Regulatory AlertsDOC-2011-08 Questions and Answers Regarding Forex Operations
The French Financial Markets Authority (AMF) issued position DOC-2011-08 to clarify that rolling spot Forex operations constitute financial instruments, specifically defined as forward exchange contracts with an indefinite maturity due to their tacit daily rollover nature. This classification is grounded in Articles L.211-1 and D.211-1 A of the French Monetary and Financial Code, which govern the legal status of such financial contracts. The document notes that while this position remains valid, it has not yet been updated to reflect the transposition of MiFID II or the separation of investment firm and portfolio management company regimes.
Share