CROATIA: Response from regulator on market making exemptions for Croatia short selling

Wednesday August 6 2014

The Croatian securities market regulator HANFA has responded to a query on the application of the market making and primary dealing exemptions under the Croatia short selling rules as follows:

“The European Securities and Markets Authority (ESMA) still has not translated the Guidelines-Exemption for market making activities and primary market operation under Regulation (EU) 236/2012 of the European Parliament and the Council on short selling and certain aspects of credit default swaps into the Croatian language and they are not published on the ESMA website. The publication of the translations will trigger a two-month period during which Croatian Financial Services Supervisory Agency must notify ESMA whether it will comply or intend to comply with the guidelines.

Use of exemption under Articles 17 (1) and 17 (3) can only be made where previous notification of intent to make use of the exemption has been made in writing to the Croatian Financial Services Supervisory Agency at least 30 calendar days before the intended first use of the exemption. Notification should be sent to the Croatian Financial Services Supervisory Agency via post: Croatian Financial Services Supervisory Agency, Miramarska 24b, 10 000 Zagreb, Republic of Croatia.”