ES - Technical guide on currency derivatives used as a mean of payment
14/01/2021
On 28 September 2020, the CNMV has approved a Technical Guide on currency derivatives used as means of payment that are not considered to be financial instruments for the purposes of MiFID.
The Technical Guide contains the following criteria that the CNMV intends to apply:
- In order to be considered payment means, they must be forward contracts whose purpose is to make or receive payments in foreign currency for specific goods, services or direct investments by the customer that contracts them
- It is considered generally acceptable that verification of compliance with the aforementioned requirement be carried out by obtaining from the customer descriptive information on each transaction, or in the case of customers whose activity is sufficiently well known, by means of an express statement by the customer regarding the purpose of the contract
- Institutions must carry out ex post reviews on sufficiently representative samples of the transactions carried out in order to confirm that the requirements are met.