|
|
By having translated the guidelines into all the official languages of the EU, today’s publication triggers a transitional period of two months within which national supervisors have to declare whether they intend to comply with the guidelines or otherwise explain the reasons for non-compliance which would be made public by ESMA. According to the ESMA Regulation national supervisors have to make every effort to comply with the Guidelines.
Market participants expected to comply by May 2012
ESMA expects the Guidelines to become effective and to be applied across the EU from 1 May 2012. This will foster convergence in supervisory practices regarding automated trading across the Union, and help in providing a level playing field to investors. The finalisation and publication of these Guidelines follows extensive consultation with stakeholders in 2011.