1. Member States shall reserve authorisation as a regulated market to
those systems which comply with the provisions of this Title.
Authorisation as a regulated market shall be granted only where the
competent authority is satisfied that both the market operator and the
systems of the regulated market comply at least with the requirements
laid down in this Title.
In the case of a regulated market that is a legal person and that is
managed or operated by a market operator other than the regulated
market itself, Member States shall establish how the different obligations
imposed on the market operator under this Directive are to be allocated
between the regulated market and the market operator.
The operator of the regulated market shall provide all information,
including a programme of operations setting out inter alia the types of
business envisaged and the organisational structure, necessary to enable
the competent authority to satisfy itself that the regulated market has
established, at the time of initial authorisation, all the necessary arrangements
to meet its obligations under the provisions of this Title.
2. Member States shall require the operator of the regulated market
to perform tasks relating to the organisation and operation of the regulated
market under the supervision of the competent authority. Member
States shall ensure that competent authorities keep under regular review
the compliance of regulated markets with the provisions of this Title.
They shall also ensure that competent authorities monitor that regulated
markets comply at all times with the conditions for initial authorisation
established under this Title...