1. Member States shall require the persons who effectively direct the
business and the operations of the regulated market to be of sufficiently
good repute and sufficiently experienced as to ensure the sound and
prudent management and operation of the regulated market. Member
States shall also require the operator of the regulated market to inform
the competent authority of the identity and any other subsequent
changes of the persons who effectively direct the business and the
operations of the regulated market.
The competent authority shall refuse to approve proposed changes
where there are objective and demonstrable grounds for believing that
they pose a material threat to the sound and prudent management and
operation of the regulated market.
2. Member States shall ensure that, in the process of authorisation of
a regulated market, the person or persons who effectively direct the
business and the operations of an already authorised regulated market in
accordance with the conditions of this Directive are deemed to comply
with the requirements laid down in paragraph 1.