# 📋 PEA Product Owner Master Checklist
## For Julien Nebenzahl — eToro PEA Launch

*Generated: April 15, 2026 | Source: PEA Technical Specification (Chapters 1-6)*

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## 1. Legal & Regulatory (22 items)

- ☐ ⚖️ LEGAL — Confirm PEA governed by CMF Art. L.221-30 to L.221-32-1
- ☐ ⚖️ LEGAL — Confirm CGI Art. 157(5°bis) and 163 quinquies D apply to tax treatment
- ☐ ⚖️ LEGAL — Scope: PEA Bancaire ONLY for Phase 1 (PEA Assurance and PEA-PME out of scope)
- ☐ 🚨 BLOCKER ⚖️ LEGAL — Confirm AMF branch notification expressly covers PEA account-keeping before launch
- ☐ ⚖️ LEGAL — Verify eToro (Europe) Ltd CySEC license 109/10 validity for PEA operations
- ☐ ⚖️ LEGAL — Confirm MiFID II branch passporting covers PEA account-keeping in France (succursale)
- ☐ ⚖️ LEGAL — CMF Art. L.221-31 compliance: PEA assets identifiable per individual plan
- ☐ ⚖️ LEGAL — MiFID II safeguarding: PEA assets returnable in eToro insolvency
- ☐ ⚖️ LEGAL — Confirm PACTE Law 2019 provisions applicable to instrument eligibility
- ☐ 🚨 BLOCKER ⚖️ LEGAL — Confirm applicable French protection scheme (FGDR) for branch clients
- ☐ ⚖️ LEGAL — Confirm CySEC Investor Compensation Fund (€20,000/client) applicability
- ☐ ⚖️ LEGAL — Establish eToro as établissement payeur (paying agent) for tax withholding
- ☐ 🚨 BLOCKER ⚖️ LEGAL — Obtain SIREN or IDSP number for DGFiP filings
- ☐ ⚖️ LEGAL — Register for TéléTD portal access via cfspro.impots.gouv.fr (Espace Professionnel)
- ☐ ⚖️ LEGAL — Ensure electronic-only filing capability (paper prohibited since Jan 2018)
- ☐ ⚖️ LEGAL — Mandatory plan closure if two PEAs detected (with full taxation)
- ☐ ⚖️ LEGAL — Records retention policy: 10 years after plan closure
- ☐ ⚖️ LEGAL — IFU records retention: 6 years
- ☐ ⚖️ LEGAL — Establish death notification process (freeze → liquidate or transfer in-kind → final IFU)
- ☐ ⚖️ LEGAL — Loss of French residency rules: can hold passively, no new deposits
- ☐ ⚖️ LEGAL — Regulatory infraction closure process defined
- ☐ ⚖️ LEGAL — PEA transfer is a statutory right — must be supported (CMF Art. D.221-113)

## 2. Product Eligibility — Account Holders (15 items)

- ☐ ⚖️ LEGAL — French tax residents only (CGI Art. 4B)
- ☐ ⚖️ LEGAL — Individuals only — no corporate accounts
- ☐ ⚖️ LEGAL — One PEA per person maximum
- ☐ 🔧 TECH — Self-declaration of no existing PEA during account opening
- ☐ 🔧 TECH — Best-effort cross-check for existing PEA (external DB or declaration-based)
- ☐ 🔧 TECH — KYC Level 2 minimum requirement enforced at PEA opening
- ☐ 🔧 TECH — French tax residency declaration captured and stored
- ☐ 🔧 TECH — French tax ID (numéro fiscal) captured and validated
- ☐ 🔧 TECH — Unique PEA plan ID generated at opening
- ☐ 🔧 TECH — Date of first deposit auto-generated by system (starts 5Y clock)
- ☐ 🔧 TECH — 5-year anniversary date calculated and stored
- ☐ 🔧 TECH — Beneficiary designation (optional) capture at opening
- ☐ 🎨 UX — PEA opening flow with all required declarations
- ☐ 🎨 UX — Clear messaging about one-PEA-per-person rule
- ☐ 📋 OPS — Process to handle detection of duplicate PEAs (mandatory closure + full taxation)

## 3. Instrument Universe (28 items)

- ☐ ⚖️ LEGAL — Eligible shares: EEA-domiciled only (27 EU + Iceland, Norway, Liechtenstein)
- ☐ ⚖️ LEGAL — Ordinary or preference shares only
- ☐ ⚖️ LEGAL — UK shares INELIGIBLE since Jan 1, 2021 (Brexit)
- ☐ 🔧 TECH — Blocklist: BP, Shell, AstraZeneca, GSK, Unilever UK, HSBC (all ineligible)
- ☐ ⚖️ LEGAL — Eligible ETFs: UCITS/AIF domiciled in EU/EEA + ≥75% portfolio in EU/EEA equities
- ☐ ⚖️ LEGAL — ETF domicile test: Irish (IE), Luxembourg (LU), French (FR) = pass
- ☐ ⚖️ LEGAL — ETF 75% rule based on ACTUAL portfolio composition, NOT benchmark
- ☐ 🔧 TECH — ETF eligibility can change post-purchase if composition drops below 75%
- ☐ ⚖️ LEGAL — NEVER eligible list: CFDs, crypto, ADRs/GDRs, options/futures/warrants
- ☐ ⚖️ LEGAL — NEVER eligible: fractional shares in PEA context
- ☐ ⚖️ LEGAL — NEVER eligible: non-EEA shares (US/UK/CH/JP stocks)
- ☐ ⚖️ LEGAL — NEVER eligible: commodity ETFs/ETCs, short/inverse/leveraged ETFs
- ☐ ⚖️ LEGAL — NEVER eligible: money market funds, bonds
- ☐ 🔧 TECH — ISIN prefix as first-level filter only (GB = auto fail, US = auto fail)
- ☐ 🔧 TECH — ISIN pass does NOT guarantee eligibility (secondary checks required)
- ☐ 🔧 TECH — Eligibility DB table: isin (PK), instrument_type, issuer_country_code, fund_eu_equity_pct, pea_eligible, eligibility_reason, ineligibility_reason, last_reviewed_date, next_review_date, eligible_since, ineligible_since, data_source, reviewer_name
- ☐ 🔧 TECH — Data sources integration: Euronext Paris PEA list
- ☐ 🔧 TECH — Data sources integration: ESMA FIRDS API
- ☐ 🔧 TECH — Data sources integration: ETF KIID/factsheets (quarterly)
- ☐ 🔧 TECH — Data sources integration: Bloomberg/Refinitiv (optional)
- ☐ 📋 OPS — Loss of eligibility: 2-month grace period before forced sale
- ☐ 📋 OPS — Client notification on loss of eligibility (email + in-app with timestamp)
- ☐ 🔧 TECH — Forced sale execution with reason code INELIGIBILITY_FORCED_SALE
- ☐ 🔧 TECH — Forced sale proceeds credited to PEA cash account
- ☐ 📋 OPS — Eligibility review: event-driven (corporate actions, new onboarding, ETF index changes)
- ☐ 📋 OPS — Quarterly ETF composition review
- ☐ 📋 OPS — Annual full eligibility review
- ☐ 🔧 TECH — Automated monitoring: corporate action feed (BNY/SIX/Broadridge) + ETF quarterly feed → propagate status change to trading engine within 60 seconds

## 4. Ceiling Management (18 items)

- ☐ ⚖️ LEGAL — €150,000 ceiling per person
- ☐ ⚖️ LEGAL — €300,000 ceiling per household (couple)
- ☐ ⚖️ LEGAL — Ceiling tracks DEPOSITS ONLY — gains/dividends do NOT count
- ☐ ⚖️ LEGAL — Deposit counter is UNIDIRECTIONAL (never decrements)
- ☐ ⚖️ LEGAL — Deposit exceeding remaining ceiling must be FULLY REJECTED (not partially accepted)
- ☐ 🔧 TECH — Deposit counter state machine: +amount on deposit, no change on buy/sell/dividend/withdrawal/closure
- ☐ 🔧 TECH — Securities purchase → no counter change
- ☐ 🔧 TECH — Sale proceeds → no counter change
- ☐ 🔧 TECH — Dividend credit → no counter change
- ☐ 🔧 TECH — Partial withdrawal (>5Y) → no counter change
- ☐ 🔧 TECH — Full closure → no counter change (archived)
- ☐ 🔧 TECH — Transfer-in: inherit deposit counter from origin institution
- ☐ 🔧 TECH — Concurrency control: deposit counter update + cash credit = ATOMIC transaction
- ☐ 🔧 TECH — Race condition prevention: DB locking or optimistic concurrency with retry
- ☐ 🎨 UX — Real-time ceiling display: total deposits, remaining capacity (€150K - counter)
- ☐ 🎨 UX — Visual progress bar for ceiling usage
- ☐ 🎨 UX — Warning at <€5,000 remaining ceiling
- ☐ 🎨 UX — Message when ceiling is reached (€0 remaining)

## 5. Tax Logic (24 items)

- ☐ ⚖️ LEGAL — 5-year clock starts from date of FIRST deposit (not each deposit)
- ☐ ⚖️ LEGAL — Any withdrawal before 5Y = mandatory plan closure
- ☐ ⚖️ LEGAL — After 5Y: partial withdrawals allowed WITHOUT closing plan
- ☐ ⚖️ LEGAL — Tax before 5Y: PFU 30% (12.8% IR + 17.2% social contributions) on net gain
- ☐ ⚖️ LEGAL — Tax after 5Y: 0% income tax, only 17.2% social contributions on net gain
- ☐ ⚖️ LEGAL — Inside plan: dividends, gains, sales = NO tax event while within PEA
- ☐ 🔧 TECH — Partial withdrawal gain formula: Taxable Gain = (W / V) × (V - D)
- ☐ 🔧 TECH — W = withdrawal amount, V = plan market value, D = total deposits
- ☐ 🔧 TECH — Edge case: plan in loss (V < D) → taxable gain = 0, social contributions = 0, client gets full W
- ☐ 🔧 TECH — System MUST NOT apply negative tax
- ☐ ⚖️ LEGAL — Social contributions components: CSG 9.2% + CRDS 0.5% + Prélèvement de solidarité 7.5% = 17.2%
- ☐ ⚖️ LEGAL — CSG déductible portion = 6.8% (must be reported on IFU)
- ☐ ⚖️ LEGAL — Tax remittance deadline: 15th of month following each withdrawal event
- ☐ ⚖️ LEGAL — Death: plan closed at date of death
- ☐ ⚖️ LEGAL — Death: IR exempt if plan >5Y
- ☐ ⚖️ LEGAL — Death: PS (17.2%) always due regardless of plan age
- ☐ ⚖️ LEGAL — Death: assets included in estate
- ☐ 🔧 TECH — Net gain calculation at closure: net gain = total value - deposit counter
- ☐ 🔧 TECH — Pre-5Y closure tax withholding: 12.8% IR + 17.2% PS on net gain
- ☐ 🔧 TECH — Post-5Y withdrawal tax: only 17.2% PS on proportional gain
- ☐ 🎨 UX — Early withdrawal (<5Y) warning with explicit client confirmation
- ☐ 🎨 UX — Display tax savings comparison (PEA vs regular account)
- ☐ 🎨 UX — Show countdown to 5Y tax-free anniversary
- ☐ 🔧 TECH — Foreign withholding tax handling: cannot reclaim within PEA (German 26.375%, French 30% for non-resident nominees)

## 6. Account Architecture (20 items)

- ☐ 🔧 TECH — Two inseparable sub-accounts: Securities Account + Cash Account
- ☐ 🔧 TECH — Both share same PEA plan ID
- ☐ 🔧 TECH — Not transferable except via formal transfert de PEA procedure
- ☐ 🔧 TECH — Plan entity data model: PEA ID, opening date, deposit counter, plan status, 5Y anniversary date
- ☐ 🔧 TECH — Plan entity links to Securities Account + Cash Account
- ☐ 🔧 TECH — Securities Account fields: ISIN, instrument name, quantity (whole units only), acquisition price, acquisition date
- ☐ 🔧 TECH — Full transaction history from opening to closure
- ☐ 🔧 TECH — Cash Account inflows: client deposits (vs ceiling), sale proceeds, dividends
- ☐ 🔧 TECH — Cash Account outflows: buy orders, withdrawals (age-dependent), PEA transfers
- ☐ 🔧 TECH — FORBIDDEN inflows: non-PEA proceeds, regular balance without versement recording
- ☐ 🔧 TECH — FORBIDDEN outflows: non-eligible securities purchases
- ☐ 🔧 TECH — PEA cash STRICTLY isolated from regular eToro balance (NO MINGLING)
- ☐ 🔧 TECH — Every PEA cash transaction tagged with PEA plan ID and validated
- ☐ 🔧 TECH — Plan statuses to support: Active, Frozen, Closing, Closed, Transferred, Archived
- ☐ 🎨 UX — Account opening flow collecting all required data points
- ☐ 🎨 UX — French tax residency declaration UI
- ☐ 🎨 UX — French tax ID (numéro fiscal) input with validation
- ☐ 🎨 UX — No-existing-PEA declaration checkbox
- ☐ 🔧 TECH — Data at opening: residency declaration, tax ID, no-PEA declaration, first deposit date (auto), PEA plan ID (auto), beneficiary (optional)
- ☐ 🎨 UX — Post-5Y closure: option to receive securities in-kind (transfer to regular securities account)

## 7. Financial Flows (26 items)

- ☐ 🔧 TECH — Flow architecture: Client bank → PEA Cash → PEA Securities. No direct regular ↔ securities link.
- ☐ 🔧 TECH — Deposit validation: Amount > 0
- ☐ 🔧 TECH — Deposit validation: Amount ≤ remaining ceiling (reject PEA-CEIL-001 if exceeded)
- ☐ 🔧 TECH — Deposit validation: Plan status = Active
- ☐ 🔧 TECH — Deposit validation: No pending forced closure
- ☐ 🔧 TECH — Recommended minimum deposit: €100 (soft limit, display recommendation)
- ☐ 🔧 TECH — Buy order flow: eligibility check → cash availability → whole-unit enforcement → execute via BNY (PEA tag) → settle T+2 → debit PEA cash / credit PEA securities
- ☐ 🔧 TECH — Sell order flow: verify whole-unit holdings → execute via BNY → settle T+2 → debit PEA securities / credit PEA cash
- ☐ ⚖️ LEGAL — Sell proceeds: NO TAX EVENT. Proceeds do NOT affect deposit counter.
- ☐ 🔧 TECH — Dividend flow: cash dividends credited to PEA cash (no taxation at point of credit)
- ☐ 🔧 TECH — Stock dividends: check eligibility (eligible → PEA securities; ineligible → cash equivalent)
- ☐ ⚖️ LEGAL — Dividends do NOT increment deposit counter
- ☐ 🔧 TECH — Foreign withholding tax on dividends may reduce net dividend (cannot reclaim within PEA)
- ☐ 🚨 BLOCKER 🔧 TECH — Confirm with BNY withholding rates applied in omnibus structure (German 26.375%, French 30%)
- ☐ 🔧 TECH — Early withdrawal (<5Y): trigger mandatory plan closure
- ☐ 🎨 UX — Early withdrawal: display warning requiring explicit client confirmation
- ☐ 🔧 TECH — Early withdrawal: full liquidation → gain calc → tax withholding → net proceeds
- ☐ 🔧 TECH — Post-5Y partial withdrawal formula: Net Gain = V - D, Gain Ratio = Net Gain / V, Taxable Gain = W × Gain Ratio
- ☐ 🔧 TECH — Post-5Y: Social contributions = Taxable Gain × 17.2%
- ☐ 🔧 TECH — Post-5Y: Net to client = W - Social contributions
- ☐ 🔧 TECH — Post-5Y: Deposit counter unchanged after withdrawal
- ☐ 🔧 TECH — Edge case: plan in loss (V < D) → taxable gain = 0, SC = 0, client gets full W
- ☐ 🔧 TECH — System must not apply negative tax on withdrawal
- ☐ 🔧 TECH — Concurrency control: deposit counter + cash credit = ATOMIC
- ☐ 🔧 TECH — Race condition prevention: DB locking or optimistic concurrency
- ☐ 🎨 UX — Real-time ceiling display during deposit flow

## 8. BNY / Custody (14 items)

- ☐ 🚨 BLOCKER — Current BNY structure is omnibus — PEA needs segregation
- ☐ 🚨 BLOCKER — Negotiate with BNY: Option A (preferred): BNY sub-account/segment for PEA assets
- ☐ 📋 OPS — Alternative: Option B: eToro-side tagging only (less preferred)
- ☐ ⚖️ LEGAL — CMF Art. L.221-31: PEA assets must be identifiable per individual plan
- ☐ ⚖️ LEGAL — MiFID II safeguarding: PEA assets returnable in eToro insolvency
- ☐ 🔧 TECH — BNY must tag PEA orders through execution venue
- ☐ 🔧 TECH — Context propagation: order creation → pre-trade → execution venue → trade confirmation → settlement → transaction log (immutable)
- ☐ 🔧 TECH — Settlement routed to PEA securities account + PEA cash account separately
- ☐ 🔧 TECH — Corporate action feed integration (BNY/SIX/Broadridge)
- ☐ 🔧 TECH — BNY PEA order tagging through entire lifecycle
- ☐ 📋 OPS — Confirm foreign dividend withholding rates in omnibus structure with BNY
- ☐ 📋 OPS — PEA transfer-out: provide full position list with acquisition prices to receiving institution
- ☐ 📋 OPS — PEA transfer-in: receive and validate position list from origin institution
- ☐ 🔧 TECH — Immutable transaction log for all PEA operations

## 9. Trading Restrictions (18 items)

- ☐ 🔧 TECH — Context-based restriction design (not instrument-level): PEA context = restricted, Regular = unaffected
- ☐ 🔧 TECH — Every order tagged PEA or REGULAR at creation — non-mutable through lifecycle
- ☐ 🎨 UX — Account selector at top of order ticket (Regular / PEA)
- ☐ 🎨 UX — Default to last-used account context
- ☐ 🎨 UX — In PEA mode: hide fractional option
- ☐ 🎨 UX — In PEA mode: show PEA balance + remaining ceiling
- ☐ 🎨 UX — On PEA selection: immediately show eligibility status BEFORE order ticket
- ☐ 🎨 UX — If ineligible: "This instrument is not eligible for your PEA. You can purchase it in your regular account instead."
- ☐ 🎨 UX — Ineligible instrument MUST NOT allow order ticket to progress
- ☐ 🔧 TECH — Pre-trade filter: synchronous, runs BEFORE order submitted to execution venue
- ☐ 🔧 TECH — Buy in PEA: check eligibility → check whole-unit → check cash → submit with PEA tag
- ☐ 🔧 TECH — Sell in PEA: no eligibility check needed (already held)
- ☐ 🔧 TECH — Performance requirement: <5ms for eligibility check
- ☐ 🔧 TECH — In-memory cache for eligibility list
- ☐ 🔧 TECH — Cache refresh within 60 seconds of eligibility list update
- ☐ 🔧 TECH — Error code PEA-ELIG-001: ineligible instrument
- ☐ 🔧 TECH — Error code PEA-FRAC-001: fractional order → round down to whole unit
- ☐ 🔧 TECH — Whole-unit enforcement on all PEA buy orders

## 10. PEA Transfers (14 items)

- ☐ ⚖️ LEGAL — PEA transfer (transfert de PEA) is a statutory right
- ☐ ⚖️ LEGAL — Must complete within 10 business days (CMF Art. D.221-113)
- ☐ 🔧 TECH — Transfer-in: inherit original opening date from origin institution
- ☐ 🔧 TECH — Transfer-in: inherit original deposit counter
- ☐ 🔧 TECH — Transfer-in: import positions with acquisition prices and dates
- ☐ ⚖️ LEGAL — Transfer-in: 5Y clock NOT reset (preserves original date)
- ☐ 🔧 TECH — Transfer-out: provide full position list with acquisition prices
- ☐ 🔧 TECH — Transfer-out: provide deposit counter value
- ☐ 🔧 TECH — Transfer-out: provide original opening date
- ☐ 🔧 TECH — Freeze PEA during transfer period (no trades, no deposits, no withdrawals)
- ☐ 🎨 UX — Transfer-in flow: UI for initiating transfer from another broker
- ☐ 🎨 UX — Transfer-out flow: UI for initiating transfer to another broker
- ☐ 🎨 UX — Transfer status tracking for client
- ☐ 📋 OPS — Process to handle transfers exceeding 10-business-day SLA

## 11. Plan Closure (18 items)

- ☐ 🔧 TECH — Closure trigger: voluntary closure
- ☐ 🔧 TECH — Closure trigger: any pre-5Y withdrawal
- ☐ 🔧 TECH — Closure trigger: death (assets in estate)
- ☐ 🔧 TECH — Closure trigger: loss of French residency (passive hold, no new deposits)
- ☐ 🔧 TECH — Closure trigger: regulatory infraction
- ☐ 🔧 TECH — Closure trigger: exceeding ceiling
- ☐ 🔧 TECH — Closure process step 1: Freeze account
- ☐ 🔧 TECH — Closure process step 2: Liquidate all positions
- ☐ 🔧 TECH — Closure process step 3: Gain calculation (net gain = total value - deposit counter)
- ☐ 🔧 TECH — Closure process step 4: Tax computation (pre-5Y: 30% PFU; post-5Y: 17.2% PS only)
- ☐ 🔧 TECH — Closure process step 5: Tax withholding
- ☐ 🔧 TECH — Closure process step 6: Net proceeds to regular account
- ☐ 🔧 TECH — Closure process step 7: IFU generation
- ☐ 🔧 TECH — Closure process step 8: Archive (10 years retention)
- ☐ 🎨 UX — Voluntary closure confirmation flow with clear tax impact display
- ☐ 🎨 UX — Post-5Y closure: option for in-kind transfer (securities to regular account)
- ☐ 📋 OPS — Death notification process: freeze → liquidate or transfer in-kind → final IFU
- ☐ 📋 OPS — Inheritance handling: notify estate, calculate final tax, generate final IFU

## 12. Regulatory Reporting (16 items)

- ☐ ⚖️ LEGAL — eToro is établissement payeur — must withhold taxes and remit to DGFiP
- ☐ ⚖️ LEGAL — Tax remittance deadline: 15th of month following each withdrawal event
- ☐ 🔧 TECH — IFU (Formulaire 2561): one per PEA client per year
- ☐ ⚖️ LEGAL — IFU filing deadline: February 15 of following year
- ☐ 🔧 TECH — IFU three parts: 2561 (DGFiP), 2561 bis (supplementary), 2561 ter (client copy)
- ☐ 🔧 TECH — TD-RCM filing: electronic only, Mode EDI (bulk) for scale
- ☐ 🔧 TECH — File format: DRCM_Année_SIRENRemettant_Horodatage
- ☐ 🔧 TECH — Files must be compressed and encrypted
- ☐ 🔧 TECH — Filing via TéléTD on cfspro.impots.gouv.fr
- ☐ 🔧 TECH — Key IFU fields: Zone 2DC/2BH (dividends)
- ☐ 🔧 TECH — Key IFU fields: Zone 3VV/3VM (PEA gains)
- ☐ 🔧 TECH — Key IFU fields: Zone 2CK (IR withheld)
- ☐ 🔧 TECH — Key IFU fields: Zone 2AB (foreign withholding credit)
- ☐ 🔧 TECH — Key IFU fields: CSG déductible (6.8%)
- ☐ ⚖️ LEGAL — Once filed, DGFiP pre-fills client's 2042 tax return — accuracy is critical
- ☐ 🔧 TECH — IFU generation system: automated, auditable, tested against DGFiP specs

## 13. Data & Systems (16 items)

- ☐ 🔧 TECH — PEA Eligibility DB: isin (PK), instrument_type, issuer_country_code, fund_eu_equity_pct, pea_eligible, eligibility_reason, ineligibility_reason, last_reviewed_date, next_review_date, eligible_since, ineligible_since, data_source, reviewer_name
- ☐ 🔧 TECH — In-memory eligibility cache with <5ms lookup
- ☐ 🔧 TECH — Cache invalidation within 60 seconds of eligibility list update
- ☐ 🔧 TECH — PEA Plan table: pea_id, opening_date, deposit_counter, plan_status, five_year_date, client_id
- ☐ 🔧 TECH — PEA Securities Account table linked to plan
- ☐ 🔧 TECH — PEA Cash Account table linked to plan
- ☐ 🔧 TECH — Immutable transaction log for all PEA operations
- ☐ 🔧 TECH — API: Euronext Paris PEA list ingestion
- ☐ 🔧 TECH — API: ESMA FIRDS integration
- ☐ 🔧 TECH — API: ETF KIID/factsheet quarterly feed
- ☐ 🔧 TECH — API: Corporate action feed (BNY/SIX/Broadridge)
- ☐ 🔧 TECH — Automated monitoring: status change → trading restriction engine within 60 seconds
- ☐ 🔧 TECH — IFU generation engine (Formulaire 2561 format)
- ☐ 🔧 TECH — TD-RCM filing engine (EDI mode, compressed, encrypted)
- ☐ 🔧 TECH — Tax calculation engine: supports pre-5Y PFU and post-5Y PS calculations
- ☐ 🔧 TECH — Deposit counter: atomic increment with concurrency control

## 14. Operational / Support (16 items)

- ☐ 📋 OPS — Corporate action handling for PEA positions (stock splits, mergers, delistings)
- ☐ 📋 OPS — Stock dividend eligibility check (eligible → securities; ineligible → cash equivalent)
- ☐ 📋 OPS — ETF composition quarterly review process
- ☐ 📋 OPS — Annual full eligibility review process
- ☐ 📋 OPS — Loss of eligibility notification process (email + in-app, timestamped)
- ☐ 📋 OPS — Forced sale execution after 2-month grace period
- ☐ 📋 OPS — Death notification: freeze → liquidate → final IFU → estate
- ☐ 📋 OPS — Residency loss handling: freeze deposits, allow passive holding
- ☐ 📋 OPS — Duplicate PEA detection and mandatory closure process
- ☐ 📋 OPS — PEA transfer coordination with other brokers (10-day SLA)
- ☐ 📋 OPS — Client support training: PEA tax rules, eligibility, transfers
- ☐ 📋 OPS — IFU distribution to clients by February 15 each year
- ☐ 📋 OPS — Tax remittance to DGFiP by 15th of month following withdrawal
- ☐ 📋 OPS — 10-year records archival post-closure
- ☐ 📋 OPS — Regulatory change monitoring (CMF, CGI, PACTE amendments)
- ☐ 📋 OPS — Incident process for PEA-specific issues (ceiling breach, eligibility error, wrong tax calc)

## 15. Open Questions / Blockers (12 items)

- ☐ 🚨 BLOCKER — Does eToro's current AMF branch notification expressly cover PEA account-keeping? MUST confirm with Legal before any dev work.
- ☐ 🚨 BLOCKER — BNY PEA segregation: negotiate sub-account/segment (Option A) vs eToro-side tagging (Option B). Decision needed before architecture design.
- ☐ 🚨 BLOCKER — Obtain SIREN or IDSP number for DGFiP electronic filing. Without this, cannot file IFUs.
- ☐ 🚨 BLOCKER — French custodian bank partner: is BNY sufficient or is a dedicated French partner required for PEA Bancaire?
- ☐ 🚨 BLOCKER — Confirm applicable French investor protection (FGDR) for eToro branch clients.
- ☐ 🚨 BLOCKER — BNY withholding rates in omnibus structure: German dividends 26.375%, French 30% — confirm actual rates applied.
- ☐ 🚨 BLOCKER — Cross-check for existing PEA: what data source or process? Self-declaration only or can eToro verify with DGFiP?
- ☐ ❓ QUESTION — CopyTrader™ within PEA: how to handle when copied trades include ineligible instruments? Auto-skip or block?
- ☐ ❓ QUESTION — Fractional enforcement on CopyTrader: if copy allocation results in fractional amount, round down to whole unit?
- ☐ ❓ QUESTION — PEA-PME Phase 2 timeline and incremental scope?
- ☐ ❓ QUESTION — Multi-currency handling within PEA: EUR only or allow EU stocks traded in other currencies?
- ☐ ❓ QUESTION — Real-time market value calculation for withdrawal tax formula: what data source and frequency?

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## 📊 Summary

### Total Checklist Items by Category

| # | Category | Items |
|---|----------|-------|
| 1 | Legal & Regulatory | 22 |
| 2 | Product Eligibility | 15 |
| 3 | Instrument Universe | 28 |
| 4 | Ceiling Management | 18 |
| 5 | Tax Logic | 24 |
| 6 | Account Architecture | 20 |
| 7 | Financial Flows | 26 |
| 8 | BNY / Custody | 14 |
| 9 | Trading Restrictions | 18 |
| 10 | PEA Transfers | 14 |
| 11 | Plan Closure | 18 |
| 12 | Regulatory Reporting | 16 |
| 13 | Data & Systems | 16 |
| 14 | Operational / Support | 16 |
| 15 | Open Questions / Blockers | 12 |
| | **TOTAL** | **277** |

### Top 10 Critical Blockers

1. 🚨 **AMF Branch Notification** — Confirm current AMF notification expressly covers PEA account-keeping (Legal must verify before ANY development)
2. 🚨 **BNY PEA Segregation** — Negotiate sub-account/segment option with BNY (architecture depends on this)
3. 🚨 **SIREN/IDSP Registration** — Obtain SIREN or IDSP number for DGFiP filings (cannot file IFUs without it)
4. 🚨 **French Custodian Partner** — Determine if BNY is sufficient or if a French bank partner is required
5. 🚨 **FGDR Investor Protection** — Confirm French protection scheme applies to eToro branch clients
6. 🚨 **BNY Withholding Rates** — Confirm actual foreign dividend withholding rates in omnibus structure
7. 🚨 **Existing PEA Cross-Check** — Define process for verifying client doesn't hold existing PEA
8. 🚨 **TéléTD Portal Access** — Register for DGFiP electronic filing portal
9. 🚨 **Tax Engine Validation** — PFU and PS calculation engine must be audited against French tax code before launch
10. 🚨 **Eligibility Database Seeding** — Initial population from Euronext/ESMA with full validation before trading enabled

### Dependencies Map — What Must Be Done FIRST

```
PHASE 0 — LEGAL GATES (must clear before anything else)
├── AMF branch notification confirmation
├── SIREN/IDSP registration
├── FGDR applicability confirmation
└── French custodian partner decision

PHASE 1 — ARCHITECTURE (depends on Phase 0)
├── BNY segregation negotiation (depends on custodian decision)
├── PEA data model design (Plan, Securities, Cash tables)
├── Eligibility DB schema + initial seeding
└── Tax calculation engine design

PHASE 2 — BUILD (depends on Phase 1)
├── Account opening flow (depends on data model)
├── Deposit flow + ceiling management (depends on data model)
├── Pre-trade eligibility filter (depends on eligibility DB)
├── Trading restriction engine (depends on BNY integration)
├── Buy/Sell order flows (depends on BNY PEA tagging)
└── Dividend flow handling (depends on BNY withholding confirmation)

PHASE 3 — TAX & REPORTING (depends on Phase 2)
├── Tax withholding engine (depends on tax engine design)
├── IFU generation system (depends on SIREN + data model)
├── TD-RCM filing engine (depends on TéléTD access)
└── Closure/withdrawal flows (depends on tax engine)

PHASE 4 — OPERATIONS (depends on Phase 3)
├── Client support training
├── Eligibility monitoring automation
├── Transfer-in/out processes
└── Death/inheritance handling
```

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*Document prepared by CMOClaw for Julien Nebenzahl, PEA Product Owner at eToro.*
*April 15, 2026 — Confidential*