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Glossary entry

French term or phrase:

instrument financier nominatif pur

English translation:

financial instrument (share/bond) ownership transfer handled directly by the issuer

Added to glossary by dholmes (X)
Apr 15, 2009 14:34
15 yrs ago
9 viewers *
French term

instrument financier nominatif pur

French to English Bus/Financial Finance (general) appeal case against AMF decision
le dépositaire exerce la tenue de compte conservation des instruments financiers....... à l'exclusion des instruments financiers nominatifs purs"
Proposed translations (English)
4 financial instrument (share/bond) ownership transfer handled directly by the issuer
3 +1 pure registered financial instrument
1 -1 pure(ly) nominative financial instrument

Discussion

joehlindsay Apr 19, 2009:
compelling reason If the goal of translation is to communicate in a way that would be understood, I agree with financial translation authority Freeland that 'nominatif pur' should be translated '(with) transfer of share ownership handled directly by the issuer' which will be understood by people reading financial documents. Using cognates to create terms like 'pure registered instrument' that readers will not understand does not serve much purpose.

This looks like it is just promotional literature for a bank, not a document requiring a precise legal definition. For documents that require a precise legal definition I think good practice is to leave it in French so people can research it properly, and not try to research a term that largely does not exist in English.

If this is, in fact, promotional literature, use Freeland's definition or the more casual 'directly held instruments'

And is consideredt a separate product because of the way the shares are held, although I don't know how that is relevant here.
rkillings Apr 17, 2009:
No, it is not a (different) financial product A share is a share is a share. Whether it is fully paid, partly paid or nil paid doesn't make it a different product, nor does whether it is held as a bearer, pure registered or administrative registered instrument. Those are characteristics of status, not nature.
It is true that 'pure registered' and 'administrative registered' are convenience translations of uniquely French institutional and legal arrangements. Similarly, there is no *exact* equivalent of a French-law 'société anonyme' in any other language, which is why the term should be left in French when it matters. Here, however, 'nominatif' *is* equivalent to "registered" in English, and there is no compelling reason not to translate 'pur' and 'administré' with their cognates, even if the resulting term is not found in use anywhere else.
joehlindsay Apr 16, 2009:
It is a financial product It is the way they are held, that's what I put in my answer, but French issuers do offer different versions of their shares, held 'porteur', 'nominatif pur' etc.

What you are saying is correct, but not relevant here. As I added in a note below, the term 'pure registered security' is not an accepted English term. Although there are more than 12,000 google hits for 'nominatif pur' in French, I only got one hit for 'pure registered security', and that from the AMF, which often makes up its own terms in English. They have simply translated the French word 'pur' with its English cognate which does not have the same meaning as the French.

Most commonly banks and financial institutions leave 'nominatif pur' in French and italics in their English documents to indicate that there is no commonly accepted English translation (there is in German), or use a term something like 'directly held'.

This is a fairly common term that often stumps translators, and I think it would be very helpful to translators that it be properly entered in a glossary.
rkillings Apr 16, 2009:
It's not about the financial product ... but about the way it is held and transferred. French securities are 'dematerialised': you cannot have a paper stock certificate, as you can in the US. Either the issuer maintains the share register ('pure') or a bank does it for the issuer ('administered'). The 'registrar' and 'transfer agent' functions in the US are part of what is called 'tenue de compte-conservation' ('custody account-keeping') in France.
joehlindsay Apr 16, 2009:
Uniquely French financial products This is one of the French financial phenomena that largely do not exist in English speaking countries. When this happens, some, often European financial regulators, or the notoriously creative folks at the Euronext exchange, will invent a term, and the term will be largely meaningless among English speaking readers, not found in English dictionaries or glossaries, or used by the English speaking financial community.

The "Nominatif pur" holding has not been used in the US since the 19th or early 20th Century if I remember correctly (I don't know about the UK), and I have forgotten the English term used. It would, in any case, by now probably be archaïc.

So I think it is best to explain what is going on, rather than use translations that would not be understood among readers. I have only seen the terms 'pure nominative' or 'pure registered' used in translated French documents, and I don't think the terms have any meaning among English speaking finance professionals.

Proposed translations

5 hrs
Selected

financial instrument (share/bond) ownership transfer handled directly by the issuer

'Nominatif pur' means that that the instrument transfer is handled directly by the issuer, as opposed to 'nominatif administré' in which the transfer is handled by a bank.

'Pur' is part of a set phrase here and doesn't need the English adjective 'pure'.

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Note added at 5 hrs (2009-04-15 20:28:03 GMT)
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"Il existe en France trois types de modes de détention d'un titre. Le plus connu et le plus utilisé est le mode dit "au porteur". Les titres au "nominatif pur" ou au "nominatif administré", bien que moins utilisés, ne sont pas dénués d'avantages.

From Edubourse website.



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Note added at 1 day6 hrs (2009-04-16 20:40:10 GMT)
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I have found an entry for 'nominatif pur' in Freeland's Dictionary of Financial and Stock Market Technology (p. 299).

"nominatif pur m. transfer of share ownership handled directly by a bank"

That is to say, there is not an accepted English translation for this term. If you don't want to use this phrase, you could devise a term like 'directly owned registered security' (which I have seen used), or you might just leave it in French in Italics to imply the non-existence of an accepted English term. I googled 'pure registered' and got only one hit.

The French term 'nominatif pur' gets more than 12,000 hits. If you have a fairly common French term like 'nominatif pur'. and only one English hit that purports to be a translation, the translation has probably been invented, and is not widely understood or accepted.

"nominatif pur" is much less common than "porteur'. However, not that uncommon.

Directly owned explains what this is, whereas, AMF's 'pure registered security' is just a word-for word translation of the French that will not be understood by English speakers.

Most French banks, Paribas for example, just leave the term in French in their English documents, or say 'directly held'.

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Note added at 1 day7 hrs (2009-04-16 21:54:14 GMT)
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sorry, correction, "nominatif pur' should read "transfer of share ownership handled directly by an 'issuer' (not 'bank')

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Note added at 4 days (2009-04-20 00:25:15 GMT)
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Although there is no widely accepted translation of nominatif pur. Here are some more that I have seen. There are more. I'll let you know when I remember them.

1. direct registered
2. standard registered
Something went wrong...
4 KudoZ points awarded for this answer. Comment: "I went for this one, as best explaining what these are. Many thanks to all"
-1
44 mins

pure(ly) nominative financial instrument

pure(ly) nominative financial instrument

sources:

[PDF] Higher-Order Categorical Grammar - : PDF/Adobe Acrobat - HTML
too blunt an instrument to serve as a general linguistic formalism, even with ..... interpretation, e.g., bank ‘riverside’ and bank ‘financial institution’: ... a nonstandard inventory of Case values: pnom (***pure nominative***), pacc (pure ...
www.ling.ohio-state.edu/~hana/hog/pollard2004-CG.pdf -

[PDF] EURONEXT PARIS NOTICES - : PDF/Adobe Acrobat - HTML
Issue and registration of Bonds in purely nominative account. ... the specific characteristics of the financial instrument given in § 2.3.4 to 2.3.7 ; ...
www.euronext.com/fic/000/006/036/60364.pdf -

Neuberger Berman Inc. v Chapman Capital LLC - Case No. 95508 - ... to the names of established financial institution and well-known people. ... a German manufacturer or electronic power supplies and electrical instruments. ... the use of Complainant's trademark in this domain is ***purely nominative***, ...
www.adrforum.com/domains/decisions/95508.htm - 18k -

[PDF] Survey on ECSDA Members’ Services Prepared by ECSDA 2005 - : PDF/Adobe Acrobat - HTML
promoting the circulation of financial instruments has been ... shareholders register of the issues that are "pure nominative". ...
https://www.ecsda.com/uploads/attachments/1118236786_ECSDA S... -
Peer comment(s):
disagree rkillings : Stick with 'registered' (as opposed to 'bearer'). Nominatif means merely that the holder's name is on record.
17 hrs
Something went wrong...
+1
36 mins

pure registered financial instrument

imo

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Note added at 37 mins (2009-04-15 15:12:21 GMT)
--------------------------------------------------

[PDF] Title VIFile Format: PDF/Adobe Acrobat - View as HTML
The term "pure registered financial instrument" (instrument financier nominatif pur) means a registered financial instrument that is administered by the ...
www.amf-france.org/documents/general/5015_1.pdf -

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Note added at 2 hrs (2009-04-15 16:45:52 GMT)
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Translation pure registered in the Business English-French dictionarypure registered translation English - French : pure registered a nominatif pur … . English - French, business dictionary, synonyms, translation.
dictionary.reverso.net/business-english-french/pure%20registered -
Peer comment(s):
agree rkillings : As opposed to administered registered financial instrument.
18 hrs
Thanks Rkillings
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