Regulatory Alerts2005-05-13 | Circular 3/2005Added
Circular 3/2005 — Modifications to Circular 115/2005
This circular amends Circular 115/2002 by adding a definition for "Minted Fine Metals" and modifying the definition of "Spot Operations" to specify that delivery must occur within two Business Days. It authorizes brokerage houses to conduct spot operations involving the purchase, sale, or swap of minted fine metals against national or foreign currency. Additionally, it requires brokerage houses to prominently display exchange rates or prices for these operations at their counters and mandates that actual transaction rates be equal to or more favorable than those advertised, allowing for discounts based on metal quality when acting as buyers.
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