Annotated presentation of regulated markets and national provisions implementing relevant requirements of the investment services directive (ISD) (Council Directive 93/22/EEC)
Date: 2004-03-23
Institutions: European Commission
Subjects: exchange of information, financial market, market access, official market

23.3.2004

EN

Official Journal of the European Union

C 72/3

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

(2004/C 72/03)

Article 16 of the Investment Services 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
instruments listed in section B of the Annex to the Investment Services Directive, which;

the Directive 93/22/EEC defines a ‘regulated market’ as a market

for the financial

— is recognised as such by its home Member State (where home Member State is determined in

accordance with Article 1(6)(c) of 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 Union, maintain an updated version of this list on its official
website

http://europa.eu.int/comm/internal_market/en/finances/mobil/isd/

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.

C 72/4

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Official Journal of the European Union

23.3.2004

Country

Title of Reg. Market

Operating entity

Competent authority for designation and
oversight of market

Austria

1. Amtlicher Handel (official market)

Wiener Börse AG (1-3)

Finanzmarktaufsichtsbehörde

2. Geregelter
market)

Freiverkehr

(semi-official

3. Dritter Markt (third 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 Instruments 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 marketplace

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)

Finland

1. Arvopaperipörssi (Stock Exchange):

For both 1. and 2.:

Designation: Ministry of Finance

— Päälista (Main List for equity and

Debt Instruments);

— I-, NM-, Pre-

ja Meklarien lista

(parallel Lists I-, NM-, pre- and
Brokers' list for equity and debt
instruments);

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

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

Oversight:

— Approval of rules: Ministry of Finance;

— Supervision of compliance: Rahoitus-
tarkastus/Finnish Financial Supervision
Authority

France

1. Bourse de Paris:

Euronext Paris (1-4)

— Premier marché (official list);

— Second marché;

— Marché

EDR
Depositary Receipts)

des

(European

2. Nouveau marché

3. MATIF

4. MONEP

Proposition de l'Autorité des marchés
financiers (AMF) (cf. article L.4211 du code
monétaire et financier)

Approbation par le Ministre de l'économie
et des finances

23.3.2004

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Official Journal of the European Union

C 72/5

Country

Title of Reg. Market

Operating entity

Germany

1. Börse Berlin-Bremen (amtlicher

1. Berliner Börse AG

2. Börse Düsseldorf AG

3. and 4. Deutsche Börse AG

5. BÖAG (Börsen AG)

6. BÖAG (Börsen AG)

7. Bayerische Börse AG

8. Börse-Stuttgart AG

Handel, geregelter Markt)

2. Düsseldorfer Börse (amtlicher Handel,

geregelter Markt)

3. Frankfurter Wertpapierbörse

(amtlicher Handel, geregelter Markt)

4. Eurex Deutschland

5. Hanseatische Wertpapierbörse Ham-
burg (amtlicher Handel, geregelter
Markt, Startup market)

6. Niedersächsische Börse zu Hannover
(amtlicher Handel, geregelter Markt)

7. Börse München (amtlicher Handel,

geregelter Markt)

8. Baden-Württembergische Wertpapier-
börse (amtlicher Handel, geregelter
Markt)

Competent authority for designation and
oversight of market

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. Finanzministerium des Landes

Nordrhein-Westfalen, Düsseldorf

3. en 4. Hessisches Ministerium für

Wirtschaft, Verkehr und Landes-
entwicklung, Wiesbaden

5. Freie und Hansestadt Hamburg,

Wirtschaftbehörde

6. Niedersächsisches Ministerium für

Wirtschaft, Technologie und Verkehr,
Hannover

7. Bayerisches Staatsministerium für

Wirtschaft, Verkehr und Technologie,
München

8. Wirtschaftsministerium Baden-Würt-

temberg, Stuttgart

Greece

1. Athens Stock Exchange (ASE)/Thessa-
loniki Stock Exchange Centre (TSEC)

1. and 2. Athens Stock Exchange

Capital market Commission

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 — Bond Market,
under the competence and super-
vision of the Bank of Greece)

Ireland

Irish Stock Exchange comprising:

Irish Stock Exchange Ltd

— Official List

— Exploration Securities Market

— Developing Companies Market

— ITEQ

The Irish Financial Services Regulatory
Authority authorises ‘regulated market’ and
(with exc. of listing conditions) vets and
approves rules for operation of the
different segments as prepared by the ISE

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Official Journal of the European Union

23.3.2004

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

Country

Title of Reg. Market

Operating entity

Italy

1. Stock Exchange, divided into the

1.-4. Borsa Italiana SpA

5.-6. 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. Wholesale Market
Securities (MTS)

for Government

6. Wholesale Market for Corporate and
International Organisations Bonds

Luxembourg

Bourse de Luxembourg: Official list

Société de la Bourse de
Luxembourg SA

Commission de surveillance du secteur
financier

Netherlands

1. Euronext Amsterdam Cash Market:

— Official market

— Domestic market

for unlisted

securities:

— Euro NM Amsterdam

2. Euronext Amsterdam derivatives

Market

Portugal

1. Mercado de Cotações Oficiais (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)

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 and The
Netherlands Ministry of Finance

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

Markt 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 (CMVM) –
latter responsible for regulation and
oversight of market

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Official Journal of the European Union

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Country

Title of Reg. Market

Operating entity

Competent authority for designation and
oversight of market

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)

1. Bolsa de Valores de Barcelona;

A2. Soc. Rectora de la Bolsa de

Banco de España responsible for market
for public debt

2. Bolsa de Valores de Bilbao;

3. Bolsa de Valores de Madrid;

4. Bolsa de valores de Valencia

B. Mercados oficiales de Productos Fina-

cieros 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

Sweden

1. Stockholmsbörsen

— ‘A-list’ market,

— ‘OTC-list’ (small companies),

— ‘O-list’ (unlisted companies)

2. Nordic Growth Market

3. Aktietorget

United Kingdom

1. Domestic Equity Market

2. European Equity Market

3. Gilt Edged and Sterling Bond Market

4. Alternative Investment Market (AIM)

5. International Retail Service

6. International Order Book

7. The London International Financial
Futures and Options Exchange (LIFFE)

8. Virt-x

9. EDX

Valores de Bilbao SA

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

A4. Soc. Recotora 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

1. Stockholmsbörsen

Aktiebolag

Finansinspektionen (Financial Supervisory
Authority)

2. Nordic Growth

Market NGM — Aktiebolag

3. Aktietorget Aktiebolag

Markets 1-6: London Stock
Exchange Ltd

7. LIFFE Administration and

Management

8. Virt-x Exchange Limited

9. EDX London Limited

Entities operating regulated markets are
recognised investment exchanges within
the meaning of s285 of the Financial
Services Act 2000 and are regulated by the
Financial Services Authority (FSA)

Iceland

1. Verðbréfaþing Íslands hf.
Íslands. — official market)

(Kauphöll

1. Kauphöll Íslands

2. Kauphöll Íslands

2. Tilboðsmarkaður VÞÍ (Regulated OTC

Market — not official listing)

Norway

Oslo Stock Exchange

Oslo Børs ASA

— Equity Market

— Derivatives Market

— Bonds Market

Fjármála-eftirlitið (Financial Supervisory
Authority)

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