Qualified Financial Adviser (QFA) Investments Exam 1 Practice Test

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Which of the following Irish Stock Exchange markets is NOT a regulated market for MiFID purposes?

Main Securities Market only

Enterprise Securities Market only

Main Securities Market and Enterprise Securities Market

Enterprise Securities Market and Global Exchange Market

MiFID defines Regulated Markets as venues that operate as regulated securities exchanges under a recognised supervisory framework. In Ireland, the Main Securities Market is the classic Regulated Market, meeting the full requirements and oversight that MiFID expects. The Enterprise Securities Market and the Global Exchange Market, however, do not carry Regulated Market status under MiFID. They function as lighter or non-regulated trading venues, so for MiFID purposes they are not Regulated Markets. That’s why the combination of the Enterprise Securities Market and the Global Exchange Market is the correct answer.