Article 17 Exemption for market making activities and primary market operations
1. Articles 5, 6, 7, 12, 13 and 14 shall not apply to transactions performed due to market making activities.
2. The Commission may, in accordance with the procedure referred to in Article 44(2), adopt decisions determining that the legal and supervisory framework of a third country ensures that a market authorised in that third country complies with legally binding requirements which are, for the purpose of the application of the exemption set out in paragraph 1, equivalent to the requirements under Title III of Directive 2004/39/EC, under Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (market abuse) [OJ L 96, 12.4.2003, p. 16.] and under Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market [OJ L 390, 31.12.2004, p. 38.], and which are subject to effective supervision and enforcement in that third country.
The legal and supervisory framework of a third country may be considered equivalent where that third country’s:
(a) markets are subject to authorisation and to effective supervision and enforcement on an ongoing basis;