Annotated presentation of regulated markets and national provisions implementing relevant requirements of the investment services directive (ISD) (Council Directive 93/22/EEC)
Date: 2001-04-24
Institutions: European Commission
Subjects: EU Member State, financial market, market access, official market

C 120/4

EN

Official Journal of the European Communities

24.4.2001

Annotated presentation of regulated markets and national provisions implementing relevant
requirements of the investment services directive (ISD) (Council Directive 93/22/EEC) (1)

(2001/C 120/03)

Article 16 of Directive 93/22/EEC on investment services in the securities field (ISD) authorises each
Member State to confer the status of (cid:145)regulated market(cid:146) on those markets constituted on its territory
and which comply with its regulations.

Article 1.13 of Directive 93/22/EEC defines a (cid:145)regulated market(cid:146) as a market for the financial instruments
listed in section B of the annex to the ISD, which;

(cid:151) 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;

(cid:151) functions regularly,

(cid:151) 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;

(cid:151) 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 following list indicates the title of the individual markets which are recognised by national competent
it indicates the entity
authorities as complying with the definition of (cid:145)regulated market(cid:146). In addition,
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 (cid:145)regulated markets(cid:146) is
subject to greater turnover. Consequently, the European Commission will, in addition to yearly publication
of a list in the Official Journal of the European Communities, maintain an updated version of this list on its
official website

(http://europa.eu.int/comm/internal_market/en/finances/mobil/isdlist_nl.pdf).

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.

(1) OJ L 141, 11.6.1993, p. 27.

24.4.2001

EN

Official Journal of the European Communities

C 120/5

Country

Title of regulated market

Operating entity

Competent authority for designation and
oversight of market

Belgium

1. Bourse de valeurs mobiliŁres

1. Euronext Brussels SA

1. Bourse:

2. Euronext Brussels SA

LØgislateur

3. Fonds des rentes

Ministre des finances;

4. Easdaq SA

d’Euronext Brussels:

(cid:151) le premier marchØ (official

market),

(cid:151) le second marchØ,

(cid:151) le nouveau marchØ

2. Belfox (Bourse belge des futures et

options)

3. Le marchØ secondaire hors bourse des
obligations linØaires, des titres scindØs
et des certificats de trØsorerie

4. Easdaq

Denmark

1. Kłbenhavns Fondsbłrs:

1. Copenhagen Stock Exchange

Ltd

2. Danish Authorised Market

Place Ltd (DAMP)

(cid:151) equity market,

(cid:151) bond market,

(cid:151) 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)

Germany

1. Berliner Wertpapierb(cid:246)rse:
Handel, Geregelter Markt)

(Amtlicher

1. Berliner B(cid:246)rse AG

2. Bremer Wertpapierb(cid:246)rse AG

3. Rheinisch-Westf(cid:228)lische B(cid:246)rse

zu D(cid:252)sseldorf eV

4. Deutsche B(cid:246)rse AG

5. Eurex Deutschland AG

6. B(cid:214)AG (B(cid:246)rsen AG)

7. B(cid:214)AG (B(cid:246)rsen AG)

8. Bayerische B(cid:246)rse AG

9. B(cid:246)rse-Stuttgart AG

2. Bremer Wertpapierb(cid:246)rse (Amtlicher

Handel, Geregelter Markt)

3. Rheinisch-Westf(cid:228)lische B(cid:246)rse zu
D(cid:252)sseldorf (Amtlicher Handel,
Geregelter Markt)

4. Frankfurter Wertpapierb(cid:246)rse

(Amtlicher Handel, Geregelter Markt,
Neuer Markt)

5. Eurex Deutschland

6. Hanseatische Wertpapierb(cid:246)rse
Hamburg (Amtlicher Handel,
Geregelter Markt, start-up market)

7. Nieders(cid:228)chsische B(cid:246)rse zu Hannover
(Amtlicher Handel, Geregelter Markt)

8. Bayerische B(cid:246)rse (Amtlicher Handel,

Geregelter Markt)

9. Baden-W(cid:252)rttembergische

Wertpapierb(cid:246)rse (Amtlicher Handel,
Geregelter Markt)

AutoritØ de marchØ
Commission bancaire et financiŁre
(CBF)

2. Belfox:

Ministre des Finances sur avis de la CBF

AutoritØ de marchØ CBF

3. Ministre des Finances sur proposition

du ComitØ du fonds des rentes

4. Easdaq/Ministre des finances sur avis de

la CBF. AutoritØ de marchØ CBF

Finanstilsynet (Danish financial supervisory
authority)

B(cid:246)rsenaufsichtsbeh(cid:246)rden der L(cid:228)nder (stock
exchange supervisory authorities of the
federal states) and the Bundesaufsichtsamt
f(cid:252)r den Wertpapierhandel (BAWe).

State authorities:

1. Senatsverwaltung f(cid:252)r Wirtschaft und

Technologie, Berlin

2. Freie Hansestadt Bremen, Der Senator
f(cid:252)r Wirtschaft, Mittelstand, Technologie
und Europaangelegenheiten

3. Finanzministerium des Landes

Nordrhein-Westfalen, D(cid:252)sseldorf

4 & 5. Hessisches Ministerium f(cid:252)r

Wirtschaft, Verkehr und Landes-
entwicklung, Wiesbaden

6. Freie und Hansestadt Hamburg,

Wirtschaftsbeh(cid:246)rde

7. Nieders(cid:228)chsisches Ministerium f(cid:252)r

Wirtschaft, Technologie und Verkehr,
Hannover

8. Bayerisches Staatsministerium f(cid:252)r

Wirtschaft, Verkehr und Technologie,
M(cid:252)nchen

9. Wirtschaftsministerium Baden-W(cid:252)rt-

temberg, Stuttgart

C 120/6

EN

Official Journal of the European Communities

24.4.2001

Country

Title of regulated market

Operating entity

Competent authority for designation and
oversight of market

Greece

1. Athens Stock Exchange (ASE)/Thessa-

Athens Stock Exchange

Capital market commission

loniki Stock Exchange Centre
(TSEC = remote platform):

(cid:151) main market,

(cid:151) parallel market,

(cid:151) parallel market for emerging

markets,

(cid:151) new market

2. Athens Derivatives Exchange (ADEX)

Spain

A. Bolsas de Valores (all comprise first,
second and new market segments):

A1. Sociedad Rectora de la Bolsa
de Valores de Barcelona SA

CNMV (Comisi(cid:243)n Nacional del Mercado de
Valores)

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 c(cid:237)tricos (commodity
derivatives not covered by section B
annex ISD: related markets do not fall
within ISD definition of (cid:145)regulated
market(cid:146))

D. AIAF Mercado de Renta Fija

E. Mercado de Deuda Pœblica en Anota-

ciones

A2. Sociedad Rectora de la Bolsa
de Valores de Bilbao SA

Banco de Espaæa responsible for market
for public debt

A3. Sociedad Rectora de la Bolsa
de Valores de Madrid SA

A4. Sociedad Rectora 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 C(cid:237)tricos SA

D. AIAF Mercado de Renta Fija

France

1. Bourse de Paris:

Euronext Paris (1-4)

(cid:151) premier marchØ (official list),

(cid:151) second marchØ,

(cid:151) marchØ des EDR (European

Depositary Receipts)

2. Nouveau marchØ

3. MATIF

4. MONEP

Ireland

Irish Stock Exchange comprising:

Irish Stock Exchange Ltd

(cid:151) official list,

(cid:151) exploration securities market,

(cid:151) developing companies market,

(cid:151) ITEQ

Proposition du Conseil des marchØs
financiers (CMF) (see chapitre 1 titre IV du
rŁglement gØnØral du CMF).

Approbation par le Ministre de l’Øconomie
et des finances, aprŁs avis de la
Commission des OpØrations de Bourse
(COB) et de la Banque de France

Central Bank of Ireland authorises
(cid:145)regulated market(cid:146) and (with exclusion of
listing conditions) vets and approves rules
for operation of the different segments as
prepared by the ISE

24.4.2001

EN

Official Journal of the European Communities

C 120/7

Country

Title of regulated market

Operating entity

Competent authority for designation and
oversight of market

Italy

1. Stock Exchange, divided into the

1-5. Borsa Italiana SpA

following segments:

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

(cid:151) electronic share market (MTA),

6-7. Societ(cid:224) per il Mercato dei
Titoli di Stato (cid:151) MTS SpA

(cid:151) electronic covered warrants

market (MCW),

(cid:151) after-hours market (TAH),

(cid:151) electronic bond and government

securities market (MOT),

(cid:151) electronic market for Eurobonds,
foreign bonds and asset-backed
securities (EuroMOT),

(cid:151) electronic traditional options

market (MPR)

2. Mercato Ristretto (second market)

3. Derivatives market (IDEM)

4. Nuovo Mercato (new market (cid:151) NM)

5. Italian Government securities
derivatives market (MIF)

6. Wholesale market
securities (MTS)

for government

7. Wholesale market for corporate and
international organisations bonds

Luxembourg

Bourse de Luxembourg:

SociØtØ de la Bourse de
Luxembourg SA

Commission de surveillance du secteur
financier (CSSF)

(cid:151) official list

Netherlands

Amsterdam Stock Exchange (AEX):

(cid:151) main market,

(cid:151) domestic market for unlisted

securities,

(cid:151) Nieuwe Markt Amsterdam

Euronext Amsterdam Stock
Market NV

Euronext Amsterdam Derivatives
Markets NV

De Stichting Toezicht Effectenverkeer (STE)

Austria

1. Amtlicher Handel (official market)

1-2. Wiener B(cid:246)rse AG

2. Geregelter Freiverkehr

(semi-official

market)

3. Amtlicher Handel NEWEX (official

market)

4. Geregelter Freiverkehr NEWEX (semi-

official market)

3-4. Newex B(cid:246)rse AG (subsidiary
of Wiener B(cid:246)rse AG and
Deutsche B(cid:246)rse 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

C 120/8

EN

Official Journal of the European Communities

24.4.2001

Country

Title of regulated market

Operating entity

Competent authority for designation and
oversight of market

Markets 1-5: BVLP (cid:151) Sociedade
Gestora de Mercados Regulam-
entados SA

Market 6: MTS Portugal (cid:151)
Sociedade Gestora Mercado
Especial D(cid:237)vida Pœblica SA

Finance Ministry authorises markets on
basis of proposal from Comissªo do
mercado da valores mobiliÆrios (CNVM) (cid:151)
latter responsible for regulation and
oversight of market

Portugal

1. Mercado de Cota(cid:231)ıes Oficias (official

quotation market)

2. Segundo Mercado (second market)

3. Novo Mercado (new market)

4. Mercado de Futuros e Op(cid:231)ıes (futures

and options market)

5. MEOG (cid:151) Mercado Especial de

Opera(cid:231)ıes por Grosso (special market
for block trading)

6. MEDIP (cid:151) Mercado Especial de D(cid:237)vida
Pœblica (special market for public
debt)

Finland

1. Arvopaperip(cid:246)rssi (Stock Exchange):

For both 1 and 2:

Designation: Ministry of Finance.

(cid:151) P(cid:228)(cid:228)lista (main list for equity and

debt instruments,

(cid:151) I-, NM- ja Prelista (parallel Lists I-,
NM-and pre-list for equity and
debt instruments)

Helsingin Arvopaperi- ja johdan-
naisp(cid:246)rssi, selvitysyhti(cid:246)n Oy,
(Helsinki Securities and
Derviatives Exchange, Clearing
House Ltd)

Oversight:

(cid:151) Approval of rules: Ministry of Finance,

(cid:151) Supervision of compliance: Rahoitust-
arkastus/ Finnish Financial Supervision
Authority

2. Optioyhteis(cid:246) (Option Corporation)
(derivatives exchange and clearing
house)

Sweden

1. OM Stockholmsb(cid:246)rsen:

1. OM Stockholmsb(cid:246)rsen

Aktiebolag

Finansinspektionen (financial supervisory
authority)

(cid:151) (cid:145)A-list(cid:146) market,

(cid:151) (cid:145)OTC-list(cid:146) (small companies),

(cid:151) (cid:145)O-list(cid:146) (unlisted companies)

2. OM R(cid:228)nteb(cid:246)rsen (fixed income)

3. SBI Marknadsplats

4. Aktietorget

2. OM R(cid:228)nteb(cid:246)rsen Aktiebolag

3. SBI Marknadsplats Aktiebolag

4. Aktietorget Aktiebolag

United Kingdom

1. Domestic equity market

2. European equity market

3. Gilt-edged and sterling bond market

Markets 1-4. London Stock
Exchange Ltd

5. LIFFE administration and

management

Entities operating regulated markets are
recognised investment exchanges within
the meaning of Section 37 of the Financial
Services Act 1986

4. Alternative investment market (AIM)

6. OM London Exchange Limited

5. The London international

financial
futures and options exchange (LIFFE)

6. OM London

7. Tradepoint

8. Coredeal (primarily a eurobond

market)

9. Jiway

7. Tradepoint Financial

Networks plc.

8. Coredeal Limited

9. Jiway Ltd