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

Prom. C OJ. 300/30 Nov 2005

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

(2005/C 300/05)



Article 16 of Investment Services Directive 93/22/EEC (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 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 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 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, 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.

Country | Title of regulated 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 Brussel 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 02.08.2002);AutoritГ© de marchГ©: ComitГ© du fonds des rentes, pour compte de la CBFA. |

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

Czech Republic | 1.Main Market | 1- 4Prague Stock Exchange | Czech Securities Commission authorises organisers of Regulated Markets |

2.Secondary Market |

3.New Market |

4.Free Market |

5.RM System Official Market | 5 —RM System organizer of Regulated Market | Organisers are obliged to monitor and assess trading on the market organised thereby |

Denmark | 1.Københavns FondsbørsEquity 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.Stock ExchangeMain listInvestor ListList for debt instrumentsList for Fund shares | Tallinn Stock Exchange | Estonian Financial Supervision Authority |

2.Regulated MarketFree Market |

Finland | 1.Arvopaperipörssi (Stock Exchange);Päälista (Main List for equity and Debt Instruments);I-, NM-, Pre- ja Meklarien lista (parallel Lists I-, NM-, pre- and Brokers' list for equity and debt instruments); | For both 1& 2: Helsingin Arvopaperi- ja johdannaispörssi, selvitysyhtiön Oy, (Helsinki Securities and Derviatives Exchange, Clearing House Ltd) | Designation: Ministry of Finance. Oversight: Approval of rules: Ministry of Finance;Supervision of compliance: Rahoitustarkastus/Finnish Financial Supervision Authority. |

2.Optioyhteisö (Option Corporation).(Derivatives exchange and clearing house). |

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 | 1.Börse Berlin-Bremen (Amtlicher Handel, Geregelter Markt) | 1.Berliner Börse AG. | Börsenaufsichtsbehörden der Länder (stock exchange supervisory authorities of the federal states) and the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin). State authorities: 1.Senatsverwaltung für Wirtschaft und Technologie, Berlin. |

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

3.Frankfurter Wertpapierbörse (Amtlicher Markt, Geregelter Markt); | 3Deutsche 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, Technologie 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. |

Greece | 1.Athens Exchange (Market Operator)Main MarketParallel MarketNew MarketMarket of Emerging Capital MarketsFixed Income Instruments' MarketDerivative Instruments' Market | 1.Athens Stock Exchange | Capital market Commission |

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

Hungary | 1.Budapesti Г‰rtГ©ktЕ‘zsde Rt. (Budapest Stock Exchange)RГ©szvГ©nyszekciГі (Equities Section)HitelpapГ­r SzekciГі (Debt Securities Section)SzГЎrmazГ©kos SzekciГі (Derivatives Section) | 1.Budapesti Г‰rtГ©ktЕ‘zsde Rt. | 1.PГ©nzГјgyiSzervezetek ГЃllamiFelГјgyelete (Hungarian Financial Supervisory Authority (HFSA)) |

2.Budapesti ГЃrutЕ‘zsde Rt. (Budapest Commodity Exchange)PГ©nzГјgyi SzekciГі (Financial Section)GabonaszekciГі (Grain Section)HГєsszekciГі (Livestock Section) | 2.Budapesti ГЃrutЕ‘zsde Rt. | 2.PГ©nzГјgyiSzervezetek ГЃllamiFelГјgyelete |

Ireland | Irish Stock Exchange comprising: Official ListITEQ | Irish Stock Exchange Ltd. | The Irish Financial Services Regulatory Authority authorises "regulated market" and (with exc. of listing conditions) vets and approves rules for operation of the different segments as prepared by the ISE. |

Italy | 1.Stock Exchange, divided into the following segments:Electronic share market (MTA)Electronic market for securities derivatives (SeDeX);After-Hours Market (TAH);Electronic bond market (MOT); | (1-4)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.MTAX Market, divided into the following segments:MTAX;MTAX After-Hours Market (TAHX) |

3.Mercato Expandi; |

4.Derivatives market (IDEM); |

5.Wholesale Market for Government Securities (MTS); | (5-7)Società per il Mercato dei Titoli di Stato — MTS S.p.A.: |

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

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

8.TLX | (8)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 | National Stock Exchange of Lithuania | 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 Papierów Wartościowych w Warszawie (Warsaw Stock Exchange) | Komisja Papierów Wartościowych i Gield (Polish Securities and Exchange Commission) |

2.Rynek rГіwnolegly (Parallel Market) |

3.MTS-CTO Market (Regulated Off-exchange market) | 3 —MTS-CeTO S.A. |

Portugal | 1.Mercado de Cotações Oficiais (Official Quotation Market) | Markets 1-4: Euronext Lisboa — Sociedade Gestora de Mercados Regulamentados SA | Finance Ministry authorises markets on basis of proposal from Comissão do Mercado de Valores Mobiliários (CMVM) — latter responsible for regulation and oversight of market. |

2.Segundo Mercado (Second Market) |

3.Novo Mercado (New Market) |

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

5.MEDIP — Mercado Especial de Dívida Pública (Special Market for Public Debt) | Market 5: MTS Portugal — Sociedade Gestora Mercado Especial Dívida Pública SA |

Slovak Republic | 1.Market of Listed SecuritiesMain Listed marketParallel Listed MarketNew Listed Market | Bratislava Stock Exchange | Financial Market Authority |

2.Regulated Free Market |

Slovenia | 1.Borzna kotacija (Official Market) | Ljubljana Stock Exchange | Securities Markets Agency |

2.Prosti trg (Free Market) |

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 | |

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 |

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 (The Banking, Insurance and Securities Commission of Norway) |

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