Regulatory AlertsProcedure for Recognition of Foreign Markets in States Not Party to the European Economic Area Agreement
The Autorité des Marchés Financiers (AMF) issued Instruction DOC-2019-05 to clarify the conditions under which foreign markets are recognized in France. The revised procedure specifies that foreign markets do not require formal recognition provided they do not solicit non-professional clients, either directly or indirectly through intermediaries, to trade negotiable financial instruments. Additionally, the instruction defines the specific circumstances under which market operator communications are considered directed at non-professional investors established or residing in France.
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V - Market Infrastructures and Other Market Participants V. 3 - Other Market Participants Doctrine Markets
Procedure for Recognition of Foreign Markets in States Not Party to the European Economic Area Agreement
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Applicable from February 18, 2026 Instruction DOC-2019-05
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Version consulted Summary Instruction 2019-05 clarifies the conditions for the recognition of foreign markets. The revised procedure specifies the cases in which a communication is considered to be addressed by a market operator to non-professional investors established or residing in France, as well as the applicable recognition procedure.
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Evaluation of equivalence referred to in Article D. 423-1 of the Monetary and Financial Code Archives
Instruction 2019-05 clarifies the conditions for the recognition of foreign markets. The revised procedure specifies that a foreign market does not require any recognition provided that non-professional clients are not solicited to carry out transactions on negotiable financial instruments within its scope, either directly or indirectly through a market intermediary (market member or other service provider).
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Articles 251-1 to 251-7 of the General Regulation
Article 513-3 of the General Regulation Legal notices: Publisher: The Director of the Communication Department of the AMF. Contact: Communication Department, Autorité des marchés financiers - 17, place de la Bourse - 75082 Paris Cedex 02