Annotated presentation of regulated markets in accordance with Article 16 of Directive 93/22/EEC on investment services in the securities field (ISD)
Date: 2004-04-08
Institutions: Standing Committee of the EFTA States
Subjects: EFTA countries, investment company, official market, securities

8.4.2004

EN

Official Journal of the European Union

C 88/21

EUROPEAN ECONOMIC AREA

STANDING COMMITTEE OF THE EFTA STATES

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

(2004/C 88/11)

1.
Council Directive 93/22 EEC on investment services in the securities field (ISD) 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

2.
instruments listed in section B of the annex to the ISD, which;

— 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);

— 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 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;

— 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 16 November 2002 (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 Union the
corresponding information regarding the EFTA States shall be published in a separate section thereof.

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

indicates the title of

(1) OJ C 280, 16.11.2002, p. 2.

C 88/22

EN

Official Journal of the European Union

8.4.2004

Country

Title of regulated market

Operating entity

Competent authority for designation and
oversight of market

Iceland

Íslands hf.

1. Kauphöll
Stock
official market)

Exchange

(Iceland
Ltd —

1. Iceland Stock
Exchange Ltd

Fjármálaeftirlitið
(Financial Supervisory Authority)

2. Tilboðsmarkaður

VÞÍ
(Regulated OTC Market —
not official listing)

2. Iceland Stock
Exchange Ltd

Liechtenstein

N.A. (*)

N.A. (*)

N.A. (*)

Norway

Oslo Stock Exchange

Oslo Børs ASA

— Equity Market

— Derivatives Market

— Bonds Market

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

Kredittilsynet
(The
and
Securities Commission of Norway)

Insurance

Banking,