French Business Law - French Legislation

Article L211-7 of the French Monetary and Financial Code

November 8, 2023

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…

Article L211-8 of the French Monetary and Financial Code

November 8, 2023

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.

Article L211-9 of the French Monetary and Financial Code

November 8, 2023

The custodian-account keeper safeguards the rights of account holders to the financial securities held in the account. It may only use these securities for its own account under the conditions set out in 4° of II of article L. 533-10.

Article L211-10 of the French Monetary and Financial Code

November 8, 2023

In the event of the opening of receivership or compulsory liquidation proceedings against an intermediary referred to in Article L. 211-3, the court-appointed administrator or liquidator, together with the provisional administrator or liquidator appointed by the Autorité de contrôle prudentiel et de résolution, where applicable, shall verify on a security-by-security basis that all the financial securities held in an account with a central depository or another intermediary in the name…

Article L211-11 of the French Monetary and Financial Code

November 8, 2023

Accounts opened with a central depository may not be seized, even as a precautionary measure. No compulsory execution or protective measures may be taken against an intermediary referred to in Article L. 211-3 in respect of financial securities held in an account opened in its name in the books of another intermediary referred to in the same Article, where such securities are not the property of the first intermediary.

Article L211-12 of the French Monetary and Financial Code

November 8, 2023

Subject to the provisions of article L. 211-11, seizures of financial securities are governed by the provisions of the legislative part of the Code of Civil Enforcement Procedures.

Article L211-13 of the French Monetary and Financial Code

November 8, 2023

The provisions of this sub-section do not apply to bonds issued before 3 November 1984, amortisable by drawing numbers. Nor do they concern perpetual annuities on the State, held in registered form, issued before that date. Holders of financial securities issued before the same date may only exercise the rights attached to their securities if they have been registered in an account by the issuer or presented to an intermediary…

Article L211-14 of the French Monetary and Financial Code

November 8, 2023

With the exception of shares in non-trading property investment companies (sociétés civiles de placement immobilier) referred to in article L. 214-114 and shares in forestry savings companies (sociétés d’épargne forestière) referred to in article L. 214-121, financial securities are negotiable.

Article L211-15 of the French Monetary and Financial Code

November 8, 2023

Financial securities are transferred by account-to-account transfer or by entry in a shared electronic recording device as referred to in article L. 211-3.

Article L211-16 of the French Monetary and Financial Code

November 8, 2023

No person may claim, for any reason whatsoever, a financial security whose ownership has been acquired in good faith by the holder of the securities account in which the securities are registered or by the person identified by the shared electronic recording device referred to in article L. 211-3.

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Legislative part

Article L211-7 of the French Monetary and Financial Code

Article L211-8 of the French Monetary and Financial Code

Article L211-9 of the French Monetary and Financial Code

Article L211-10 of the French Monetary and Financial Code

Article L211-11 of the French Monetary and Financial Code

Article L211-12 of the French Monetary and Financial Code

Article L211-13 of the French Monetary and Financial Code

Article L211-14 of the French Monetary and Financial Code

Article L211-15 of the French Monetary and Financial Code

Article L211-16 of the French Monetary and Financial Code

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Legislative part

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