regulation").

The purpose of the Guidelines is to assist market participants and national supervisory authorities with the assessment and operation of notifications to the competent authorities in respect of the exemptions for market making activities and primary market operations under Article 17 of the Regulation and

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