Although Easdaq is pan-European by nature, its location in
Brussels means that the market is regulated by Belgian legislation
(including Belgium's implementation of the European Investment
Services Directive) and its rule book is formally part of Belgium's
financial markets regulation and therefore subject to approval by
the Belgian authorities. (See IFLR, January 1997 "Easdaq opens for
business").
The Belgian Minister of Finance's decree of January 6 2000
approving the third release of the Easdaq rule book was published
in the Belgian Official Gazette in February 2000.
The Easdaq rule book aims to be a comprehensive restatement of
the rules applicable to and on the Easdaq market. Since 1996 it has
been remodeled, modified and expanded to accommodate new trading
opportunities as well as the decisions made by the Easdaq Market
Authority. The new release of the Easdaq rule book became effective
on January 11 2000.
The most notable modifications to the Easdaq rule book relate to
the further strengthening of the transparency and integrity of the
market and the introduction of a new market facility: trading on
Easdaq, as opposed to listing. This new facility makes it possible
to have trading on Easdaq in securities listed or traded on certain
designated US markets (currently NYSE, Nasdaq and Amex), the EU's
Regulated Markets (as defined by the ISD), Israeli or Swiss
regularly functioning and regulated markets. The application for
admission to trading is to be made by a market maker and must not
involve the issuer of the relevant security. The Easdaq rules make
it clear that neither the request by an Easdaq market maker to have
securities admitted to trading on Easdaq, nor the subsequent
trading, should impose additional obligations on the issuer.
Admission to trading and continued trading on Easdaq of these
securities will be subject to the Easdaq market authority being
satisfied that the integrity, security and fair dealing of Easdaq
are ensured.
Michael Olislaegers