Europe: what is a 'regulated market'?

The meaning of 'regulated market' for the purposes of Article 4(1)(14) of Directive 2004/39/EC on markets in financial instruments was considered last month by the Court of Justice of the European Union in Case C-248/11, Nilaş and others. The Court of Justice held, to quote from its decision:

Article 4(1)(14) of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments ... must be interpreted as meaning that a market in financial instruments which does not satisfy the requirements in Title III of that directive does not fall within the concept of ‘regulated market’, as defined in that provision, notwithstanding the fact that its operator merged with the operator of such a regulated market".