The Autorité des Marchés Financiers, which regulates participants and products in France’s financial markets, will implement reporting requirement and position limits for agricultural commodity derivatives beginning July 1. Under these requirements, any person holding agricultural derivatives on an AMF regulated market or a French multilateral trading facility, or any foreign market that permits trading in contracts that result in delivery in France, must daily report to AMF positions in excess of prescribed levels, and are prohibited from exceeding specified position levels. A person is not required to report a position, however, if the position is reported to AMF already by a clearinghouse. Persons may apply to AMF for exemptions from position limits for hedging purposes.