Transferable security
A transferable security (or financial title ) is a credit or document of title (action) (obligation) to the standardized characteristics and rights (each one for an emission given having the same par value, the right to the same coupon or dividend, dimensioned on the same line in purse, etc).
Principal characteristics
The transferable securities of placement are negotiable and Fongible S, which makes them ready to be with dimensions on the purses (known as of transferable securities), even if all are not it, a procedure of admission called “Going public” being necessary in this case.
Accounting
According to the plane accountant French
In France, the transferable securities of placement are titles acquired in order to carry out a profit with short échéance.
The titles represents less than 10% of the safe capital of the companies to becoming non-voting shares (financial fixed assets).
The transferable securities of placement are entered at the cost of acquisition depreciated if besoin.
According to the standards IFRS (international, IAS 32 and 39)
According to the international standards, the transferable securities of placement are financial credits of transaction.
Their goal is to carry out a short-term profit.
The transferable securities of placement can be entered with the right value (value of market).
Dematerialization of the French transferable securities
Concerning the securities marketable quoted in Stock Exchange, the majority of the countries adopted to them Dématérialisation, in other words the replacement of the physical titles by writings in accounts electronically managed titles
Their Dématérialisation in France rises from the article 94-II of the finance law for 1982, of decree 83-359 of May 2nd, 1983 and a circular of application of August 8th, 1983. It was effective on November 5th, 1984. It consisted in replacing the physical titles by inscriptions in account at the intermediaries in the name of the holders.
The physical titles were to then be restored with the transmitters. They nevertheless remained of good delivery in their form lives until May 3rd, 1988. The titles not presented to the Dématérialisation on this date were sold and the product of their sale is held with the provision of the owners during 30 years.
This Dématérialisation of the titles facilitates as well the management computerized of the deposits of titles as the operations of exchange on the purse S, the majority of those practitioner from now on electronic quotation.
External bonds
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