4.1 Communication with Authorities

18. In case of withdrawal of registration, Guideline 26 clarifies the time frame for the notice that a TR is to give to the concerned authorities and TR participants in advance of the intended date of cessation of operations depending on the TR's number of participants. For TRs with more than 500 participants, the advance notice should be at least nine months, whereas for TRs with less than 500 TR participants the advance notice should be given at least six months in advance of the intended date of cessation of operations.

19. However, the guideline does not cover the case of a TR with exactly 500 participants, therefore ESMA proposes to amend this existing guideline to also include the case of exactly 500 TR participants.

The current Guideline 26

Guideline 26. In the case of withdrawal of registration at the request of a TR, it should notify ESMA in advance of the intended date of cessation of operations and should then immediately notify the TR participants and the relevant NCAs. For TRs with more than 500 TR participants the advance notice should be at least nine months, while for TRs with less than 500 TR participants, the advance notice should be at least six months.

is replaced by new Guideline 26