Article 323-1 into force since 03 January 2018

Pursuant to Article L. 214-10-5, I of the Monetary and Financial Code, the depositary shall ensure that the cash flows of the UCITS are properly monitored, and, in particular, that all payments made by, or in the name of, investors upon the subscription of units or shares of the UCITS have been received, and that all cash of the UCITS has been booked in cash accounts that are:

1. Opened in the name of the UCITS, of the asset management company acting on behalf of the UCITS, or of the depositary acting on behalf of the UCITS;

2. Opened at one or more of the following entities:

   1. A central bank;

   2. A credit institution authorised in a Member State of the European Union or a State party to the EEA agreement;

   3. A bank authorised in a third country;

   4. Caisse des dépôts et consignations, when it is the UCITS depositary;

3. Maintained in accordance with the principles set out in Article 312-6.

Where the cash accounts are opened in the name of the depositary acting on behalf of the UCITS, no cash of one of the entities referred to in point 2 and none of the own cash of the depositary shall be booked on such accounts.