French Business Law - French Legislation

Article L211-17 of the French Monetary and Financial Code

November 8, 2023

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…

Article L211-17-1 of the French Monetary and Financial Code

November 8, 2023

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…

Article L211-18 of the French Monetary and Financial Code

November 8, 2023

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…

Article L211-19 of the French Monetary and Financial Code

November 8, 2023

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…

Article L211-20 of the French Monetary and Financial Code

November 8, 2023

I. – The pledge of a securities account is constituted, both between the parties and in relation to the issuing legal entity and third parties, by a declaration signed by the account holder. This declaration shall include the particulars laid down by decree. The financial securities initially included in the pledged account, those substituted for them or added to them as security for the pledgee’s initial claim, in any manner…

Article L211-21 of the French Monetary and Financial Code

November 8, 2023

Voluntary or forced public auctions of financial securities shall be conducted, if the securities are admitted to trading on a regulated market, by the investment services providers which are members of the regulated market on which the securities are traded and, if not, by an investment services provider or a notary. Even in the event of provisions to the contrary in the articles of association, the provisions of this article…

Article L211-22 of the French Monetary and Financial Code

November 8, 2023

The provisions of article L. 211-24 are applicable to loans of financial securities that meet the following conditions: 1. The loan relates to financial securities; 2. The loan relates to financial securities which are not likely to be the subject, during the term of the loan, of the detachment of a right to a dividend or the payment of interest subject to the withholding tax provided for in 1° ofarticle…

Article L211-23 of the French Monetary and Financial Code

November 8, 2023

The rules governing remuneration paid for loans of financial securities are set out in article 38 bis, section 2 of the General Tax Code.

Article L211-24 of the French Monetary and Financial Code

November 8, 2023

When financial securities are loaned by a company, they are deducted in priority from securities of the same type acquired or subscribed to on the most recent date.

Article L211-26 of the French Monetary and Financial Code

November 8, 2023

When the borrower disposes of financial securities, priority is given to withdrawing them from the securities of the same type borrowed on the earliest date. Subsequent purchases of securities of the same type are allocated on a priority basis to replace the securities borrowed.

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French Monetary and Financial Code

Article L211-17 of the French Monetary and Financial Code

Article L211-17-1 of the French Monetary and Financial Code

Article L211-18 of the French Monetary and Financial Code

Article L211-19 of the French Monetary and Financial Code

Article L211-20 of the French Monetary and Financial Code

Article L211-21 of the French Monetary and Financial Code

Article L211-22 of the French Monetary and Financial Code

Article L211-23 of the French Monetary and Financial Code

Article L211-24 of the French Monetary and Financial Code

Article L211-26 of the French Monetary and Financial Code

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French Monetary and Financial Code

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