Annotated presentation of regulated markets and national provisions implementing relevant requirements of the investment services directive (ISD) (Council Directive 93/22/EEC)
OJ C 72, 23.3.2004, p. 3–7 (ES, DA, DE, EL, EN, FR, IT, NL, PT, FI, SV)
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Annotated presentation of regulated markets and national provisions implementing relevant requirements of the investment services directive (ISD) (Council Directive 93/22/EEC)(1)
Article 16 of the Investment Services Directive 93/22/EEC authorises each Member State to confer the status of "regulated market" on those markets constituted on its territory and which comply with its regulations.
Article 1.13 of the Directive 93/22/EEC defines a "regulated market" as a market for the financial instruments listed in section B of the Annex to the Investment Services Directive, which;
- is recognised as such by its home Member State (where home Member State is determined in accordance with Article 1(6)(c) of ISD);
- functions regularly;
- is characterised by the fact that regulations issued or approved by the competent authorities define the conditions for the operation of the market, the conditions for the operation of the market, the conditions for access to the market and where Directive 79/279/EEC on admission to official listing is applicable, the conditions governing admission to listing imposed in that Directive and, where that Directive is not applicable, the conditions that must be satisfied by a financial instrument before it can effectively be dealt in on the market;
- complies with all the reporting and transparency requirements laid down pursuant to Articles 20 and 21 of the ISD.
Article 16 of Directive 93/22/EEC requires that each Member State maintain an updated list of regulated markets authorised by it. This information should be communicated to other Member States and the Commission. Under the same article, the Commission is required to publish a list of regulated markets notified to it on a yearly basis. The present list has been compiled pursuant to this requirement.
The attached list indicates the title of the individual markets which are recognised by national competent authorities as complying with the definition of "regulated market". In addition, it indicates the entity responsible for managing these markets and the competent authority responsible for issuing or approving the rules of the market.
As a result of reduced entry barriers and specialisation in trading segments, the list of "regulated markets" is subject to greater turnover. Consequently, the European Commission will, in addition to yearly publication of a list in the Official Journal of the European Union, maintain an updated version of this list on its official website
http://europa.eu.int/comm/ internal_market/en/finances/mobil/ isd/
This list will be updated regularly on the basis of information communicated by national authorities. The latter are called upon to continue to advise the Commission of any additions to or deletions from the list of regulated markets for which it is the home Member State.
(1) OJ L 141, 11.6.1993, p. 27.