Regulatory AlertsDOC-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.
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V - Market Infrastructures and Other Market Participants V. 2 - Central Depositories, Clearing Houses, Settlement and Delivery Systems
Doctrinal Guidance
Order Execution
Financial securities negotiations on a market, treated as off-market transfers, in the context of determining the date of transfer of ownership
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Applicable as of April 1, 2006 Instruction DOC-2006-03
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Reference texts
Article 570-8 of the General Regulation
Single Article - Negotiation treated as a transfer carried out outside a regulated market or a multilateral trading system
The negotiation, referred to in Article 570-8 of the General Regulation, treated as a transfer of financial securities outside a market referred to in Titles I or II of Book V of the AMF General Regulation, is a transaction carried out on such a market, but presenting the following characteristics: It does not result from the direct confrontation of orders presented by market members; It concerns an amount greater than a level specified by the market's operating rules.
Legal notices: Publisher: The Director of the AMF Communication Department. Contact: Communication Department, Autorité des marchés financiers - 17, place de la Bourse - 75082 Paris Cedex 02