Abstract
The global trend towards the dematerialisation of securities, combined with the increasingly international character of holding systems has revealed the extent to which credits to securities accounts will be dealt with and analysed in differentways by different national legal systems. Some legal systems have givenway to operational reality by recognising credits to to securities accounts as distinct financial instruments (“intermediated securities”), others have maintained a more formal approach according to which credits are merely evidence of an interest in the underlying security. The French legal system now finds itself at a crossroads: to preserve legal form or yield to operational substance? This article examines the arguments for and against the legal recognition of “intermediated securities” in France.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
