DOC-2006-03 Financial securities negotiations on a market treated as off-market transfers for determining the date of transfer of ownership

The French Autorité des marchés financiers (AMF) issued Instruction DOC-2006-03 to clarify the application of Article 570-8 of its General Regulation regarding the determination of the date of transfer of ownership for financial securities. The instruction defines specific financial securities negotiations conducted on a regulated market as being treated as off-market transfers if they do not result from the direct matching of orders and exceed a threshold specified by the market's operating rules. This classification ensures consistent regulatory treatment for transactions that, despite occurring on a market, lack the characteristics of standard bilateral execution.

France

Autorite des Marches Financiers