Annotated presentation of regulated markets and national provisions implementing relevant requirements of ISD (93/22/EEC)
Date: 2005-11-30
Institutions: European Commission
Subjects: EU Member State, exchange of information, financial market, official market

30.11.2005

EN

Official Journal of the European Union

C 300/23

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

(2005/C 300/05)

Article 16 of Investment Services Directive 93/22/EEC (OJ L 141, 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/EEC 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 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 condi-
tions 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
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)

Wiener Börse AG (1-2)

Finanzmarktaufsichtsbehörde

2. Geregelter Freiverkehr (semi-official market)

Belgium

1. Bourse de valeurs mobilières de Bruxelles

1. Euronext Brussel SA

(Euronext Brussels):
— Le marché ‘Eurolist by Euronext’
— Le marché ‘Trading Facility’
— Le Marché des Instruments dérivés

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

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

2. Fonds des rentes

2. Législateur

(art. 144, §2 de

la

loi du

02.08.2002);
Autorité de marché: Comité du fonds des
rentes, pour compte de la CBFA.

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Official Journal of the European Union

30.11.2005

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

1- 4 Prague Stock Exchange

Czech Securities Commission authorises organi-
sers of Regulated Markets

2. Secondary Market

3. New Market

4. Free Market

5. RM System Official Market

5 — RM System organizer of
Regulated Market

Organisers are obliged to monitor and assess
trading on the market organised thereby

1 — 2. Copenhagen

Stock

Exchange Ltd.

Finanstilsynet
authority)

(Danish

financial

supervisory

Denmark

1. Københavns Fondsbørs
— Equity market;
— Bond market;
— Derivatives market

2. XtraMarket — Authorised marketplace for
investment associations

unlisted units of
(UCITS) and Special Purposes Associations.

3. Danish Authorised Market

Place Ltd. (DAMP)

Tallinn Stock Exchange

Estonian Financial Supervision Authority

3. Dansk Autoriseret Markedsplads A/S (Danish
Authorised Market
(DAMP))
[authorised market place = regular trade in
securities admitted for trading but not listed
on stock exchange]

Place

Ltd.

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);

For both 1& 2:

Designation: Ministry of Finance.

— Päälista (Main List for equity and Debt

Instruments);

— I-, NM-, Pre- ja Meklarien lista (parallel
list for

Lists I-, NM-, pre- and Brokers'
equity and debt instruments);

2. Optioyhteisö (Option Corporation).

(Derivatives exchange and clearing house).

Arvopaperi-

Helsingin
johdannaispörssi,
tiön Oy,
and Derviatives
Clearing House Ltd)

ja
selvitysyh-
(Helsinki Securities
Exchange,

Oversight:
— Approval of rules: Ministry of Finance;
— Supervision of compliance: Rahoitustarkastus/
Finnish Financial Supervision Authority.

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Official Journal of the European Union

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Country

Title of regulated market

Operating entity

France

1. Eurolist by Euronext

Euronext Paris (1-3)

Competent authority for designation and oversight of
market

Proposition de l'Autorité des marchés financiers
(AMF).

2. MATIF

3. MONEP

Germany

1. Börse Berlin-Bremen (Amtlicher Handel,

1. Berliner Börse AG.

Geregelter Markt)

Reconnaissance par
de
l'économie (cf. article L.421-1 du code monétaire
et financier).

le ministre

chargé

Börsenaufsichtsbehörden
(stock
exchange supervisory authorities of the federal
states) and the Bundesanstalt für Finanzdienstleis-
tungsaufsicht (BaFin).

Länder

der

State authorities:
1. Senatsverwaltung für Wirtschaft und Techno-

logie, Berlin.

2. Düsseldorfer

Börse

(Amtlicher Handel,

2. Börse Düsseldorf AG.

2. Finanzministerium des Landes Nordrhein-

Geregelter Markt)

Westfalen, Düsseldorf.

3. Frankfurter Wertpapierbörse

(Amtlicher

3 Deutsche Börse AG.

Markt, Geregelter Markt);

3 & 4. Hessisches Ministerium für Wirtschaft,
Verkehr und Landesentwicklung, Wies-
baden.

4. Eurex Deutschland

4. Eurex Frankfurt AG

5. Hanseatische Wertpapierbörse Hamburg
(Amtlicher Markt, Geregelter Markt, Startup
market)

5. BÖAG (Börsen AG)

5. Freie und Hansestadt Hamburg, Wirtschaft-

behörde;

6. Niedersächsische

Börse

zu

Hannover

6. BÖAG (Börsen AG)

6. Niedersächsisches Ministerium für Wirtschaft,

(Amtlicher Markt, Geregelter Markt)

Technologie und Verkehr, Hannover;

7. Börse München (Amtlicher Markt, Geregelter

7. Bayerische Börse AG

7. Bayerisches Staatsministerium für Wirtschaft,

Markt)

Verkehr und Technologie, München;

8. Baden-Württembergische Wertpapierbörse

8. Börse-Stuttgart AG

8. Wirtschaftsministerium Baden-Württemberg,

(Amtlicher Markt, Geregelter Markt)

Stuttgart.

Greece

1. Athens Exchange (Market Operator)

1. Athens Stock Exchange

Capital market Commission

— Main Market
— Parallel Market
— New Market
— Market of Emerging Capital Markets
— Fixed Income Instruments' Market
— Derivative Instruments' Market

2. Electronic

Secondary

Securities' Market

2. Bank of Greece

(HDAT-Bond Market)

2. Committee of Primary Dealers Supervision and
Control

Hungary

1. Budapesti Értéktőzsde Rt.

(Budapest Stock

1. Budapesti Értéktőzsde Rt.

1. — Pénzügyi

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

Szekció

Szekció

(Debt

Securities

(Derivatives

— Szervezetek Állami
— Felügyelete (Hungarian Financial Supervi-

sory Authority (HFSA))

2. Budapesti

Árutőzsde

Rt.

(Budapest

2. Budapesti Árutőzsde Rt.

2. — Pénzügyi

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

— Szervezetek Állami
— Felügyelete

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Official Journal of the European Union

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Competent authority for designation and oversight of
market

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.

CONSOB authorises companies which manage
markets, and approves their by-laws and regula-
tions

For wholesale markets for Government securities,
operating company is authorised by the Ministry
of the Economy and Finance having regard to the
opinion of CONSOB and Banca d'Italia.

Country

Title of regulated market

Operating entity

Ireland

Irish Stock Exchange comprising:

Irish Stock Exchange Ltd.

— Official List
— ITEQ

Italy

1. Stock Exchange, divided into the following

(1-4) Borsa Italiana S.p.A.

segments:
— Electronic share market (MTA)
— Electronic market
tives (SeDeX);

for securities deriva-

— After-Hours Market (TAH);
— Electronic bond market (MOT);

2. MTAX Market, divided into the following

segments:
— MTAX;
— MTAX After-Hours Market (TAHX)

3. Mercato Expandi;

4. Derivatives market (IDEM);

5. Wholesale Market for Government Securities

(MTS);

(5-7) Società per

il Mercato
dei Titoli di Stato —
MTS S.p.A.:

6. BONDVISION Market

the wholesale
trading via internet of Government securities

for

7. Wholesale Market for Corporate and Interna-

tional Organisations Bonds.

8. TLX

(8) TLX s.p.a.

Latvia

Riga Stock Exchange

JSC Rigas Fondu Birza

Financial and Capital Market Commission

Lithuania

1. The Main list of the Vilnius Stock Exchange National Stock Exchange of

Lithuanian Securities Commission

2. The I-list of the Vilnius Stock Exchange

3. The Debt securities list of the Vilnius Stock

Exchange

Lithuania

Luxembourg

Bourse de Luxembourg: Official List

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

Commission de surveillance du Secteur Financier

Malta

Malta Stock Exchange

Malta Stock Exchange

Malta Financial Services Authority

Netherlands

1. Euronext Amsterdam Cash Market:

— Eurolist Amsterdam

2. Euronext Amsterdam Derivatives Market

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

Poland

1. Rynek podstawowy (Main Market)

1 and 2 — Gielda Papierów

2. Rynek równolegly (Parallel Market)

Wartościowych
w
(Warsaw
Exchange)

Warszawie
Stock

3. MTS-CTO Market

(Regulated Off-exchange

3 — MTS-CeTO S.A.

market)

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.

Komisja Papierów Wartościowych i Gield (Polish
Securities and Exchange Commission)

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Country

Title of regulated market

Operating entity

Portugal

1. Mercado de Cotações Oficiais

(Official

Markets 1-4:

Competent authority for designation and oversight of
market

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

Euronext Lisboa — Sociedade
Gestora de Mercados Regula-
mentados SA

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)

Slovak
Republic

1. Market of Listed Securities
— Main Listed market
— Parallel Listed Market
— New Listed Market

2. Regulated Free Market

Market 5:

MTS Portugal — Sociedade
Gestora Mercado
Especial
Dívida Pública SA

Bratislava Stock Exchange

Financial Market Authority

Slovenia

1. Borzna kotacija (Official Market)

Ljubljana Stock Exchange

Securities Markets Agency

CNMV (Comisión Nacional del Mercado de
Valores)

Banco de España responsible for market
public debt.

for

2. Prosti trg (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.

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. Rectora 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.

C. Mercado MFAO de Futuros del Aceite de

C.

Oliva

(MFAO) Sociedad rectora
del Mercado de Futuros
del Aceite de Oliva, S.A.

D. AIAF Mercado de Renta Fija

D. AIAF Mercado de Renta

Fija

E. Mercados de Deuda Pública en Anotaciones

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Country

Title of regulated market

Operating entity

Competent authority for designation and oversight of
market

Sweden

1. Stockholmsbörsen:

1. Stockholmsbörsen

Aktie-

bolag

Finansinspektionen
Authority)

(Financial

Supervisory

2. Nordic Growth Market

3. Aktietorget

2. Nordic

Growth Market

NGM — Aktiebolag

3. Aktietorget Aktiebolag

United
Kingdom

1. Domestic Market

Markets 1-6:

2. Gilt Edged and Fixed Interest Market

3. International Retail

Service

(Regulated

London
Limited

Stock

Exchange

Segment)

4. International Order

Book

(Regulated

Segment)

5. International Bulletin Board (Regulated

Segment — order book only)

6. Dutch Trading Service (order book only)

7. The London International Financial Futures

7. LIFFE Administration and

and Options Exchange (LIFFE)

Management

8. Regulated Market Segment for SMI securi-

8.& 9. Virt-x

Exchange

ties

Limited

9. Regulated Market Segment

for pan-Euro-

pean securities

10. EDX

10. EDX London Limited

Entities operating regulated markets are recog-
nized investment exchanges within the meaning
of s285 of the Financial Services and Markets Act
2000 and are regulated by the Financial Services
Authority

Iceland

1. Verðbréfaþing Íslands hf. (Kauphöll Íslands.

1. Kauphöll Íslands.

— official market)

Fjármála-eftirlitið
Authority)

(Financial

Supervisory

2. Tilboðsmarkaður

VÞÍ

(Regulated OTC

2. Kauphöll Íslands.

Market — not official listing)

Norway

Oslo Stock Exchange

Oslo Børs ASA

— Equity Market
— Derivatives Market
— Bonds Market

Kredittilsynet (The Banking, Insurance and Securi-
ties Commission of Norway)