France introduces a novel type of legal instrument to foster global trade expansion
France's Competitiveness Law Paves the Way for Digital Trade
France is set to revolutionise international trade with the introduction of the Competitiveness Law, which aims to facilitate the digitisation of transferable documents. However, the institution that provided recommendations on this digitisation process remains unidentified in search results, with findings focusing on European regulatory acts and organisations involved in digital and financial regulation.
The Competitiveness Law introduces the concept of "exclusive control" to address the challenges of dematerialisation, allowing for the creation, signing, and storage of transferable documents electronically. This innovative approach enables the holder of an electronic transferable document to claim the performance of the rights incorporated in the document, modify it, and transfer it.
To ensure the validity and integrity of these electronic documents, the Law mandates that they must contain all mandatory information which would be required in the paper-based transferable document. Furthermore, a reliable method must be used for the cumulative demonstration of the uniqueness, control, identification, and integrity of the electronic transferable document throughout its lifecycle.
The holder of an electronic transferable document enjoys equivalent rights to those of the holder of a paper-based transferable document, given the conditions set out in the Competitiveness Law are satisfied. This legal and functional equivalence between paper-based and electronic transferable documents ensures that an electronic transferable document has the same validity as a paper-based transferable document under the Law.
The Competitiveness Law also allows for the conversion of transferable documents between paper and electronic formats, provided certain conditions are met. The converted document retains the properties of the original, and the original ceases to be valid on conversion.
In summary, the Competitiveness Law is a significant step towards the digitisation of international trade, enabling businesses to operate more efficiently and securely in the digital age. Despite the lack of information about the institution that provided recommendations on this digitisation process, the Law itself is clear and comprehensive in its approach to digital trade.
