Annotated presentation of regulated markets and national provisions implementing relevant requirements of ISD (93/22/EEC)
Date: 2007-02-22
Institutions: European Commission
Subjects: EU Member State, exchange of information, financial instrument, freedom to provide services, investment, official market

22.2.2007

EN

Official Journal of the European Union

C 38/5

NOTICES FROM MEMBER STATES

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

(2007/C 38/07)

Article 16 of the Investment Services Directive (93/22) (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 the 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 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 condi-
tions for access to the market and where Directive 79/279 (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 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 OJ, 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.

In the cases of Bulgaria and Romania, their regulated markets will only be considered as ISD regulated
markets from 1 January 2007.

C 38/6

EN

Official Journal of the European Union

22.2.2007

Country

Title of Reg. Market

Operating entity

Competent authority for designation and oversight of
market

Austria

1. Amtlicher Handel (official market)

Wiener Börse AG (1-2)

Finanzmarktaufsichtsbehörde

2. Geregelter Freiverkehr (semi-official market)

Belgium

1. Bourse de valeurs mobilières de Bruxelles

1. Euronext Brussels SA

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

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

2. Le marché secondaire hors bourse des obliga-
tions linéaires, des titres scindés et des certifi-
cats de trésorerie.

2. Fonds des rentes

2. Législateur (art. 144, §2 de la loi du 2.8.2002);
Autorité de marché = Comité du fonds des
rentes, pour compte de la CBFA.

Bulgaria

1. Официален пазар (official market)

2. Неофициален пазар (unofficial market)

Българска Фондова Борса —
София АД (Bulgarian Stock
Exchange — Sofia JSCo)

Комисия за финансов надзор (Financial Supervi-
sion Commission)

Cyprus

Cyprus Stock Exchange

Cyprus Stock Exchange

Cyprus Securities and Exchange Authority

1-3. Prague
(Burza
Praha, a.s.)

Stock
cennych

Exchange
papírů

Czech Securities Commission authorises organi-
sers of regulated markets

4. RM SYSTEM a.s. — orga-
nizer of regulated rarket

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

1-2. Copenhagen

Exchange Ltd.

Stock

Finanstilsynet
authority)

(Danish

financial

supervisory

3. Danish Authorised Market

Place Ltd. (DAMP)

AS Tallinna Börs (Tallinn Stock
Exchange Ltd.)

Finantsinspektsioon (Estonian Financial Supervi-
sion Authority)

Czech
Republic

1. Main Market (Hlavni Trh)

2. Secondary Market (Vedlejsi trh)

3. Free Market (Volny trh)

4. RM SYSTEM Official Market

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. 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. Väärtpaberibörs (Stock Exchange)

— Põhinimekiri (Main list)
— Investorinimekiri (Investor List)
— Võlakirjade nimekiri (List for debt instru-

ments)

— Fondiosakute nimekri

(List

for

Fund

shares

2. Reguleeritud turg

(Regulated Market)
— Vabaturg (Free Market)

22.2.2007

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Official Journal of the European Union

C 38/7

Country

Title of Reg. Market

Operating entity

Finland

1. Arvopaperipörssi (Stock Exchange);

— Päälista (Main List for equity and Debt

Instruments);

— Pre-lista ja ML-markkina (parallel Lists
for equity and

pre-list and BL-market
debt instruments);

Helsingin Pörssi Oy (Helsinki
Stock Exchange Ltd.)

France

1. Eurolist by Euronext

Euronext Paris (1-3)

2. MATIF

3. MONEP

Germany

Competent authority for designation and oversight of
market

Designation: Ministry of Finance.

Oversight:
— Approval of rules: Ministry of Finance;
— Supervision of compliance: Rahoitustarkastus/

Finnish Financial Supervision Authority.

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

Reconnaissance par le ministre chargé de l'éco-
nomie (cf. article L.421-1 du code monétaire et
financier).

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

Länder

der

State authorities:

1. Börse Berlin-Bremen (Amtlicher Handel,

1. Berliner Börse AG.

1. Senatsverwaltung für Wirtschaft und Techno-

Geregelter Markt)

logie, Berlin.

2. Düsseldorfer Börse (Amtlicher Handel, Gere-

2. Börse Düsseldorf AG.

2. Finanzministerium desLandes Nordrhein-

gelter Markt)

Westfalen, Düsseldorf.

3. Frankfurter Wertpapierbörse

(Amtliche

3. Deutsche Börse AG.

Markt, Geregelter Markt);

4. Eurex Deutschland

4. Eurex Frankfurt AG

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

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

5. BÖAG (Börsen AG)

5. Freie und Hansestadt Hamburg, Wirtschaftbe-

hörde;

6. Niedersächsische

Börse

zu

Hannover

6. BÖAG (Börsen AG)

6. Niedersächsisches Ministerium für Wirtschaft,

(Amtlicher Markt, Geregelter Markt)

Arbeit 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.

9. Risk Management
(Geregelter Markt)

Exchange Hannover

9. RMX Hannover

9. Niedersächsisches Ministerium für Wirtschaft,

Arbeit und Verkehr, Hannover

10. European Energy Exchange

10. European Energy Exchange

10. Sächsisches Staatsministerium für Wirtschaft

AG, Leipzig

und Arbeit, Dresden

Greece

1. Athens Exchange (Market Operator)

1. Athens Stock Exchange

Capital market Commission

— Securities Market
— Derivatives Market

2. Electronic

Secondary
(HDAT-Debt Instrument's Market)

Securities' Market

2. Bank of Greece

2. Committee of Primary Dealers Supervision and

Control

Hungary

1. Budapesti Értéktőzsde Zrt.

(Budapest Stock

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

szekció

(Debt

Securities

— Származékos szekció (Derivatives Section)
— Áru szekció (Commodities Section)

Budapesti
(Budapest Stock Exchange)

Értéktőzsde

Zrt.

— Pénzügyi

Szervezetek Állami
(Hungarian Financial Supervisory Authority)

Felügyelete

C 38/8

EN

Official Journal of the European Union

22.2.2007

Country

Title of Reg. Market

Operating entity

Competent authority for designation and oversight of
market

Regulator’)

The Irish Financial Services Regulatory Authority
(‘Financial
‘regulated
markets’ and (excluding listing conditions) vets
and approves rules for operations as prepared by
the ISE.

authorises

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.

Ireland

Official List of the Irish Stock Exchange

Irish Stock Exchange Ltd.

Italy

1. Electronic share market (Mercato Telematico

(1-7) Borsa Italiana S.p.A.

azionario) (MTA)
— STAR segmento dell'MTA
— MTF segmento dell'MTA
— MTA International segmento dell'MTA

2. Electronic market for securities derivatives
(Mercato Telematico dei Securitised deriva-
tives (SeDeX);

3. Electronic bond market (Mercato Telematico

delle Obbligazioni) (MOT)
— DomesticMOT segmento del MOT
— EuroMOT segmento del MOT

4. MTAX Market

5.

‘After-Hours’ markets: TAH and TAHX

6. Mercato Expandi;

IDEM per

7. Derivatives market (Mercato degli strumenti
la negoziazione degli
finanziari previsti dall'art. 1,
lettere f) e i) del d.lgs. 24

derivati
strumenti
comma 2,
febbraio 1998, n. 58

8. Wholesale Market for Government Securi-

ties (MTS);

(8-10) Società per il Mercato
dei Titoli di Stato —
MTS s.p.a.

9. BONDVISION Market

the wholesale
trading via internet of Government securi-
ties

for

10. Wholesale Market for Corporate and Inter-

national Organisations Bonds.

11. TLX

(11) 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 Vilnius Stock Exchange

Lithuanian Securities Commission

2. The I-list of the Vilnius Stock Exchange

3. The Debt securities list of the Vilnius Stock

Exchange

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

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

2. Euronext Amsterdam Derivatives 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.

22.2.2007

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Official Journal of the European Union

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Country

Title of Reg. Market

Operating entity

Poland

1. Rynek podstawowy (Main Market)

2. Rynek równolegly (Parallel Market)

1. and 2. Gielda

Papierów
Wartościowych
w
Warszawie (Warsaw
Stock Exchange)

Competent authority for designation and oversight of
market

Komisja Nadzoru Finansowego (Financial Supervi-
sory Commission)

3. Rynek Papierów Wartosciowych CeTO (regu-
lowany rynek pozagieldowy) (CeTO Securities
Market Regulated Off-exchange market)

3. MTS-CeTO S.A.

Portugal

1. Eurolist by Euronext Lisbon (Official Listing

Market)

2. Mercado de Futuros e Opções (Futures and

Options Market)

3. 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

Markets 1 and 2:
Euronext Lisbon — Sociedade
Gestora de Mercados Regula-
mentados, S.A.

Finance Ministry authorises markets by proposal
from the Comissão do Mercado de Valores Mobi-
liários (CMVM, responsible for market regulation
and supervision).

Market 3:
MTS Portugal — Sociedade
Gestora do Mercado Especial de
Dívida Pública, SGMR, S.A.

Bratislava Stock Exchange

National Bank of Slovakia

Slovenia

1. Borzni trg (Stock Exchange Market)

Stock
Ljubljana
(Ljubljanska borza)

Exchange

Securities Markets Agency (Agencija za trg vred-
nostnih papirjev)

CNMV (Comisión Nacional del Mercado de
Valores)

Banco de España responsible for market
public debt.

for

2. Prosti trg (Free Market)

3. Trg uradnih vzdrževalcev likvidnosti državnih
vrdnostnih papirjev (Market for official state
secruties market makers)

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

E.

Banco de España

C 38/10

EN

Official Journal of the European Union

22.2.2007

Country

Title of Reg. Market

Operating entity

Competent authority for designation and oversight of
market

Sweden

1. Stockholmsbörsen:

1. Stockholmsbörsen

Aktie-

bolag

Finansinspektionen
Authority)

(Financial

Supervisory

United
Kingdom

2. Nordic Growth Market

3. Aktietorget

1. Domestic Market

2. Gilt Edged and Fixed Interest Market

3. International Retail

Service

(Regulated

Segment)

4. International Order

Book

(Regulated

Segment)

5. International Bulletin Board
Segment — order book only)

(Regulated

6. Dutch Trading Service (order book only)

2. Nordic

Growth Market

NGM — Aktiebolag

3. Aktietorget Aktiebolag

Markets 1-6:
London
Limited

Stock

Exchange

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

Romania

1. Spot Regulated Market — BVB

1. Bucharest Stock Exchange S.

Romanian National Securities Commission

2. Derivatives Regulated Market — BMFMS

A.

2. Monetary — Financial and
Commodities Exchange —
Sibiu S.A.

Iceland

1. Verðbréfaþing Íslands hf.

(Kauphöll

Íslands.

1. Kauphöll Íslands.

— official market)

Fjármála-eftirlitið
Authority)

(Financial

Supervisory

2. Tilboðsmarkaður VÞÍ (Regulated OTC Market

2. Kauphöll Íslands.

Norway

— not official listing)

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

Oslo Børs ASA

Kredittilsynet (Financial Supervisory Authority of
Norway)