(1) A regulated market shall establish and maintain clear and transparent rules regarding the admission of financial instruments to trading.
(2) The rules shall ensure that any financial instruments admitted to trading in a regulated market -
(a) are capable of being traded in a fair, orderly and efficient manner, and
(b) in the case of transferable securities, are freely negotiable.
(3) In the case of derivatives, the rules shall ensure in particular that the design of the derivative contract allows for its orderly pricing as well as for the existence of effective settlement conditions.
(4) In addition to the obligations under paragraphs (1) to (3), the regulated market shall establish and maintain effective arrangements -
(a) to verify that issuers of transferable securities that are admitted to trading on the regulated market comply with their obligations under European Union law in respect of initial, ongoing and ad hoc disclosure obligations, and
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