# Commission Regulation (EC) No 1287/2006 of 10 August 2006 implementing Directive 2004/39/EC of the European Parliament and of the Council as regards record-keeping obligations for investment firms, transaction reporting, market transparency, admission of financial instruments to trading, and defined terms for the purposes of that Directive (Text with EEA relevance), Article 16: (Article 56(2) of Directive 2004/39/EC)Determination of the substantial importance of a regulated market's operations in a host Member State

Extent: E+W+S+N.I.

The operations of a regulated market in a host Member State shall be considered to be of substantial importance for the functioning of the securities markets and the protection of investors in that host State where one of the following criteria is met:
(a) the host Member State has formerly been the home Member State of the regulated market in question;
(b) the regulated market in question has acquired through merger, takeover, or any other form of transfer the business of a regulated market which had its registered office or head office in the host Member State.

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Source: https://www.legislation.gov.uk/eur/2006/1287/article/16 (the official version)
Page: https://openlegislation.uk/eu-regulation-2006-1287/article-16
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.