Listed close: Jan 8, 2027, 3:00 PM UTC. Settlement follows the provider's contract terms and may occur later.
If the 2027 state budget (loi de finances pour 2027) is enacted in France before Jan 1, 2027, then the market resolves to Yes. Secondary rules: “The 2027 budget” means the loi de finances pour 2027, France’s annual State finance law for 2027. Final adoption by Parliament, including a text deemed adopted under Article 49, paragraph 3, of the Constitution, is not enough on its own: the law must also be promulgated by the President, which follows any review by the Constitutional Council. The market resolves Yes if the promulgated law bears a date of December 31, 2026 or earlier, as shown by its publication in the Journal officiel de la République française.
A special law (loi spéciale) that only authorizes the collection of existing taxes and borrowing, or any other interim measure of that kind, does not count. The social security financing law (loi de financement de la sécurité sociale) is a separate law and does not count.
However, the 2027 budget put into force by ordinance under Article 47 of the Constitution does count, once the ordinance has been signed and published in the Journal officiel.
Enactment requires completion of all constitutional and legal requirements for the legislation to become binding law.
Standard legislation requiring executive approval: final passage by all required legislative bodies, executive signature OR becoming law despite executive inaction OR successful veto override, and satisfaction of any required waiting periods
Legislation not requiring executive approval: final passage and completion of required waiting periods
Constitutional amendments: passage with required supermajorities and completion of ratification processes
Executive orders: official signature, publication in official government records, and legal effectiveness
The following do NOT constitute enactment:
Legislative passage without completed executive action
Passage by only some required bodies
Provisional passage
Non-binding resolutions
Draft orders
Enactment occurs when all requirements are completed, regardless of pending judicial challenges. Early close condition: This market will close and expire early if the law is enacted
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