What is the difference between the BdL market, which is an EU-regulated market, and the Euro MTF market, which is an exchange-regulated market?

BdL market / EU-regulated market The Commission de Surveillance du Secteur Financier (CSSF), Luxembourg's supervisory authority, is in charge of prospectus approval. Eligible for a European passport. Entry for issuers is subject to the Prospectus and Transparency Obligation Directives. Issuers subject to International Financial Reporting Standards (IFRS), or an equivalent, for non-EU issuers. Euro MTF market / Exchange-regulated market The Luxembourg Stock Exchange is in charge of prospectus approval. No European passport provided. Outside the scope of the Prospectus and Transparency Obligation Directives. Financial reporting is in line with IFRS. However, other accounting standards, such as Generally Accepted Accounting Principles (GAAP), are accepted.