1. Member States shall require the regulated market to establish and maintain transparent and non-discriminatory rules, based on objective criteria, governing access to or membership of the regulated market.
2. Those rules shall specify any obligations for the members or participants arising from:
(a) the constitution and administration of the regulated market;
(b) rules relating to transactions on the market;
(c) professional standards imposed on the staff of the investment firms or credit institutions that are operating on the market;
(d) the conditions established, for members or participants other than investment firms and credit institutions, under paragraph 3;
(e) the rules and procedures for the clearing and settlement of transactions concluded on the regulated market.
3. Regulated markets may admit as members or participants investment firms, credit institutions authorised under Directive 2000/12/EC and other persons who:
(a) are fit and proper;
(b) have a sufficient level