Information from the Commission - Annotated presentation of regulated markets and national provisions implementing relevant requirements of the investment services directive (ISD) (Council Directive 93/22/EEC)



Official Journal C 091 , 22/03/2001 P. 0002 - 0005



Annotated presentation of regulated markets and national provisions implementing relevant requirements of the investment services directive (ISD) (Council Directive 93/22/EEC) (2001/C 91/02) Country Title of regulated market Operating entity Competent authority for designation and oversight of market Austria 1. Amtlicher Handel (official market) 2. Geregelter Freiverkehr (semi-official market) 3. Amtlicher Handel NEWEX (official market) 4. Geregelter Freiverkehr NEWEX (semi-official market) 1-2. Wiener Börse AG 3-4. Newex Börse AG (subsidiary of Wiener Börse AG and Deutsche Börse AG) The Ministry of Finance supervises the organisation of the exchange and the decisions made by the bodies of the exchange operating company as to their compliance with the law. The Austrian Securities Authority (ASA) supervises the proper conduct of stock exchange trading Belgium 1. Bourse de valeurs mobilières d'Euronext Brussels: - le premier marché (official market), - le second marché, - le nouveau marché 2. Belfox (Bourse belge des futures et options) 3. Le marché secondaire hors bourse des obligations linéaires, des titres scindés et des certificats de trésorerie 4. Easdaq 1. Euronext Brussels SA 2. Euronext Brussels SA 3. Fonds des rentes 4. Easdaq SA 1. Bourse: Législateur Ministre des finances; Autorité de marché Commission bancaire et financière (CBF) 2. Belfox: Ministre des Finances sur avis de la CBF Autorité de marché CBF 3. Ministre des Finances sur proposition du Comité du fonds des rentes 4. Easdaq/Ministre des finances sur avis de la CBF. Autorité de marché CBF Denmark 1. Københavns Fondsbørs: - equity market, - bond market, - derivatives market 2. 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) 1. Copenhagen Stock Exchange Ltd 2. Danish Authorised Market Place Ltd (DAMP) Finanstilsynet (Danish financial supervisory authority) Finland 1. Arvopaperipörssi (Stock Exchange): - Päälista (main list for equity and debt instruments, - I-, NM- ja Prelista (parallel Lists I-, NM-and pre-list for equity and debt instruments) 2. Optioyhteisö (Option Corporation) (derivatives exchange and clearing house) For both 1 and 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 France 1. Bourse de Paris: - premier marché (official list), - second marché, - marché des EDR (European Depositary Receipts) 2. Nouveau marché 3. MATIF 4. MONEP Euronext Paris (1-4) Proposition du Conseil des marchés financiers (CMF) (see chapitre 1 titre IV du règlement général du CMF). Approbation par le Ministre de l'économie et des finances, après avis de la Commission des Opérations de Bourse (COB) et de la Banque de France Germany 1. Berliner Wertpapierbörse: (Amtlicher Handel, Geregelter Markt) 2. Bremer Wertpapierbörse (Amtlicher Handel, Geregelter Markt) 3. Rheinisch-Westfälische Börse zu Düsseldorf (Amtlicher Handel, Geregelter Markt) 4. Frankfurter Wertpapierbörse (Amtlicher Handel, Geregelter Markt, Neuer Markt) 5. Eurex Deutschland 6. Hanseatische Wertpapierbörse Hamburg (Amtlicher Handel, Geregelter Markt, start-up market) 7. Niedersächsische Börse zu Hannover (Amtlicher Handel, Geregelter Markt) 8. Bayerische Börse (Amtlicher Handel, Geregelter Markt) 9. Baden-Württembergische Wertpapierbörse (Amtlicher Handel, Geregelter Markt) 1. Berliner Börse AG 2. Bremer Wertpapierbörse AG 3. Rheinisch-Westfälische Börse zu Düsseldorf eV 4. Deutsche Börse AG 5. Eurex Deutschland AG 6. BÖAG (Börsen AG) 7. BÖAG (Börsen AG) 8. Bayerische Börse AG 9. Börse-Stuttgart AG Börsenaufsichtsbehörden der Länder (stock exchange supervisory authorities of the federal states) and the Bundesaufsichtsamt für den Wertpapierhandel (BAWe). State authorities: 1. Senatsverwaltung für Wirtschaft und Technologie, Berlin 2. Freie Hansestadt Bremen, Der Senator für Wirtschaft, Mittelstand, Technologie und Europaangelegenheiten 3. Finanzministerium des Landes Nordrhein-Westfalen, Düsseldorf 4 & 5. Hessisches Ministerium für Wirtschaft, Verkehr und Landesentwicklung, Wiesbaden 6. Freie und Hansestadt Hamburg, Wirtschaftsbehörde 7. Niedersächsisches Ministerium für Wirtschaft, Technologie und Verkehr, Hannover 8. Bayerisches Staatsministerium für Wirtschaft, Verkehr und Technologie, München 9. Wirtschaftsministerium Baden-Württemberg, Stuttgart Greece 1. Athens Stock Exchange (ASE)/Thessaloniki Stock Exchange Centre (TSEC = remote platform): - main market, - parallel market, - parallel market for emerging markets, - new market 2. Athens Derivatives Exchange (ADEX) Athens Stock Exchange Capital market commission Ireland Irish Stock Exchange comprising: - official list, - exploration securities market, - developing companies market, - ITEQ Irish Stock Exchange Ltd Central Bank of Ireland authorises "regulated market" and (with exclusion 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 covered warrants market (MCW), - after-hours Market (TAH), - electronic bond and government securities market (MOT), - electronic market for Eurobonds, foreign bonds and asset-backed securities (EuroMOT), - electronic traditional options market (MPR) 2. Mercato Ristretto (second market) 3. Derivatives market (IDEM) 4. Nuovo Mercato (new market - NM) 5. Italian Government securities derivatives market (MIF) 6. Wholesale market for government securities (MTS) 7. Wholesale market for corporate and international organisations bonds 1-5. Borsa Italiana SpA 6-7. Società per il Mercato dei Titoli di Stato - MTS SpA Consob authorises companies which manage markets, and approves. For wholesale markets for government securities, operating company is authorised by treasury having regard to the opinion of Consob and Banca d'Italia Luxembourg Bourse de Luxembourg: - official list Société de la Bourse de Luxembourg SA Commission de surveillance du secteur financier (CSSF) Netherlands Amsterdam Stock Exchange (AEX): - main market, - domestic market for unlisted securities, - Nieuwe Markt Amsterdam Euronext Amsterdam Stock Market NV Euronext Amsterdam Derivatives Markets NV De Stichting Toezicht Effectenverkeer (STE) Portugal 1. Mercado de Cotações Oficias (official quotation market) 2. Segundo Mercado (second market) 3. Novo Mercado (new market) 4. Mercado de Futuros e Opções (futures and options market) 5. MEOG - Mercado Especial de Operações por Grosso (special market for block trading) 6. MEDIP - Mercado Especial de Dívida Pública (special market for public debt) Markets 1-5: BVLP - Sociedade Gestora de Mercados Regulamentados SA Market 6: MTS Portugal - Sociedade Gestora Mercado Especial Dívida Pública SA Finance Ministry authorises markets on basis of proposal from Comissão do mercado da valores mobiliários (CNVM) - latter responsible for regulation and oversight of 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 B. Mercados oficiales de productos financieros derivados: 1. MEFF Renta Fija; 2. MEFF Renta Variable C. Mercados FC & M de futuros y opciones sobre cítricos (commodity derivatives not covered by section B annex ISD: related markets do not fall within ISD definition of "regulated market") D. AIAF Mercado de Renta Fija E. Mercado de Deuda Pública en Anotaciones A1. Sociedad Rectora de la Bolsa de Valores de Barcelona SA A2. Sociedad Rectora de la Bolsa de Valores de Bilbao SA A3. Sociedad Rectora de la Bolsa de Valores de Madrid SA A4. Sociedad Recotora de la Bolsa de Valores de Valencia SA B1. Sociedad Rectora de Productos Financieros Derivados de Renta Fija SA B2. Sociedad Rectora de Productos Financieros Derivados de Renta Variable SA C. (FC & M) Sociedad Rectora del Mercado de Futuros y Opciones sobre Cítricos SA D. AIAF Mercado de Renta Fija CNMV (Comisión Nacional del Mercado de Valores) Banco de España responsible for market for public debt Sweden 1. OM Stockholmsbörsen: - "A-list" market, - "OTC-list" (small companies), - "O-list" (unlisted companies) 2. OM Räntebörsen (fixed income) 3. SBI Marknadsplats 4. Aktietorget 1. OM Stockholmsbörsen Aktiebolag 2. OM Räntebörsen Aktiebolag 3. SBI Marknadsplats Aktiebolag 4. Aktietorget Aktiebolag Finansinspektionen (financial supervisory authority) United Kingdom 1. Domestic equity market 2. European equity market 3. Gilt-edged and sterling bond market 4. Alternative investment market (AIM) 5. The London international financial futures and options exchange (LIFFE) 6. OM London 7. Tradepoint 8. Coredeal (primarily a eurobond market) 9. Jiway Markets 1-4. London Stock Exchange Ltd 5. LIFFE administration and management 6. OM London Exchange Limited 7. Tradepoint Financial Networks plc. 8. Coredeal Limited 9. Jiway Ltd Entities operating regulated markets are recognised investment exchanges within the meaning of Section 37 of the Financial Services Act 1986