SUBCOMMITTEE II ON FREE MOVEMENT OF CAPITAL AND SERVICES — WORKING GROUP ON FINANCIAL SERVICES

Annotated presentation of regulated markets in accordance with Article 47 of Directive 2004/39/EC on markets in financial instruments (MiFID)

2010/C 277/05

Article 47 of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments 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 4(1)(14) of Directive 2004/39/EC defines a ‘regulated market’ as a multilateral system operated and/or managed by a market operator, which brings together or facilitates the bringing together of multiple third-party buying and selling interests in financial instruments — in the system and in accordance with its non-discretionary rules — in a way that results in a contract, in respect of the financial instruments admitted to trading under its rules and/or systems, and which is authorised and functions regularly and in accordance with the provisions of Title III of the Directive.

Article 47 of Directive 2004/39/EC 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 in the Official Journal of the European Union.

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 information supplied by the EFTA States concerned. The list indicates the title of the individual markets which are recognised by national competent authorities as complying with the definition of ‘regulated market’ as of 31 December 2009. 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.

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