Annotated presentation of regulated markets and national provisions implementing relevant requirements of ISD (93/22/EEC)

Prom. C OJ. 38/22 Feb 2007

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Annotated presentation of regulated markets and national provisions implementing relevant requirements of ISD (93/22/EEC)

(2007/C 38/07)



Article 16 of the Investment Services Directive (93/22) (OJ L 141, 11.6.1993) 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 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 (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 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 OJ, 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.

In the cases of Bulgaria and Romania, their regulated markets will only be considered as ISD regulated markets from 1 January 2007.

Country | Title of Reg. Market | Operating entity | Competent authority for designation and oversight of market |

Austria | 1.Amtlicher Handel (official market) | Wiener Börse AG (1-2) | Finanzmarktaufsichtsbehörde |

2.Geregelter Freiverkehr (semi-official market) |

Belgium | 1.Bourse de valeurs mobiliГЁres de Bruxelles (Euronext Brussels):Le marchГ© "Eurolist by Euronext"Le marchГ© "Trading Facility"Le MarchГ© des Instruments dГ©rivГ©s | 1.Euronext Brussels SA | 1.Ministre des Finances sur avis de la Commission Bancaire, FinanciГЁre et des Assurances (CBFA).AutoritГ© de marchГ© = CBFA |

2.Le marchГ© secondaire hors bourse des obligations linГ©aires, des titres scindГ©s et des certificats de trГ©sorerie. | 2.Fonds des rentes | 2.LГ©gislateur (art. 144, В§2 de la loi du 2.8.2002);AutoritГ© de marchГ© = ComitГ© du fonds des rentes, pour compte de la CBFA. |

Bulgaria | 1.Официален пазар (official market) | Българска Фондова Борса — София АД (Bulgarian Stock Exchange — Sofia JSCo) | Комисия за финансов надзор (Financial Supervision Commission) |

2.Неофициален пазар (unofficial market) |

Cyprus | Cyprus Stock Exchange | Cyprus Stock Exchange | Cyprus Securities and Exchange Authority |

Czech Republic | 1.Main Market (Hlavni Trh) | 1-3.Prague Stock Exchange (Burza cennych papГ­rЕЇ Praha, a.s.) | Czech Securities Commission authorises organisers of regulated markets |

2.Secondary Market (Vedlejsi trh) |

3.Free Market (Volny trh) |

4.RM SYSTEM Official Market | 4.RM SYSTEM a.s. — organizer of regulated rarket | Organisers are obliged to monitor and assess trading on the market organised thereby. |

Denmark | 1.KГёbenhavns FondsbГёrsEquity market;Bond market;Derivatives market | 1-2.Copenhagen Stock Exchange Ltd. | Finanstilsynet (Danish financial supervisory authority) |

2.XtraMarket — Authorised marketplace for unlisted units of investment associations (UCITS) and Special Purposes Associations. |

3.Dansk Autoriseret Markedsplads A/S (Danish Authorised Market Place Ltd. (DAMP)) [authorised market place = regular trade in securities admitted for trading but not listed on stock exchange] | 3.Danish Authorised Market Place Ltd. (DAMP) |

Estonia | 1.Väärtpaberibörs (Stock Exchange)Põhinimekiri (Main list)Investorinimekiri (Investor List)Võlakirjade nimekiri (List for debt instruments)Fondiosakute nimekri (List for Fund shares | AS Tallinna Börs (Tallinn Stock Exchange Ltd.) | Finantsinspektsioon (Estonian Financial Supervision Authority) |

2.Reguleeritud turg(Regulated Market)Vabaturg (Free Market) |

Finland | 1.Arvopaperipörssi (Stock Exchange);Päälista (Main List for equity and Debt Instruments);Pre-lista ja ML-markkina (parallel Lists pre-list and BL-market for equity and debt instruments); | Helsingin Pörssi Oy (Helsinki Stock Exchange Ltd.) | Designation: Ministry of Finance. Oversight: Approval of rules: Ministry of Finance;Supervision of compliance: Rahoitustarkastus/Finnish Financial Supervision Authority. |

France | 1.Eurolist by Euronext | Euronext Paris (1-3) | Proposition de l'AutoritГ© des marchГ©s financiers (AMF). Reconnaissance par le ministre chargГ© de l'Г©conomie (cf. article L.421-1 du code monГ©taire et financier). |

2.MATIF |

3.MONEP |

Germany | | | Börsenaufsichtsbehörden der Länder (stock exchange supervisory authorities of the federal states) and the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin). |

| | State authorities: |

1.Börse Berlin-Bremen (Amtlicher Handel, Geregelter Markt) | 1.Berliner Börse AG. | 1.Senatsverwaltung für Wirtschaft und Technologie, Berlin. |

2.Düsseldorfer Börse (Amtlicher Handel, Geregelter Markt) | 2.Börse Düsseldorf AG. | 2.Finanzministerium desLandes Nordrhein-Westfalen, Düsseldorf. |

3.Frankfurter Wertpapierbörse (Amtliche Markt, Geregelter Markt); | 3.Deutsche Börse AG. | 3 & 4.Hessisches Ministerium für Wirtschaft, Verkehr und Landesentwicklung, Wiesbaden. |

4.Eurex Deutschland | 4.Eurex Frankfurt AG |

5.Hanseatische Wertpapierbörse Hamburg (Amtlicher Markt, Geregelter Markt, Startup market) | 5.BÖAG (Börsen AG) | 5.Freie und Hansestadt Hamburg, Wirtschaftbehörde; |

6.Niedersächsische Börse zu Hannover (Amtlicher Markt, Geregelter Markt) | 6.BÖAG (Börsen AG) | 6.Niedersächsisches Ministerium für Wirtschaft, Arbeit und Verkehr, Hannover; |

7.Börse München(Amtlicher Markt, Geregelter Markt) | 7.Bayerische Börse AG | 7.Bayerisches Staatsministerium für Wirtschaft, Verkehr und Technologie, München; |

8.Baden-Württembergische Wertpapierbörse(Amtlicher Markt, Geregelter Markt) | 8.Börse-Stuttgart AG | 8.Wirtschaftsministerium Baden-Württemberg, Stuttgart. |

9.Risk Management Exchange Hannover (Geregelter Markt) | 9.RMX Hannover | 9.Niedersächsisches Ministerium für Wirtschaft, Arbeit und Verkehr, Hannover |

10.European Energy Exchange | 10.European Energy Exchange AG, Leipzig | 10.Sächsisches Staatsministerium für Wirtschaft und Arbeit, Dresden |

Greece | 1.Athens Exchange (Market Operator)Securities MarketDerivatives Market | 1.Athens Stock Exchange | Capital market Commission |

2.Electronic Secondary Securities' Market (HDAT-Debt Instrument's Market) | 2.Bank of Greece | 2.Committee of Primary Dealers Supervision and Control |

Hungary | 1.Budapesti Г‰rtГ©ktЕ‘zsde Zrt. (Budapest Stock Exchange)RГ©szvГ©nyszekciГі (Equities Section)HitelpapГ­r szekciГі (Debt Securities Section)SzГЎrmazГ©kos szekciГі (Derivatives Section)ГЃru szekciГі (Commodities Section) | Budapesti Г‰rtГ©ktЕ‘zsde Zrt. (Budapest Stock Exchange) | PГ©nzГјgyi Szervezetek ГЃllami FelГјgyelete (Hungarian Financial Supervisory Authority) |

Ireland | Official List of the Irish Stock Exchange | Irish Stock Exchange Ltd. | The Irish Financial Services Regulatory Authority ("Financial Regulator") authorises "regulated markets" and (excluding listing conditions) vets and approves rules for operations as prepared by the ISE. |

Italy | 1.Electronic share market (Mercato Telematico azionario) (MTA)STAR segmento dell'MTAMTF segmento dell'MTAMTA International segmento dell'MTA | (1-7)Borsa Italiana S.p.A. | CONSOB authorises companies which manage markets, and approves their by-laws and regulations For wholesale markets for Government securities, operating company is authorised by the Ministry of the Economy and Finance having regard to the opinion of CONSOB and Banca d'Italia. |

2.Electronic market for securities derivatives (Mercato Telematico dei Securitised derivatives (SeDeX); |

3.Electronic bond market (Mercato Telematico delle Obbligazioni) (MOT)DomesticMOT segmento del MOTEuroMOT segmento del MOT |

4.MTAX Market |

5."After-Hours" markets: TAH and TAHX |

6.Mercato Expandi; |

7.Derivatives market (Mercato degli strumenti derivati IDEM per la negoziazione degli strumenti finanziari previsti dall'art. 1, comma 2, lettere f) e i) del d.lgs. 24 febbraio 1998, n. 58 |

8.Wholesale Market for Government Securities (MTS); | (8-10)Società per il Mercato dei Titoli di Stato — MTS s.p.a. |

9.BONDVISION Market for the wholesale trading via internet of Government securities |

10.Wholesale Market for Corporate and International Organisations Bonds. |

11.TLX | (11)TLX s.p.a. |

Latvia | Riga Stock Exchange | JSC Rigas Fondu Birza | Financial and Capital Market Commission |

Lithuania | 1.The Main list of the Vilnius Stock Exchange | Vilnius Stock Exchange | Lithuanian Securities Commission |

2.The I-list of the Vilnius Stock Exchange |

3.The Debt securities list of the Vilnius Stock Exchange |

Luxembourg | Bourse de Luxembourg: Official List | SociГ©tГ© de la Bourse de Luxembourg S.A. | Commission de surveillance du Secteur Financier |

Malta | Malta Stock Exchange | Malta Stock Exchange | Malta Financial Services Authority |

Netherlands | 1.Euronext Amsterdam Cash Market:Eurolist Amsterdam | Euronext N.V. and Euronext Amsterdam N.V. | Recognition by the Minister of Finance after advice from the Netherlands Authority for the Financial Markets Supervision by the Netherlands authority for the Financial Markets and The Netherlands Ministry of Finance. |

2.Euronext Amsterdam Derivatives Market |

Poland | 1.Rynek podstawowy (Main Market) | 1. and 2.Gielda PapierГіw WartoЕ›ciowych w Warszawie (Warsaw Stock Exchange) | Komisja Nadzoru Finansowego (Financial Supervisory Commission) |

2.Rynek rГіwnolegly (Parallel Market) |

3.Rynek PapierГіw Wartosciowych CeTO (regulowany rynek pozagieldowy) (CeTO Securities Market Regulated Off-exchange market) | 3.MTS-CeTO S.A. |

Portugal | 1.Eurolist by Euronext Lisbon (Official Listing Market) | Markets 1 and 2: Euronext Lisbon — Sociedade Gestora de Mercados Regulamentados, S.A. | Finance Ministry authorises markets by proposal from the Comissão do Mercado de Valores Mobiliários (CMVM, responsible for market regulation and supervision). |

2.Mercado de Futuros e Opções (Futures and Options Market) |

3.MEDIP — Mercado Especial de Dívida Pública (Special Market for Public Debt) | Market 3: MTS Portugal — Sociedade Gestora do Mercado Especial de Dívida Pública, SGMR, S.A. |

Slovak Republic | 1.Market of Listed SecuritiesMain Listed marketParallel Listed MarketNew Listed Market | Bratislava Stock Exchange | National Bank of Slovakia |

2.Regulated Free Market |

Slovenia | 1.Borzni trg (Stock Exchange Market) | Ljubljana Stock Exchange (Ljubljanska borza) | Securities Markets Agency (Agencija za trg vrednostnih papirjev) |

2.Prosti trg (Free Market) |

3.Trg uradnih vzdrЕѕevalcev likvidnosti drЕѕavnih vrdnostnih papirjev (Market for official state secruties market makers) |

Spain | A.Bolsas de Valores (all comprise first, second and new market segments)1.Bolsa de Valores de Barcelona;2.Bolsa de Valores de Bilbao;3.Bolsa de Valores de Madrid;4.Bolsa de valores de Valencia. | A1:Sociedad Rectora de la Bolsa de Valores de Barcelona S.A.A2.Soc. Rectora de la Bolsa de Valores de Bilbao S.A.A3.Soc. Rectora de la Bolsa de Valores de Madrid S.A.A4.Soc. Rectora de la Bolsa de Valores de Valencia. S.A. | CNMV (ComisiГіn Nacional del Mercado de Valores) Banco de EspaГ±a responsible for market for public debt. |

B.Mercados oficiales de Productos Finacieros Derivados1.MEFF Renta Fija;2.MEFF Renta Variable. | B1.Soc. Rectora de Productos Financieros Derivados de RENTA Fija S.A.B2.Soc. Rectora de Productos Financieros Derivados de Renta Variable S.A. |

C.Mercado MFAO de Futuros del Aceite de Oliva | C.(MFAO) Sociedad rectora del Mercado de Futuros del Aceite de Oliva, S.A. |

D.AIAF Mercado de Renta Fija | D.AIAF Mercado de Renta Fija |

E.Mercados de Deuda PГєblica en Anotaciones | E.Banco de EspaГ±a |

Sweden | 1.Stockholmsbörsen: | 1.Stockholmsbörsen Aktiebolag | Finansinspektionen (Financial Supervisory Authority) |

2.Nordic Growth Market | 2.Nordic Growth Market NGM — Aktiebolag |

3.Aktietorget | 3.Aktietorget Aktiebolag |

United Kingdom | 1.Domestic Market | Markets 1-6: London Stock Exchange Limited | Entities operating regulated markets are recognized investment exchanges within the meaning of s285 of the Financial Services and Markets Act 2000 and are regulated by the Financial Services Authority |

2.Gilt Edged and Fixed Interest Market |

3.International Retail Service (Regulated Segment) |

4.International Order Book (Regulated Segment) |

5.International Bulletin Board (Regulated Segment — order book only) |

6.Dutch Trading Service (order book only) |

7.The London International Financial Futures and Options Exchange (LIFFE) | 7.LIFFE Administration and Management |

8.Regulated Market Segment for SMI securities | 8.& 9.Virt-x Exchange Limited |

9.Regulated Market Segment for pan-European securities |

10.EDX | 10.EDX London Limited |

Romania | 1.Spot Regulated Market — BVB | 1.Bucharest Stock Exchange S.A. | Romanian National Securities Commission |

2.Derivatives Regulated Market — BMFMS | 2.Monetary — Financial and Commodities Exchange — Sibiu S.A. |

Iceland | 1.Verðbréfaþing Íslands hf. (Kauphöll Íslands. — official market) | 1.Kauphöll Íslands. | Fjármála-eftirlitið (Financial Supervisory Authority) |

2.Tilboðsmarkaður VÞÍ (Regulated OTC Market — not official listing) | 2.Kauphöll Íslands. |

Norway | Oslo Stock Exchange Equity MarketDerivatives MarketBonds Market | Oslo BГёrs ASA | Kredittilsynet (Financial Supervisory Authority of Norway) |

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