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Book III - Service providers
Title II - Other service providers
Chapter III bis - Depositaries of securitisation vehicles
Section 1 - Duties of the depositary of securitisation vehicles
Article 323-43 from 23/04/2021

Article 323-43 into force since

  • Version into force since
ELI : /en/eli/fr/aai/amf/rg/article/323-43/20210423/notes

Pursuant to Article L. 214-175-4, I of the Monetary and Financial Code, the depositary shall generally ensure that the securitisation vehicle's cash flows are properly monitored and, more specifically, that all payments made by holders of units, shares or debt securities issued by the securitisation vehicle, or on behalf of holders of units, shares or debt securities when subscribing for such units, shares or debt securities have been received and that all cash has been accounted for in cash accounts opened in the name of the securitisation vehicle with 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 or another entity of the same nature as those referred to in points 1°, 2° and 3° in the relevant market where cash accounts are required provided that such entity is subject to effective prudential regulation and supervision which have the same effect as Union law and are effectively enforced and in accordance with the principles set out in Article 312-6.

For the purposes of this article, the depositary shall apply Articles 85 to 87 of Commission delegated regulation (EU) No. 231/2013 of 19 December 2012.