6.

For the purposes of Article 40(1) of Directive 2004/39/EC, when assessing whether a transferable security referred to in Article 4(1)(18)(c) of that Directive is capable of being traded in a fair, orderly and efficient manner, the regulated market shall take into account, depending on the nature of the security being admitted, whether the following criteria are satisfied: the terms of the security are clear and unambiguous and allow for a correlation between the price of the security and the price or other value measure of the underlying; the price or other value measure of the underlying is reliable and publicly available; there is sufficient information publicly available of a kind needed to value the security; the arrangements for determining the settlement price of the security ensure that this price properly reflects the price or other value measure of the underlying; where the settlement of the security requires or provides for the possibility of the delivery of an underlying security or asset rather than cash settlement, there are adequate settlement and delivery procedures for that underlying as well as adequate arrangements to obtain relevant information about that underlying.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-30 · Text as adopted (Official Journal); later amendments are not incorporated in this text.