Procedure for Recognition of Foreign Markets in States Not Party to the European Economic Area Agreement

Printed from a page of the AMF website

Please disable your ad blocker to view this video.

V - Market Infrastructures and Other Market Participants
V. 3 - Other Market Participants
Doctrine
Markets

Procedure for Recognition of Foreign Markets in States Not Party to the European Economic Area Agreement

Share by email

Applicable from February 18, 2026
Instruction DOC-2019-05

Print

Download

Version consulted
Summary
Instruction 2019-05 clarifies the conditions for the recognition of foreign markets. The revised procedure specifies the cases in which a communication is considered to be addressed by a market operator to non-professional investors established or residing in France, as well as the applicable recognition procedure.

Download the doctrine

Download the full overview of the doctrine

Evaluation of equivalence referred to in Article D. 423-1 of the Monetary and Financial Code Archives

Instruction 2019-05 clarifies the conditions for the recognition of foreign markets. The revised procedure specifies that a foreign market does not require any recognition provided that non-professional clients are not solicited to carry out transactions on negotiable financial instruments within its scope, either directly or indirectly through a market intermediary (market member or other service provider).

Download the doctrine
Reference texts

Articles 251-1 to 251-7 of the General Regulation

Article 513-3 of the General Regulation
Legal notices:
Publisher: The Director of the Communication Department of the AMF. Contact: Communication Department, Autorité des marchés financiers - 17, place de la Bourse - 75082 Paris Cedex 02