French Monetary and Financial Code
In forceI. - Trading venue managers :
1° Publish a weekly report presenting the aggregate positions held by the different categories of persons mentioned in IV for the different commodity derivatives, the units mentioned in Article L. 229-7 of the Environmental Code or the financial contracts whose underlying assets are the latter traded on their trading platforms, mentioning the number of long and short positions held by these categories, the changes in these positions since the previous report, the percentage of the total open positions that each category represents and the number of persons holding a position in each category. They shall communicate this report to the Autorité des marchés financiers and the European Securities and Markets Authority. Platform managers are exempt from publishing and communicating the report to the authorities when the number of persons or the open positions of these persons are below the minimum thresholds;
2° Provide the AMF, at least once a day, with a full breakdown of the positions traded by each person, including members and their clients, on the trading platform.
The information requirements mentioned in 1° and 2° above do not apply when they concern a derivative on commodities or climatic variables, freight rates, inflation rates or other official economic statistics.
II. - To enable compliance with the provisions of Articles L. 420-11 and L. 420-12 to be monitored, members of a trading platform must provide the manager of this trading platform with details of their own positions held in contracts traded on this trading platform on a daily basis, as well as those of their clients and the clients of these clients through to the end client.
III. - The report referred to in 1° of I specifies the number of long and short positions per category of person, changes in these positions since the previous report, the percentage of total open positions represented by each category and the number of persons per category.
The report and the breakdowns referred to in 2° of I shall distinguish between positions identified as reducing in an objectively measurable way the risks directly linked to commercial activities and other positions.
IV. - Persons holding positions in a commodity derivative, units mentioned in article L. 229-7 du code de l'environnement or financial contracts underlying the latter are classified by the manager of this trading platform, taking into account the nature of their principal activity and any applicable authorisation, in one of the following categories:
1° Investment firms or credit institutions ;
2° Management companies of collective investment undertakings within the meaning of II of Article L. 214-1 ;
3° Other financial institutions, including insurance companies and reinsurance companies mentioned in articles L. 310-1 and L. 310-1-1 of the French Insurance Code, insurance group companies mentioned in article L. 322-1-2 of the same code, mutual insurance companies and unions of mutual insurance companies governed by Book II of the Mutual Code, mutual group unions mentioned in article L. 111-4-2 of the same code, provident institutions and their unions governed by Title III, Book IX of the Social Security Code, as well as social protection insurance group companies mentioned in article L. 931-2-2 of the same code, as well as the pension reserve funds mentioned in article L. 135-6 of the social security code, the institutions for occupational retirement provision mentioned in article L. 370-1 of the insurance code for their operations mentioned in article L. 370-2 of the same code, as well as the legal entities administering an institution for occupational retirement provision mentioned in article 8 of order no. 2006-344 of 23 March 2006 relating to supplementary occupational retirement provision;
4° Commercial companies;
5° In the case of units referred to in article L. 229-7 of the Environmental Code or financial contracts underlying such units, operators subject to compliance obligations under article L. 229-5 of the Environmental Code.
