The publication of the translated guidelines by the European Securities and Markets Authority (ESMA) triggers a transitional period of two months during which national supervisors have to declare whether they intend to comply with the guidelines, or otherwise
explain the reasons for non-compliance. ESMA expects the guidelines to become effective and to be applied across the EU from 2 June 2013. The introduction of the guidelines will help to guide consistency of market practices and convergence of supervisory
practices amongst national securities market regulators across the EU.
Financial market participants are not required to report whether they comply with these guidelines.