Dematerialization of serial titles

Abstract

On why it has ventured towards the "dematerialization" of the securities-en masse or in series. 2. The concept of dematerialization and its different gradations in contemporary legal systems. 3. The "mandatory total dematerialization. Her CARACTERISTICS. The disappearance of the document in the French and Danish experiences. The inscription in the accounting records. The position of the "holder of the title". 4. The "optional total dematerialisation". The French CCDVT and the Swiss SEGA. Total dematerialization of the effets de commerce and loss of their cardinal nature. 5. The "dematerialization of circulation". Common experience of western systems. Optional or compulsory but reversible nature. The German model of the Girosammel verwahrung and its dissemination. Main differences between the different systems with special emphasis on our multiple certificate and the CEVAL system (Central for the Deposit of Securities): a) "centralization of bearer securities and entry of the securities into the system; b) nature of the depositor-depositary relationship; c) nature of the right of the holder in relation to the titles administered by the Central; ch) ownership of the securities on deposit and the possibility of a "regular" acquisition within the system; d) cumulative certificates and "delayed printing" certificates; e) need for the consent of the issuer; f) a single manager or several managers; g ) legitimation for the exercise of the rights of the title: the certifications issued by the central manager in the western systems and the "doubling of the book of the partners in the Japanese system. 6. Fiduciary nomination of the securities to the central manager. Absence of a true and proper "dematerialization. English TALISMAN and the use of the trust scheme. 7. Swiss" one-way actions ". Improper form of" dematerialization. Documents lacking the nature of securities. Conclusions.