In respect of a relevant market, the regulatory criteria to which the responsible person shall have regard include the following:
1. a general overview of the market, having regard to issues which would be relevant to the operation of the market and investments therein;
2. whether the relevant market displays any or each of the following characteristics:
(a) Regulated
The market must be regulated. Such a market is subject to supervision by an authority or authorities, duly appointed or recognised by the state in which it is located. The authority(ies) should generally have the power to impose capital adequacy rules, to supervise directly members of the market, to impose listing standards, to ensure transparency in dealings and to impose penalties where breaches of rules or standards occur. The clearance and settlement system for transactions should also be regulated and should have acceptable settlement periods;
(b) Recognised
The market must be recognised or registered
…