Chapter I: Definition and general rules

I. – The transfer of ownership of financial securities results from the registration of these securities in the purchaser’s securities account or from the registration of these securities in favour of the purchaser in a shared electronic registration system referred to in article L. 211-3. II. – If the securities are admitted to trading by a central depository or delivered to a financial instrument settlement system referred to in Article…

I. – Once the order has been executed, the buyer and seller of the financial instruments referred to in I of Article L. 211-1 are definitively committed, the former to pay and the latter to deliver, on the date referred to in III of Article L. 211-17. Without prejudice to Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March 2012 on short selling and…

In the case of delivery of financial securities against payment of cash, failure to deliver or to settle on the date and in accordance with the conditions defined in the General Regulations of the Autorité des marchés financiers or, failing this, by an agreement between the parties, automatically discharges the non-defaulting party from all obligations towards the defaulting party, notwithstanding any legislative provision to the contrary. When an intermediary referred…

For each order to trade, sell or transfer a financial security registered in an account held by the issuer and admitted to trading by a central depository, or for any other change affecting the registration of the said financial security in an account, the intermediary referred to in Article L. 211-3 shall draw up a nominative reference form. This statement shall indicate the details identifying the principal, the legal nature…