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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 323-44 from 17/04/2016 to 22/04/2021

Article 323-44 into force from to

  • Version into force from to
ELI : /en/eli/fr/aai/amf/rg/article/323-44/20160417/notes

The custody duties of the depositary with regard to the securitisation vehicle's cash and claims shall include:

  1. Keeping the custody account for the financial securities referred to in Article L. 211-1, II of the Monetary and Financial Code, except for pure registered financial instruments;

  2. Registering in a position-keeping book the assets of the securitisation vehicle other than the financial securities referred to in point 1 and pure registered financial instruments.

If the depositary administers registered financial instruments issued under the laws of another country and included in the assets of the securitisation vehicle, custody shall be provided under the terms applying to the administered registered financial instruments referred to in Article 322-4 and hereafter.

The depositary shall open one or more cash accounts in its books in the name of the securitisation vehicle to record and centralise the securitisation vehicle's cash transactions, as well as one or more securities accounts and any other accounts necessary for the custody of the securitisation vehicle's cash and claims.