Regulated markets
49.—(1) The Board shall keep a list upon which it shall enter the name of each market of which the United Kingdom is the home State and which appears to the Board to satisfy the conditions set out in paragraph (2) below,
(2) The conditions referred to in paragraph (1) above are that the market in question—
(a)is a market for instruments of a kind listed in section B of the Annex to the Investment Services Directive (the text of which is set out in Schedule 1 to these Regulations);
(b)functions regularly;
(c)is subject to rules made or approved by a UK regulatory authority that define—
(i)the conditions for the operation of the market;
(ii)the conditions for access to the market;
(iii)where the Council Directive coordinating the conditions for the admission of securities to official stock exchange listing (No. 79/279/EEC)(1) is applicable, the conditions governing admission to listing imposed in that directive; and
(iv)where that directive is not applicable, the conditions that must be satisfied by an instrument before it can effectively be dealt in on the market: and
(d)has rules that give effect to the provisions of articles 20 and 21 of the Investment Services Directive.
(3) If it appears to the Board that a market the name of which the Board has entered on the list kept by it by virtue of this regulation has ceased to comply with any of the conditions set out in paragraph (2) above, the Board shall forthwith remove the name of the market in question from the list.
(4) In this Regulation—
(a)“home State”, in relation to a market, means the EEA State in which the registered office of the person providing trading facilities is situated or, if that person has no registered office, the EEA State in which his head office is situated; and
(b)“UK regulatory authority”, in relation to a regulated market, means an authority in the United Kingdom which has regulatory functions in relation to that market.
OJ No. L66, 5.3.1979, p. 21.