International Trade Expansion Supported through France's Novel Legal Measure
In a significant move towards digital transformation, France's Competitiveness Law has paved the way for the creation, signing, and storage of transferable documents electronically. This groundbreaking legislation establishes legal and functional equivalence between paper-based and electronic transferable documents.
Under the Competitiveness Law, a holder of an electronic transferable document enjoys exclusive control over it. This control enables the holder to claim the performance of the rights incorporated in the document, modify it, and transfer it as they see fit. The holder's rights are equivalent to those of the holder of a paper-based document.
The conversion of transferable documents between paper and electronic formats is allowed under certain conditions. Once converted, the original document ceases to be valid, while the converted document retains the properties of the original. This conversion is governed by the concept of "exclusive control" introduced by the Competitiveness Law.
To ensure the integrity and evidence of amendments, a reliable method must be used for the cumulative demonstration of the uniqueness, holder's identification, establishment of exclusive control, identification of signatories and subsequent holders, and preservation of integrity.
The electronic transfer document must contain all mandatory information required in the paper-based transferable document. This ensures that the validity of the electronic document is on par with its paper counterpart. In fact, an electronic transferable document has the same validity as a paper-based one under the Competitiveness Law.
The responsibility for the introduction of transferable documents in France lies with the relevant French regulatory authorities. While the specific name of the person or institution is not directly provided in the search results, it is clear that this digital shift is a collective effort towards modernising France's legal landscape.
In conclusion, the Competitiveness Law in France has opened up new avenues for the digitalisation of transferable documents. This move not only simplifies processes but also brings France in line with the global digital transformation trend. As we move forward, it will be interesting to see how this legislation evolves and impacts the everyday lives of French citizens and businesses.
