What are the differences between a bearer securities account, a pure registered securities account and a managed registered securities account?
• Since 1984, French shares have been “dematerialised”, i.e. they are recorded electronically in a securities account and are no longer evidenced by a hard copy certificate. Securities may be held in two forms: – Bearer shares: when the name of the owner is not disclosed to the issuing company. However, they are not anonymous since they appear in the account managed by the financial intermediary. – Registered shares: when the name of the shareholder appears in the books kept by the issuing company, which makes it easier for the company to communicate with its shareholders. These shares may be in either of two forms: – “Managed registered” shares: Management of the securities account is entrusted to a financial intermediary. The financial intermediary charges for this service. – “Pure registered” shares: The securities are entered directly and solely in the books of the issuing company, which is in charge of the administrative management of the shares (usually via its authorised agent).
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