What is the validity of the dematerialized register ?
Keeping a register of share movements is governed by article R228-8 of the French Commercial Code.
As specified in this article, the register of securities movements may be kept "on paper or on any other durable medium, in particular by means of a shared electronic recording device."
Source : Journal Officiel Sénat
There is therefore no legal obligation to keep a paper register.
What about signing?
Initialing is not a legal requirement in paper format, but it isn't in electronic format either. With our logging system, we can ensure the integrity of the registers we keep.
What is a durable medium?
The French Consumer Code defines a durable medium as "any instrument enabling the consumer or the professional to store information addressed to him personally, so that he can refer to it later for a period of time suited to the purposes for which the information is intended, and which allows the identical reproduction of the information stored".
What makes Equify a durable medium?
Under European law (point 24), websites are also considered to be durable media, provided they meet the following requirements: "provided that they can be consulted at a later date for a period of time appropriate to the purpose for which the information is intended, and that they allow identical reproduction of the information stored".
Equify qualifies as a durable medium because it is based on an electronic database with a triple redundancy system for information.
It can therefore legally be used to keep a register of securities movements.
💡If you wish to obtain a paper copy, simply export your securities register (Operations menu) and have it signed by the company's corporate officer.