Article R.211-4 of the Code monétaire et financier defines administered registered ownership as a hybrid form where a financial intermediary maintains the securities account opened with the issuer.

Major issuer agents in France, such as Uptevia or CACEIS Corporate Trust, play a crucial role in managing registered accounts for listed companies.

Direct registered ownership is characterized by the direct registration of securities in the issuing company's register or that of its agent, without an intermediary. This allows the issuer to directly know the identity of shareholders.

Article L.211-3 of the Code monétaire et financier stipulates that transferable securities issued by joint-stock companies may be in the form of bearer securities or registered securities. This distinction is fundamental for understanding registered record-keeping systems.

Under administered registered ownership, the securities owner entrusts a financial intermediary with maintaining their securities account opened with the issuer. Therefore, orders must be given to this intermediary, not directly to the issuer.

Direct registered ownership offers advantages such as double voting rights for loyal shareholders, while administered registered ownership facilitates tax management with a single tax form.

Direct registered ownership does not allow direct compatibility with tax-advantaged wrappers such as the PEA without complex coordination with the plan-holding bank. This compatibility is an advantage of administered registered ownership.

Administered registered ownership is a hybrid form where the owner of registered securities entrusts a financial intermediary with maintaining their securities account opened with the issuer. Registrations appear simultaneously in the issuer's register and in an administration account held by the intermediary.