E2003G0408(01)

Annotated presentation of regulated markets in accordance with Article 16 of Directive 93/22/EEC on investment services in the securities field (ISD)

(2004/C 88/11)

1. Council Directive 93/22 EEC on investment services in the securities field (ISD) authorises each Member State to confer the status of "regulated market" on those markets constituted on its territory and which comply with its regulations.

2. Article 1(13) of Directive 93/22 EEC defines a "regulated market" as a market for the financial instruments listed in section B of the annex to the ISD, which;

- is recognised as such by its home Member States (where Home Member State is determined in accordance with Article 1(6)c of the 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 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 with on the market;

- complies with all the reporting and transparency requirements laid down pursuant to Articles 20 and 21 of ISD.

3. 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. An annotated presentation of regulated markets in the EU Member States was published in the Official Journal of the European Communities on 16 November 2002(1).

4. Paragraph 6(b) of Protocol 1 to the EEA Agreement requires that where according to an act, facts, procedures, reports and the like are to be published in the Official Journal of the European Union the corresponding information regarding the EFTA States shall be published in a separate section thereof.

5. The present list was drawn up by the Standing Committee of the EFTA States on the basis of information supplied by the EFTA States concerned. The 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.

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(1) OJ C 280, 16.11.2002, p. 2.