Court of Justice (Second Chamber) 22 March 2012, C-248/11 (Criminal proceedings against Rareş Doralin Nilaş and Others.)

JUDGMENT OF THE COURT (Second Chamber) 22 March 2012 ( *1 ) ‛(Directive 2004/39/EC — Markets in financial instruments — Article 4(1)(14) — Concept of ‘regulated market’ — Authorisation — Functional requirements — Market whose legal nature is not specified, but which is managed, after a merger, by a legal person also managing a regulated market — Article 47 — Not included on the list of regulated