The French Decree No 2019-655 exempts a third party country (i.e. a party equivalent to an EU investment services provider) from the requirement to establish a branch in France, provided that it enters into transactions on derivatives contracts and other financial instruments (or on greenhouse gas emission allowances) on own account and without providing any other investment service in France (other than the own-account dealing service):
- either with a counterparty also acting on own account that is a credit institution, an investment firm or an institution mentioned in article L. 518-1 or 1° of article L. 531-2 of the French monetary and financial code (i.e. very specific public entities) outside a regulated market, a multilateral trading system or an organised trading system; or
- on a regulated market, a multilateral trading system or an organised trading system (within the meaning of such code), the purpose of this provision being to allow a third country investment services provider to become a member of a French stock exchange.
and then 