Regulated market

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 (www.practicallaw.com/4-200-9252) 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 Title III of the Markets in Financial Instruments Directive (MiFID) (www.practicallaw.com/0-200-9292) (Article 4.1(14), MiFID).

As required by Article 47 of MiFID, a list of regulated markets within the EEA is maintained on the website of the European Commission (www.practicallaw.com/1-107-6244) and the UK regulated markets are listed on the website of the Financial Conduct Authority (www.practicallaw.com/5-107-5761).

The glossary to the FCA Handbook (www.practicallaw.com/5-107-6609) sets out the full definition of this term which, for the purposes of the Prudential Sourcebook for Insurers (INSPRU) and the Interim Prudential Sourcebook for Insurers (IPRU(INS)) only, also includes certain markets situated outside the UK. When considering this term in the context of financial services, reference should be made to the FCA Handbook glossary definition of regulated market.

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