Annotated presentation of regulated markets and national provisions implementing relevant requirements of ISD (93/22)
Date: 2005-05-12
Institutions: European Commission
Subjects: EU Member State, official market, securities

C 112/2

EN

Official Journal of the European Union

12.5.2005

Annotated presentation of regulated markets and national provisions implementing relevant
requirements of ISD (93/22)

(2005/C 112/02)

Article 16 of the Investment Services Directive 93/22 (OJ L 141 of 11.6.1993) 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 defines a ‘regulated market’ as a market for the financial instruments listed
in section B of the annex to the Investment Services Directive, which:

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

ance 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 condi-
tions for access to the market and where Directive 79/279 [on admission to official listing] is applic-
able, 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 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
authorities as complying with the definition of ‘regulated market’. In addition, it indicates the entity respon-
sible 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, maintain an updated version of this list on its official website [http://euro-
pa.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.

Country

Title of regulated market

Operating entity

Competent authority for designation and oversight
of market

Austria

1. Amtlicher Handel (official market)
2. Geregelter
market)

Freiverkehr

(semi-official

3. Dritter Markt (third market)

Belgium

1. Bourse de valeurs mobilières de Bruxelles

(Euronext Brussels):
— le premier marché (official market)
— le second marché
— le nouveau marché
— le marché ‘Trading Facility’
— le Marché des

Instruments dérivés

d'Euronext Bruxelles

2. Le marché secondaire hors bourse des obli-
gations linéaires, des titres scindés et des
certificats de trésorerie

Wiener Börse AG (1.-3.)

Finanzmarktaufsichtsbehörde

1. Euronext Brussel SA
2. Fonds des rentes

1. Ministre des Finances sur avis de la Commis-
sion Bancaire, financière et des assurances
(CBFA);
Autorité de marché: CBFA

(art. 144, §2 de la loi du

2. Législateur
2.8.2002);
Autorité de marché: Comité du fonds des
rentes, pour compte de la CBFA.

12.5.2005

EN

Official Journal of the European Union

C 112/3

Country

Title of regulated market

Operating entity

Competent authority for designation and oversight
of market

Cyprus

Cyprus Stock Exchange

Cyprus Stock Exchange

Cyprus Securities and Exchange Authority

Czech Republic

1. Main Market
2. Secondary Market
3. New Market
4. Free Market
5. RM System Official Market

1.-4. Prague Stock Exchange
5.

RM System organizer of
Regulated Market

Czech Securities Commission authorises organi-
sers of Regulated Markets
Organisers are obliged to monitor and assess
trading on the market organised thereby

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.
[authorised market place =
(DAMP))
regular
trade in securities admitted for
trading but not listed on stock exchange]

Estonia

1. Stock Exchange
— Main list
— Investor List
— List for debt instruments
— List for Fund shares

2. Regulated Market
— Free Market

Finland

1. Arvopaperipörssi (Stock Exchange)

— 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).

1. & 2. Copenhagen

Stock

3.

Exchange Ltd.
Danish
Market
(DAMP)

Authorised
Ltd.
Place

Finanstilsynet
authority)

(Danish financial

supervisory

Tallinn Stock Exchange

Estonian Financial Supervision Authority

For both 1. & 2.:
Helsingin
johdannaispörssi,
tiön Oy,
and Derviatives
Clearing House Ltd)

Arvopaperi-

ja
selvitysyh-
(Helsinki Securities
Exchange,

Designation: Ministry of Finance
Oversight:
— Approval of rules: Ministry of Finance;
— Supervision of
kastus/Finnish
Authority.

compliance: Rahoitustar-
Supervision
Financial

France

1. Eurolist by Euronext
2. MATIF
3. MONEP

Euronext Paris (1.-3.)

Proposition de l'Autorité des marchés financiers
(AMF).
Reconnaissance par
chargé de
l'économie (cf. article L.421-1 du code moné-
taire et financier).

le ministre

C 112/4

EN

Official Journal of the European Union

12.5.2005

Country

Title of regulated market

Operating entity

Competent authority for designation and oversight
of market

Germany

1. Börse Berlin-Bremen (Amtlicher Handel,

Geregelter Markt)
2. Düsseldorfer Börse
Geregelter Markt)

(Amtlicher Handel,

3. Frankfurter Wertpapierbörse

(Amtliche

Markt, Geregelter Markt)

4. Eurex Deutschland
5. Hanseatische Wertpapierbörse Hamburg
(Amtlicher Markt, Geregelter Markt,
Startup market)
6. Niedersächsische

zu Hannover

Börse

Berliner Börse AG
Börse Düsseldorf AG

1.
2.
3. & 4. Deutsche Börse AG
BÖAG (Börsen AG)
5.
BÖAG (Börsen AG)
6.
Bayerische Börse AG
7.
Börse-Stuttgart AG
8.

(Amtlicher Markt, Geregelter Markt)

7. Börse München (Amtlicher Markt, Gere-

gelter Markt)

8. Baden-Württembergische Wertpapierbörse

(Amtlicher Markt, Geregelter Markt)

5.

6.

7.

8.

Länder

(stock
Börsenaufsichtsbehörden der
exchange supervisory authorities of the federal
states) and the Bundesanstalt für Finanzdienst-
leistungsaufsicht (BAFin).
State authorities:
1.

Senatsverwaltung für Wirtschaft und
Technologie, Berlin;
Finanzministerium des Landes Nord-
rhein-Westfalen, Düsseldorf;

2.

3 & 4. Hessisches Ministerium für Wirtschaft,
Landesentwicklung,

und

und Hansestadt Hamburg,

Verkehr
Wiesbaden;
Freie
Wirtschaftbehörde;
Niedersächsisches Ministerium für
Wirtschaft, Technologie und Verkehr,
Hannover;
Bayerisches
Staatsministerium für
Wirtschaft, Verkehr und Technologie,
München;
Wirtschaftsministerium Baden-Würt-
temberg, Stuttgart.

Greece

1. Athens Stock Exchange (A.S.E.)/Thessalo-

1. & 2. Athens

Stock

Capital market Commission

Exchange
Bank of Greece

3.

niki Stock Exchange Centre (T.S.E.C.)
— Main Market
— Parallel Market
— Parallel Market for Emerging Markets
— New Market

2. Athens Derivatives Exchange (A. D. EX.)
3. Electronic Secondary Securities Market
(HDAT-Bond Market, under the compe-
tence and supervision of
the Bank of
Greece)

Hungary

1. Budapesti Értéktőzsde Rt. (Budapest Stock

Exchange)
— Részvényszekció (Equities Section)
— Hitelpapír
Section)
— Származékos
Section)

Szekció (Debt

Szekció

Securities

(Derivatives

(Budapest

2. Budapesti

Rt.

Árutőzsde
Commodity Exchange)
— Pénzügyi Szekció (Financial Section)
— Gabonaszekció (Grain Section)
— Hússzekció (Livestock Section)

1. Budapesti Értéktőzsde Rt.
2. Budapesti Árutőzsde Rt.

1. — Pénzügyi

— Szervezetek Állami
— Felügyelete (Hungarian Financial Super-

visory Authority (HFSA))

2. — Pénzügyi

— Szervezetek Állami
— Felügyelete

Ireland

Irish Stock Exchange comprising:
— Official List
— Exploration Securities Market
— Developing Companies Market
— ITEQ

Irish Stock Exchange Ltd.

Irish

Services

Financial

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

12.5.2005

EN

Official Journal of the European Union

C 112/5

Country

Title of regulated market

Operating entity

Italy

1. Stock Exchange, divided into the following

segments:
— Electronic share market (MTA)
— Electronic market for securities deriva-

tives (SeDeX);

— After-Hours Market (TAH);
— Electronic bond and government secu-

1.-4. Borsa Italiana S.p.A.
5.-6. Società per il Mercato dei
Titoli di Stato — MTS
S.p.A.:

Competent authority for designation and oversight
of market

CONSOB authorises companies which manage
markets, and approves
For wholesale markets for Government securi-
ties, operating company is
authorised by
Treasury having regard to the opinion of
CONSOB and Banca d'Italia.

rities market (MOT);
— Electronic market

Eurobonds,
foreign bonds and asset-backed securi-
ties (EuroMOT);

for

2. Mercato Expandi (second market);
3. Derivatives market (IDEM);
4. Nuovo Mercato (New Market — NM);
5. Wholesale Market for Government Securi-

ties (MTS);

6. Wholesale Market for Corporate and Inter-

national Organisations Bonds.

7. TLX

Latvia

Riga Stock Exchange

JSC Rigas Fondu Birza

Financial and Capital Market Commission

Lithuania

1. Official List
2. Current List

National Stock Exchange of
Lithuania

Lithuanian Securities Commission

Luxembourg

Bourse de Luxembourg: Official List

Société de la Bourse de Luxem-
bourg S.A.

Commission de surveillance du Secteur Finan-
cier

Malta

Malta Stock Exchange

Netherlands

1. Euronext Amsterdam Cash Market:

— Official market
— Domestic market for unlisted securities:
— Euro NM Amsterdam

2. Euronext Amsterdam derivatives Market

Euronext N.V. and Euronext
Amsterdam N.V.

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.

Poland

1. Main Market
2. Parallel Market
3. Regulated Off-exchange 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)

1. & 2. Warsaw

Stock

Polish Securities and Exchange Commission

3.

Exchange
Central
Offers

Table

of

Markets 1.-4.: Euronext Lisboa
de
— Sociedade Gestora
Mercados Regulamentados SA
Market 5: MTS Portugal – Soci-
edade Gestora Mercado Espe-
cial Dívida Pública SA

Finance Ministry authorises markets on basis of
from Comissão do Mercado de
proposal
Valores Mobiliários (CMVM) — latter respon-
sible for regulation and oversight of market.

C 112/6

EN

Official Journal of the European Union

12.5.2005

Country

Title of regulated market

Operating entity

Competent authority for designation and oversight
of market

Slovak Republic

1. Market of Listed Securities
— Main Listed market
— Parallel Listed Market
— New Listed Market
2. Regulated Free Market

Slovenia

1. Stock Exchange
2. Free Market

Spain

A. Bolsas de Valores

(all

comprise

first,

second and new market segments)
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 Finacieros

Derivados
1. MEFF Renta Fija;
2. MEFF Renta Variable.

C. Mercados FC&M de Futuros y 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 Anotaciones

Sweden

United
Kingdom

1. Stockholmsbörsen:
2. Nordic Growth Market
3. Aktietorget

1. Domestic Market
2. Gilt Edged and Fixed Interest Market
3. International Retail Service
4. International Order Book
5. International Bulletin Board
6. Dutch Trading Service
7. Virt-x
8. EDX

Bratislava Stock Exchange

Financial Market Authority

Ljubljana Stock Exchange

Securities Markets Agency

A1. Sociedad Rectora de la
Bolsa de Valores de Barce-
lona S.A.

A2. Soc. Rectora de la Bolsa

de Valores de Bilbao S.A.

A3. Soc. Rectora de la Bolsa
de Valores de Madrid S.A.
A4. Soc. Recotora de la Bolsa
de Valores de Valencia.
S.A.

B1. Soc. Rectora de Productos
Financieros Derivados de
RENTA Fija S.A.

B2. Soc. Rectora de Productos
Financieros Derivados de
Renta Variable S.A.
(FC&M) Soc. Rectora del
Futuros
Mercado de
y
Opciones
sobre Cítricos
SA.

C.

D. AIAF Mercado de Renta

Fija

1. Stockholmsbörsen

Aktie-

bolag
2. Nordic

Growth Market

NGM — Aktiebolag
3. Aktietorget Aktiebolag

Markets 1.-6.: London Stock
Exchange Ltd.
7. Virt-x Exchange Limited
8. EDX London Limited

CNMV (Comisión Nacional del Mercado de
Valores)
Banco de España responsible for market for
public debt.

Finansinspektionen
Authority)

(Financial

Supervisory

investment

Entities operating regulated markets are recog-
the
nised
meaning of s285 of the Financial Services Act
2000 and are
regulated by the Financial
Services Authority (FSA).

exchanges within

Iceland

1. Verðbréfaþing Íslands hf. (Kauphöll Íslands.

— official market)
2. Tilboðsmarkaður VÞÍ

(Regulated OTC

Market — not official listing)

1. Kauphöll Íslands.
2. Kauphöll Íslands.

Fjármála-eftirlitið
Authority)

(Financial

Supervisory

Norway

Oslo Stock Exchange
— Equity Market
— Derivatives Market
— Bonds Market

Oslo Børs ASA

Kredittilsynet
Securities Commission of Norway)

(The Banking,

Insurance

and