Regulatory Alerts2003-07-03 | Circular 4/2003Added
Circular 4/2003 — Amends Circular 115/2002
This circular authorizes securities houses to conduct spot foreign exchange operations with the public, effective July 4, 2003. It prohibits commissions on these spot transactions and requires securities houses to display exchange rates prominently at their counters, ensuring executed rates are equal to or more favorable than those advertised. Documentation requirements mandate master contracts for habitual clients and financial entities, while receipts must be issued for non-habitual clients, with all operations recorded on the day of execution. A transitional period of 180 days allows for delivery up to three business days after execution without mandatory master contracts.
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