Article 322-37 into force since
- Version into force since
When, in application of 2° of I of Article 322-33, a third party is appointed by the custody account-keeper to record financial securities in a securities account in the name of their holders, the third party shall ensure that its principal applies the procedures established in application of Article 322-9. If, in particular, it observes that these procedures have not been implemented in the case of a client who is selling securities, it shall not proceed with the delivery of the said securities.
However, in the event that, for technical reasons related to the operation of the settlement and delivery system, it is incapable of preventing the delivery of the securities, it shall ensure that no financial instrument belonging to clients will be used for this purpose, without their express agreement, as provided for in 4° of Article 322-7.
Head of publications: The Executive Director of AMF Communication Directorate. Contact: Communication Directorate – Autorité des marches financiers 17 place de la Bourse – 75082 Paris cedex 02