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.
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II - Investment Products II. 2 - Other Investment Products Doctrinal Position Forex and Binary Options
Questions and Answers Regarding Forex Operations
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Applicable as of June 21, 2019 Position DOC-2011-08
Download Viewed Version Summary Position DOC-2011-08 clarifies that rolling spot Forex operations are financial instruments (financial contracts). Indeed, these operations, which are tacitly rolled over from day to day, constitute forward exchange operations with an indefinite maturity.
Download the doctrinal position Reference texts
Article L.211-1 of the Monetary and Financial Code
Article D.211-1 A of the Monetary and Financial Code Archives
Position DOC-2011-08 clarifies that rolling spot Forex operations are financial instruments (financial contracts). Indeed, these operations, which are tacitly rolled over from day to day, constitute forward exchange operations with an indefinite maturity. This document has not been updated regarding the texts transposing MiFID II and/or separating the legal regime of investment firms and portfolio management companies. This update will be carried out shortly.
Download the doctrinal position Reference texts
Article L.211-1 of the Monetary and Financial Code
Article D.211-1 A of the Monetary and Financial Code Keywords
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