European Union – Finance. Article 4(1)(14) of Directive (EC) 2004/39 should be interpreted as meaning that the concept of a 'regulated market' within the meaning of that provision covered a trading system in which multiple fund agents and brokers represented, respectively, 'open end' investment funds and investors, the sole purpose of which was to facilitate those investment funds in their obligation to execute the purchase and selling orders for shares placed by those investors. The Court of Justice of the European Union so held in proceedings concerning the imposition of charges on the applicant companies for costs incurred by the Netherlands Financial Markets Authority in performing its supervisory duties.