Annotated presentation of regulated markets and national provisions implementing relevant requirements of the investment services directive (ISD) (Council Directive 93/22/EEC)
Date: 2002-11-16
Institutions: European Commission
Subjects: financial market, market access, official market

C 280/2

EN

Official Journal of the European Communities

16.11.2002

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

(2002/C 280/02)

Article 16 of Directive 93/22/EEC 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 ISD, 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
it indicates the entity
authorities as complying with the definition of ‘regulated market’. 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 ‘regulated markets’ 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_en.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.

16.11.2002

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Official Journal of the European Communities

C 280/3

Country

Title of regulated market

Operating entity

Competent authority for designation and
oversight of market

Belgium

1. Bourse de valeurs mobilières

1. Euronext Brussel SA

1. Bourse:

2. Euronext Brussels SA

3. Fonds des rentes

4. Nasdaq SA

d'Euronext Brussels:

— le premier marché (official

market),

— le second marché,

— le nouveau marché

— le marché trading facilities

2. Le Marché des Instruments dérivés

d'Euronext Bruxelles

3. Le marché secondaire hors bourse des
obligations linéaires, des titres scindés
et des certificats de trésorerie

4. Nasdaq Europe

Législateur = Ministre des Finances;
Autorité de marché = Autorité de
Marché d'Euronext Bruxelles

2. Marché des Intruments dérivés

Ministre des Finances sur avis de la CBF
Autorité de marché = Autorité de
Marché d'Euronext Bruxelles

3. Ministre des Finances sur proposition

du Comité du fonds des rentes

4. Nasdaq Europe:

Ministre des Finances sur avis de la CBF
Autorité de marché = Autorité de
Marché de Nasdaq Europe

1-2. Copenhagen Stock
Exchange Ltd

Finanstilsynet (Danish financial supervisory
authority)

3. Danish Authorised Market

Place Ltd (DAMP)

Denmark

1. Københavns Fondsbørs:

— equity market,

— bond market,

— derivatives market

2. XtraMarket — Authorised market-

place 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)

Germany

1. Berliner Wertpapierbörse:
Handel, Geregelter Markt)

(Amtlicher

1. Berliner Börse AG

2. Bremer Wertpapierbörse AG

2. Bremer Wertpapierbörse (Amtlicher

Handel, Geregelter Markt)

3. Börse Düsseldorf AG

3. Düsseldorfer Börse (Amtlicher Handel,

4 and 5. Deutsche Börse AG

6. BÖAG (Börsen AG)

7. BÖAG (Börsen AG)

8. Bayerische Börse AG

9. Börse-Stuttgart AG

Geregelter Markt)

4. Frankfurter Wertpapierbörse

(Amtlicher Handel, Geregelter Markt,
Neuer Markt)

5. Eurex Deutschland

6. Hanseatische Wertpapierbörse
Hamburg (Amtlicher Handel,
Geregelter Markt)

7. Niedersächsische Börse zu Hannover
(Amtlicher Handel, Geregelter Markt)

8. Bayerische Börse (Amtlicher Handel,

Geregelter Markt)

9. Baden-Württembergische

Wertpapierbörse (Amtlicher Handel,
Geregelter Markt)

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. Freie Hansestadt Bremen, Der Senator

für Wirtschaft, Mittelstand, Tech-
nologie und Euopaangelegenheiten

3. Finanzministerium des Landes

Nordrhein-Westfalen, Düsseldorf

4 und 5. Hessisches Ministerium für

Wirtschaft, Verkehr und Lan-
desentwicklung, 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-Würt-

temberg, Stuttgart

C 280/4

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Official Journal of the European Communities

16.11.2002

Country

Title of regulated market

Operating entity

Competent authority for designation and
oversight of market

Greece

1. Athens Stock Exchange (ASE)/Thessa-

1 and 2. Athens Stock Exchange

Capital market Commission

loniki Stock Exchange Centre
(TSEC = remote platform):

3. Bank of Greece

— main market,

— parallel market,

— parallel market for emerging

markets,

— new market

2. Athens Derivatives Exchange (ADEX)

3. Electronic Secondary Securities

Market (HDAT)

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 (Comisión Nacional del Mercado de
Valores)

Banco de España responsible for market
for public debt

1. Bolsa de Valores de Barcelona;

A2. Soc. Rectora de la Bolsa de

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

Futuros

y
FC & M de
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 Anota-

ciones

Valores de Bilbao SA

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

A4. Soc. Rectora de la Bolsa de
Valores de Valencia. SA

B1. Soc. Rectora de Productos
Financieros Derivados de
RENTA Fija SA

B2. Soc. Rectora de Productos
Financieros Derivados de
Renta Variable SA

C.

(FC & M) Soc. Rectora del
Mercado de Futuros y
Opciones sobre Cítricos SA

D. AIAF Mercado de Renta Fija

France

1. Bourse de Paris:

Euronext Paris (1-4)

— premier marché (official list),

— second marché,

— marché des EDR (European

depositary receipts)

2. Nouveau marché

3. MATIF

4. MONEP

Ireland

Irish Stock Exchange comprising:

Irish Stock Exchange Ltd

— official list,

— exploration securities market,

— developing companies market

— ITEQ

Proposition du Conseil des marchés
financiers (CMF) (ref. chap. 1 titre IV du
règlement général du CMF)

Approbation par le Ministre de l'économie
et des finances, aprés avis de la
Commission des Opérations de Bourse
(COB) et de la Banque de France

Central Bank of Ireland authorises
‘regulated market’ and (with exc. of listing
conditions) vets and approves rules for
operation of the different segments as
prepared by the ISE

16.11.2002

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Official Journal of the European Communities

C 280/5

Country

Title of regulated market

Operating entity

Competent authority for designation and
oversight of market

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

Italy

1. Stock Exchange, divided into the

1-5. Borsa Italiana SpA

6-7. Società per il Mercato dei
Titoli di Stato — MTS SpA

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
derivatives market (MIF)

securities

6. Wholesale market
securities (MTS)

for government

7. Wholesale market for corporate and
international organisations bonds

Luxembourg

Bourse de Luxembourg:

Société de la Bourse de
Luxembourg SA

Commission de surveillance du secteur
financier

— main market,

— international bond market

Netherlands

1. Euronext Amsterdam Stock exchange

(AEX):

— official market,

— domestic market

for

unlisted

securities,

— Euro NM Amsterdam

2. Euronext
market

Amsterdam derivatives

Euronext NV and Euronext
Amsterdam NV

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

Austria

1. Amtlicher Handel (official market)

1-2. Wiener Börse AG

Finanzmarktaufsichtsbehörde

2. Geregelter
market)

Freiverkehr

(semi-official

3. Amtlicher Handel NEWEX (official

market)

4. Geregelter Freiverkehr NEWEX (semi-

official market)

3-4. Newex Börse AG (subsidiary
of Wiener Börse AG and
Deutsche Börse AG)

C 280/6

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Official Journal of the European Communities

16.11.2002

Country

Title of regulated market

Operating entity

Competent authority for designation and
oversight of market

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. MEDIP — Mercado Especial de Dívida
Pública (special market for public
debt)

Markets 1-4: Euronext Lisboa —
Sociedade Gestora de Mercados
Regulamentados SA

Market 5: MTS Portugal —
Sociedade Gestora Mercado
Especial Dívida Pública SA

Finance Ministry authorises markets on
basis of proposal from Comissão do
mercado de valores mobiliários (CNVM) —
latter responsible for regulation and
oversight of market

Finland

1. Arvopaperipörssi (Stock Exchange):

For both 1 and 2:

Designation: Ministry of Finance

— Päälista (main list for equity and

Debt Instruments,

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

Helsingin Arvopaperi- ja johdan-
naispörssi, selvitysyhtiön Oy
(Helsinki Securities and
Derviatives Exchange, Clearing
House Ltd)

Oversight:

— approval of rules: Ministry of Finance,

— supervision of compliance: Rahoitust-
arkastus/Finnish Financial Supervision
Authority

2. Optioyhteisö (Option Corporation)
(derivatives exchange and clearing
house)

Sweden

1. OM Stockholmsbörsen:

— ‘A-list’ market,

— ‘OTC-list’ (small companies),

1. Om Stockholmsbörsen

Aktiebolag

Finansinspektionen (financial supervisory
authority)

2. Nordic growth market

NGM-Aktiebolag

— ‘O-list’ (unlisted companies)

3. Aktietorget Aktiebolag

2. Nordic growth market

3. Aktietorget

United Kingdom

1. Domestic equity market

2. European equity market

3. Gilt edged and sterling bond market

Markets 1-6. London Stock
Exchange Ltd

7. LIFFE administration and

management

4. Alternative investment market (AIM)

8. OM London Exchange

5. International retail service

6. International order book

7. The London International Financial

Futures and Options Exchange
(LIFFE)

Limited

9. Virt-x Exchange Limited

10. Coredeal Limited

11. Jiway Ltd

8. OM London

9. Virt-x

10. Coredeal MTS

11. Jiway

Entities operating regulated markets are
recognised investment exchanges within
the meaning of Section 285 of the
Financial Services Act 2000 and are
regulated by the Financial Services
Authority (FSA)

Iceland

1. Verðbréfaþing

Íslands hf.

(Iceland

1. Iceland Stock Exchange Ltd

Stock Exchange Ltd — official
market)

2. Iceland Stock Exchange Ltd

Fjármála-eftirlitið (financial supervisory
authority)

2. Tilboðsmarkaður VÞÍ (regulated OTC

market — not official listing)

16.11.2002

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Official Journal of the European Communities

C 280/7

Country

Title of regulated market

Operating entity

Norway

Oslo Stock Exchange

Oslo Børs ASA

— equity market,

— derivatives market,

— bonds market

Competent authority for designation and
oversight of market

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

Notice of the expiry of certain anti-dumping measures

(2002/C 280/03)

Further to the publication of a notice of impending expiry (1), following which no request for a review was
received, the Commission gives notice that the anti-dumping measures mentiones below will shortly
expire.

This notice is published in accordance with Article 11(2) of Council Regulation (EC) No 384/96 of 22
December 1995 (2) on protection against dumped imports from countries not members of the European
Community.

Product

Country(ies) of origin
or exportation

Measures

Reference

Date of expiry

Flat pallets of wood

Poland

Duty

Undertaking

28.11.2002

Regulation (EC) No 2334/97
(OJ L 324, 27.11.1997)
as last amended by
Regulation (EC) No 1012/2002
(OJ L 155, 14.6.2002)

Regulation (EC) No 1023/97
(OJ L 150, 7.6.1997)
as last amended by
Regulation (EC) No 1633/97
(OJ L 225, 15.8.1997)

Undertaking

Decision 97/797/EC
(OJ L 324, 27.11.1997)

Undertaking

Decision 98/554/EC
(OJ L 266, 1.10.1998)

Undertaking

Decision 1999/642/EC
(OJ L 255, 30.9.1999)

Undertaking

Decision 2000/437/EC
(OJ L 175, 14.7.2000)

Undertaking

Decision 2001/643/EC
(OJ L 227, 23.8.2001)

Undertaking

Decision 2002/380/EC
(OJ L 135, 23.5.2002)

(1) OJ C 53, 28.2.2002, p. 9.
(2) OJ L 56, 6.3.1996, p. 1, as last amended by Regulation (EC) No 2238/2000 (OJ L 257, 11.10.2000, p. 2).