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Study on exemptions for third-country central banks and debt management offices under MiFIR and MAR

by Cosmina Amariei / Diego Valiante / Karel Lannoo / Marco Lamandini / David Ramos Muñoz / Alessandro Pomelli / Francesca Pellegrini / Marta Garcia De Vicuña Unda
12 October 2017

Study on exemptions for third-country central banks and debt management offices under MiFIR and MAR

Cosmina Amariei / Diego Valiante / Karel Lannoo / Marco Lamandini / David Ramos Muñoz / Alessandro Pomelli / Francesca Pellegrini / Marta Garcia De Vicuña Unda

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In accordance with Article 1.9 of the Markets in Financial Instruments Regulation (MiFIR) and Article 6.5 of the Market Abuse Regulation (MAR), this study reviews central banks’ and Debt Management Offices’ (DMOs) mandates and operational procedures for a selected group of non-EU countries. It describes the main legal framework for market abuse and for the transparency of operations and markets applicable to third-country (non-EU) central banks. The study also offers a snapshot of the current transparency of central banks’ balance sheets and trading activities with EU counterparts or in EU-listed financial instruments. For DMOs, the study only covers the market abuse regime, as DMOs are outside the scope of the MiFIR exemption. Market transparency and market abuse frameworks applicable in the EU are also discussed in this study, as a benchmark for the assessment of third-country regimes. The countries covered include Australia, Brazil, Canada, China, Hong Kong SAR, India, Japan, Mexico, Singapore, South Korea, Switzerland, Turkey and the United States (as well as the BIS under MiFIR). The report concludes that the extension of the exemptions under MiFIR and MAR is appropriate and necessary for all central banks and DMOs, with the exception of two institutions under the MiFIR regime and one institution under the MAR regime due to insufficient information and/or transaction data.

This study was undertaken from September 2014 to July 2015 by a consortium formed by researchers from CEPS (Diego Valiante, Cosmina Amariei, Karel Lannoo), University of Bologna (Marco Lamandini, Alessandro Pomelli, Francesca Pellegrini) and University of Madrid – Carlos III (David Ramos Muñoz, Marta Garcia De Vicuña Unda). The study was published on the OPOCE website on 12 October 2017 and is republished by CEPS with the kind permission of the DG FISMA – European Commission.

Legislative process (follow up on the study)

A.  Markets in Financial Instruments Regulation (MiFIR)

  • REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL of 9 Jun 2017. Available here.
  • COMMISSION DELEGATED REGULATION (EU) 2017/1799 of 12 Jun 2017. Available here.

B. Market Abuse Regulation (MAR)

  • REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL of 16 Dec 2015. Available here.
  • COMMISSION DELEGATED REGULATION (EU) 2016/522 of 17 Dec 2015. Available here.

Next steps. The list of exempted central banks and DMOs of third countries will be reviewed, as deemed appropriate, including with a view to extend, where appropriate, the exemptions to other central banks and DMOs of third countries that have not yet been included in the delegated regulations or to remove such public entities from the existing lists.


About the Authors


  • Author
    Cosmina Amariei Cosmina Amariei
    Cosmina Amariei
  • Author
    Diego Valiante
    Diego Valiante
  • Author
    Karel Lannoo Karel Lannoo
    Karel Lannoo
  • Author
    Marco Lamandini
    Marco Lamandini
  • Author
    David Ramos Muñoz
    David Ramos Muñoz
  • Author
    Alessandro Pomelli
    Alessandro Pomelli
  • Author
    Francesca Pellegrini
    Francesca Pellegrini
  • Author
    Marta Garcia De Vicuña Unda
    Marta Garcia De Vicuña Unda
Study on exemptions for third-country central banks and debt management offices under MiFIR and MAR
Download Publication

828 Downloads