62025CO0163_INF
Order of the Court (Eighth Chamber) of 3 October 2025 –Sadalbari
(Case C‑163/25)
(Reference for a preliminary ruling – Article 53(2) and Article 99 of the Rules of Procedure of the Court of Justice – Response which may be clearly deduced from the case-law – Markets in financial instruments – Directive 2004/39/EC – Article 4(1)(14) – Definition of ‘regulated market’ – Authorisation – Functional requirements – Market administered, following a merger, by a legal person also administering a regulated market – Article 94(c) of the Rules of Procedure – Manifest inadmissibility)
Freedom of establishment – Freedom to provide services – Markets in financial instruments – Directive 2004/39 – Regulated market – Meaning – Market in financial instruments not having been authorised as a regulated market within the meaning of that directive and not fulfilling its other conditions – Not included – Operator having merged with the operator of a regulated market – Irrelevant
(European Parliament and Council Directive 2004/39, Arts 4(1)(14) and 36(1))
(see paragraphs 31, 32, 34, operative part)
Operative part
Article 4(1)(14) and Article 36(1) of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC,
must be interpreted as meaning that a market in financial instruments which has not been authorised as a ‘regulated market’, within the meaning of that directive, or which does not fulfil the other conditions laid down by the provisions in Title III of that directive does not constitute a ‘regulated market’ within the meaning of that directive.