Annotated presentation of regulated markets in accordance with Article 16 of Council Directive 93/22/EEC on investment services in the securities field (ISD)
Date: 2002-01-10
Institutions: Standing Committee of the EFTA States
Subjects: Iceland, Liechtenstein, Norway, investment company, official market, securities

C 7/4

EN

Official Journal of the European Communities

10.1.2002

STANDING COMMITTEE OF THE EFTA STATES

Annotated presentation of regulated markets in accordance with Article 16 of Council Directive
93/22/EEC on investment services in the securities field (ISD)

(2002/C 7/03)

1. Council 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.

2. 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 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
Council 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 ISD.

3. 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. An annotated presentation of regulated markets in the EU Member States
was published in the Official Journal of the European Communities on 24 April 2001 (1).

4. Paragraph 6(b) of Protocol 1 to the EEA Agreement requires that where according to an act, facts,
procedures, reports and the like are to be published in the Official Journal of the European Communities
the corresponding information regarding the EFTA States shall be published in a separate section
thereof.

5. The present list was drawn up by the Standing Committee of the EFTA States on the basis of
information supplied by the EFTA States concerned. The 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.

Country

Title of regulated market

Operating entity

Iceland

1. Ver(cid:240)brØfa(cid:254)ing

(Iceland
Ltd (cid:151) official market)

Stock

˝slands hf.
Exchange

2. Tilbo(cid:240)smarka(cid:240)ur V(cid:254)˝

(Regulated OTC Market (cid:151)
not official listing)

1. Iceland Stock
Exchange Ltd
2. Iceland Stock
Exchange Ltd

Competent authority for designation
and oversight of market

FjÆrmÆlaeftirliti(cid:240)
(Financial Supervisory
Authority)

Liechtenstein

n.a. (*)

n.a. (*)

n.a. (*)

Norway

Oslo Stock Exchange:
(cid:151) Equity Market
(cid:151) Derivatives market
(cid:151) Bonds Market

(*) There is no market and no stock exchange in Liechtenstein.

Oslo Błrs ASA

Kredittilsynet
(The Banking,
Insurance
Securities Commission of
Norway)

and

(1) OJ C 120, 24.4.2001, p. 4.