Recital 15

(15)Authorised participants, and market makers as defined in Article 4(1), point (7), of Directive 2014/65/EU of the European Parliament and of the Council ³ perform essential functions for the day-to-day operations of exchange-traded UCITS. The role of authorised participants and market makers includes acquiring or selling units or shares of an exchange-traded UCITS in the secondary market, assisting the management company of the exchange-traded UCITS in executing orders, and ensuring continuous liquidity and secondary market trading. As part of the regular dealing activity of an exchange-traded UCITS, the delivery in whole or in part of underlying securities held by, or on behalf of, an exchange-traded UCITS to authorised participants and market makers to fulfil redemption order should not be considered as an activation of the redemption in kind liquidity management tool referred to in point 8, of Annex IIA to Directive 2009/65/EC, as such operation does not relate to the liquidity management of the portfolio of an exchange-traded UCITS.