The classes of bonds, structured finance products and emission allowances for which there is not a liquid market
(Article 9(1), point (c), of Regulation (EU) No 600/2014)
To determine whether a bond, structured finance product or emission allowance is to be considered not to have a liquid market, competent authorities shall apply the following static determination of liquidity:
(a)
for all bond types, except ETCs and ETNs, the determination set out in Table 2.2 of Annex III;
(b)
for ETCs and ETNs, the determination set out in Table 2.4 of Annex III;
(c)
for structured finance products, the determination set out in Table 3.1 of Annex III;
(d)
for emission allowances, the determination set out in Table 12.1 of Annex III.