SSR TP 2 Transitional provisions: market maker exemption

SSR TP 2.2R applies to a person:

1. (1) who has submitted a notification to the FCA under:
   1. (a) Article 17(5) of the UK version of Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March 2012 on short selling and certain aspects of credit default swaps, which was assimilated law by virtue of the EUWA; or
   2. (b) Article 17(5) of Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March 2012 on short selling and certain aspects of credit default swaps,
   3. and, in respect of that notification or, if there has been more than one, the first notification, the 30-calendar-day period has expired, or the notifying person has received a non-objection notice from the FCA; and
2. (2) where that person's use of the exemption under either of the versions of Article 17 referred to in (1)(a) and (b) above is not subject to a prohibition by the FCA or where that person's exemption has not otherwise ceased to be in effect as at immediately prior to 13 July 2026.

1. (1) A person described in SSR TP 2.1R is treated as having notified the FCA under SSR 5.5.1R, and SSR 5 applies to that person subject to the modification in (2) and (3).
2. (2) The market maker exemption applies to that person from 13 July 2026 but only for a temporary period ending on 29 January 2027.
3. (3) In respect of a notification submitted under SSR 5.5.1R for the exemption to apply after 29 January 2027, the requirement in section 3.3 of SSR 5 Annex 1 to attach evidence of trading venue membership (or a relevant link if appropriate) is disapplied.

SSR TP 2.4R applies to a person who:

1. (1) immediately before 13 July 2026 was not exempt under Article 17(1) of the UK version of Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March 2012 on short selling and certain aspects of credit default swaps, which was assimilated law by virtue of the EU in relation to any financial instrument; and
2. (2) had notified the FCA under Article 17(5) seeking to be exempt, where:
   1. (a) the 30 calendar-day period in respect of that notification has not expired; and
   2. (b) the notifying person has not received a non-objection notice from the FCA.

A person described in SSR TP 2.3R is treated as having notified the FCA under SSR 5.5.1R, and SSR 5 applies with the following modifications:

1. (1) The reference to ‘15 calendar days’ in SSR 5.5.1R and SSR 5.5.2G is replaced with ‘30 calendar days beginning with day on which the complete notification under Article 17(5) was made’.
2. (2) The market maker exemption will take effect upon the earlier of:
   1. (a) subject to (3), the day on which the 30-day period in (1) ends; or
   2. (b) the day on which the FCA issues a non-objection notice.
3. (3) Where the FCA has issued a notification proposing to object under SSR 5.9, the market maker exemption will not take effect until a non-objection notice is given.