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3.

Commission Regulation (EC) No 2273/2003 of 22 December 2003 implementing Directive 2003/6/EC of the European Parliament and of the Council as regards exemptions for buy-back programmes and stabilisation of financial instruments (Text with EEA relevance) · European Union

For the purposes of paragraph 2, in cases of extreme low liquidity on the relevant market, the issuer may exceed the 25 % limit, provided that the following conditions are met: the issuer informs the competent authority of the relevant market, in advance, of its intention to deviate from the 25 % limit; the issuer discloses adequately to the public the fact that it may deviate from the 25 % limit; the issuer does not exceed 50 % of the average daily volume.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-13 · Text as adopted (Official Journal); later amendments are not incorporated in this text.