Regulatory Alerts2006-12-20 | Circular 5/2006Added
Circular 5/2006 — Amending Circular 115/2002
This circular amends Circular 115/2002 to update provisions regarding securities-backed loans, foreign exchange and minted metal operations, and risk position calculations for broker-dealers (casas de bolsa). It introduces new definitions for business days and minted metals, mandates that forward transactions be governed by derivative rules, prohibits commission charges on these transactions, and requires public display of exchange rates. The amendments also establish documentation and confirmation requirements for transactions and specify that option operations count toward risk positions based on notional amount and delta, with the changes taking effect on January 15, 2007.
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