Home FCA Handbook SSR SSR 5 SSR 5.5 Notification requirement for new users or previously prohibited users of the market maker exemption
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SSR 5.5 Notification requirement for new users or previously prohibited users of the market maker exemption

13/07/2026R
  1. (1) The market maker exemption will not apply unless the person intending to use it has first given the FCA 15 calendar days’ notice of their intention to use the market maker exemption using the notification template in SSR 5 Annex 1R.
  2. (2) A person is not required to give 15 calendar days’ notice under (1) where that person has:
    1. (a) already notified the FCA under (1); and
    2. (b) has not subsequently:
      1. (i) notified the FCA under SSR 5.7.1R(1) to remove the market maker exemption; or
      2. (ii) been prohibited from using the market maker exemption under SSR 5.8.1R.
  3. (3) Where the FCA receives a notification under (1), the market maker exemption will take effect upon either:
    1. (a) subject to (4), the elapsing of 15 calendar days from the date the FCA receives a complete notification; or
    2. (b) the FCA issuing a non-objection notice that it will not use its powers to prohibit the use of the market maker exemption in SSR 5.8.1R,
    3. whichever is the earlier.
  4. (4) Where the FCA has issued a notification proposing to prohibit under SSR 5.9 in accordance with SSR 5.8, the market maker exemption will not take effect until it subsequently issues a non-objection notice.
13/07/2026G
  1. (1) Further to SSR 5.5.1R, having received a complete notification including all the information specified in SSR 5 Annex 1R, the FCA will consider whether the notifying person meets the conditions to utilise the market maker exemption under SSR 5.4.1R within 15 calendar days from the day on which the complete notification is received, with a view to determining whether to prohibit the use of the market maker exemption by the person concerned under SSR 5.8.1R.
  2. (2) If the FCA is satisfied that the notification contains the complete information and demonstrates that the conditions of the market maker exemption specified in SSR 5.4.1R are met, the FCA will provide a non-objection notice to the notifying person within 15 calendar days from the day on which the complete notification was received.
  3. (3) If the FCA is not satisfied that the notification submitted in accordance with SSR 5 Annex 1R meets the conditions of the market maker exemption specified in SSR 5.4.1R, the FCA will follow the procedure in SSR 5.9.
  4. (4) If the notification submitted is incomplete, the FCA will inform the notifying person and will consider the notification within the timeframe specified in (1) from the date the missing information is received
  5. (5) The FCA aims to respond to all notifications as soon as possible. While the FCA aims to inform the notifying person of its determination within 15 calendars days from the day on which a complete notification is received, if the FCA is satisfied that a notification meets the conditions of the market maker exemption, it will provide a written non-objection notice to the notifying person before the expiry of 15 calendar days. 
13/07/2026R

A notification under SSR 5.5.1R(1) must be submitted to the FCA via means specified on the short selling section of the FCA website.