If France imposes capital controls before Aug 1, 2027, then the market resolves to Yes. Capital controls are a legally binding measure of general application, adopted by the French national government, the French Parliament or an independent French authority exercising binding powers under French law, that prohibits, restricts, caps, delays or requires prior approval for any of the following:
Transfers, payments or remittances of funds between France and other countries, or between residents and nonresidents of France
The conversion of euros into foreign currency, or the transfer of euros or foreign currency into or out of France
Cash withdrawals or transfers out of deposit or payment accounts in France, or surrenders of or withdrawals from life insurance or capitalization contracts, including withdrawal or transfer limits, deposit freezes and temporary bank closures (a "bank holiday")
A measure that requires foreign-currency funds or assets held abroad to be repatriated, surrendered or deposited also counts. A measure is of general application if it covers a class of persons, accounts, institutions or transactions defined by objective criteria; it does not need to cover all of France, and a limited or phased rollout counts.
The measure must take legal effect after this market is first listed and before Aug 1, 2027, determined by Paris time. A measure already in force that merely continues does not count; a new measure, a material expansion of an existing measure, or a re-imposition after it lapsed does. A measure that takes effect still counts if it is later suspended, narrowed, repealed or annulled.
The following do NOT count:
An announcement, proposal, draft bill, draft decree or scheduled future effective date, until the measure actually takes effect
Measures adopted solely by the European Union, the European Central Bank, another supranational body, or regional or local authorities
Measures applying only to one identified financial institution or to specifically named persons or entities
Sanctions, asset freezes and embargoes; foreign investment screening; taxes, levies and fees; short-selling bans and trading halts; and limits on cash payments
Anti-money-laundering, due diligence and reporting requirements that do not prohibit, cap, delay or require approval for the movement of funds
Standing holding periods, lock-ups and early-withdrawal conditions of savings, retirement or insurance products, other than a temporary suspension, delay or limit on withdrawals, transfers or surrenders
If France imposes capital controls before Aug 1, 2027, then the market resolves to Yes. Capital controls are a legally binding measure of general application, adopted by the French national government, the French Parliament or an independent French authority exercising binding powers under French law, that prohibits, restricts, caps, delays or requires prior approval for any of the following:
Transfers, payments or remittances of funds between France and other countries, or between residents and nonresidents of France
The conversion of euros into foreign currency, or the transfer of euros or foreign currency into or out of France
Cash withdrawals or transfers out of deposit or payment accounts in France, or surrenders of or withdrawals from life insurance or capitalization contracts, including withdrawal or transfer limits, deposit freezes and temporary bank closures (a "bank holiday")
A measure that requires foreign-currency funds or assets held abroad to be repatriated, surrendered or deposited also counts. A measure is of general application if it covers a class of persons, accounts, institutions or transactions defined by objective criteria; it does not need to cover all of France, and a limited or phased rollout counts.
The measure must take legal effect after this market is first listed and before Aug 1, 2027, determined by Paris time. A measure already in force that merely continues does not count; a new measure, a material expansion of an existing measure, or a re-imposition after it lapsed does. A measure that takes effect still counts if it is later suspended, narrowed, repealed or annulled.
The following do NOT count:
An announcement, proposal, draft bill, draft decree or scheduled future effective date, until the measure actually takes effect
Measures adopted solely by the European Union, the European Central Bank, another supranational body, or regional or local authorities
Measures applying only to one identified financial institution or to specifically named persons or entities
Sanctions, asset freezes and embargoes; foreign investment screening; taxes, levies and fees; short-selling bans and trading halts; and limits on cash payments
Anti-money-laundering, due diligence and reporting requirements that do not prohibit, cap, delay or require approval for the movement of funds
Standing holding periods, lock-ups and early-withdrawal conditions of savings, retirement or insurance products, other than a temporary suspension, delay or limit on withdrawals, transfers or surrenders
