(c)transferable securities and money market instruments admitted to official listing on a stock exchange in a third country or dealt in on another regulated market in a third country which operates regularly and is recognised and open to the public provided that the choice of stock exchange or market has been approved by the competent authorities or is provided for in law or the fund rules or the instruments of incorporation of the investment company.

The European Commission has cleared under the EU Merger Regulation the proposed acquisition of the Hungarian Budapest Stock Exchange (“BSE”), Budapest Commodity Exchange (“BCE”) and the Central Clearinghouse and Depositary (“KELER”) by a joint venture comprising the Austrian undertakings Wiener Börse AG, Oesterreichische Kontrollbank Aktiengesellschaft, Raiffeisen Zentralbank Österreich AG, Erste Bank der oesterreichischen Sparkassen AG and the Hungarian subsidiary of the German HVB Group, HVB Bank Hungary.

BSE and BCE operate respectively as the stock exchange and the commodity exchange of Hungary.

Difficulties arise because of prevailing uncertainty as regards the way in which "regulated markets" should fulfil their obligations to ensure that all securities comply with the requirements for "official listing" (as specified in Directive 79/279 [10] In essence, the practice to date has been that the regulated market should provide listing functions in respect of all securities which are dealt in on that market. This practice for "regulated markets" officially to list securities prior to trading can add significantly to costs and limit the scope for competing markets and exchanges to admit the same security to trading. admission to listing and admission to trading must therefore be decoupled if more ...[+++] active competition between trading systems is to be facilitated. Furthermore, structural changes such as the demutualisation of exchanges call for a redefinition of how listing and public disclosure objectives are realised. However, before such far-reaching adjustments can be envisaged, an equitable basis must be found for sharing the regulatory overheads of listing and fulfilling related requirements such as dissemination of price-sensitive information. Without appropriate arrangements, profit-driven exchanges may seek to divest costly listing functions, particularly if they perceive competitors as "free-riding" on their listing services. This would jeopardise the important "public good" functions served by listing. Implementation of this approach should be foreshadowed in an updated definition of "regulated markets". It also calls for a re-examination of the provisions of Directive 79/279 [11].

New subsection 248(29) allows for the addition of a part, division or subdivision of a stock exchange to the list of either prescribed stock exchanges in Canada or prescribed foreign stock exchanges.

LISTING PARTICULARS FOR THE ADMISSION OF SECURITIES TO STOCK-EXCHANGE LISTING The Council summarized the progress of discussions on a further amendment to the 1980 Directive co-ordinating the requirements for the drawing up, scrutiny and distribution of the listing particulars to be published for the admission of securities to official stock-exchange listing, with regard to the obligation to publish listing particulars.