Book II: Products

Financial securities are evidenced only by an entry in the securities account of the owner(s) or for the benefit of the owner(s) in a shared electronic recording device.

Where the securities account is kept by the issuer or the financial securities are entered by the issuer in a shared electronic recording device referred to in the second paragraph of Article L. 211-7 and meeting the conditions set out in Article R. 211-9-7, the financial securities are in registered form. When the securities account is held by an intermediary mentioned in Article L. 211-3 or when the financial securities…

Where the issuer is responsible for maintaining securities accounts or registering securities in a shared electronic recording system and appoints an agent for this purpose, it shall publish the name and address of its agent in the Bulletin des annonces légales obligatoires, together with the category of financial securities for which the agent is appointed. The conditions under which this agent, when it is a “DLT market infrastructure” within the…

An owner of registered financial securities may instruct an intermediary referred to in Article L. 211-3 to maintain his securities account with an issuer or to administer the entries appearing in the shared electronic recording device referred to in the same Article. In this case, the entries appearing in this securities account or in the shared electronic recording device also appear in an administration account held by this intermediary. The…

Financial securities in mandatory registered form may only be traded on a trading platform once they have been placed in an administration account. Financial securities that are not in registered form may only be traded on a trading platform in bearer form. However, if they are registered in a shared electronic recording system, financial securities may be traded on a trading venue in registered form without necessarily having first been…

A central depository shall open accounts for issuers of financial securities admitted to its operations and for intermediaries referred to in Article L. 211-3 who thereby become members. For financial securities admitted to its operations, it ensures delivery by debiting and crediting the accounts opened for its members. Where the central depository is a “DLT market infrastructure” within the meaning of Regulation (EU) 2022/858 of the European Parliament and of…

A central depository may create certificates representing French financial securities that may only circulate abroad. It may delegate this right to a member for a specific issue.

Where a central depository is affiliated to a foreign body of the same type, it has the option, on the one hand, of providing that registered entries of foreign financial securities are made in the name of its foreign counterpart and, on the other hand, of leaving foreign financial securities in bearer form or equivalent on deposit with the latter.

The rules governing the identification of shareholders are set out in Articles R. 228-3 to R. 228-6 of the French Commercial Code.