Paragraph 2: Custody account and registration in a shared electronic recording system

The securities account is maintained by the issuer when required by law or when the issuer so decides. In other cases, it is maintained by the issuer or by an intermediary referred to in Article L. 211-3, at the option of the owner of the securities. A decree of the Conseil d’Etat shall specify the conditions of application of this article.

Financial securities admitted to the operations of a central depository may be registered in a securities account held by an intermediary referred to in Article L. 211-3, unless the issuer decides otherwise. Financial securities that are not admitted to the operations of a central depository must be recorded, in the name of the owner of the securities, in a securities account held by the issuer or, if the issuer so…

The securities custodian may, under the conditions laid down in the General Regulations of the Autorité des marchés financiers, entrust all or part of its tasks to a third party.