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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 23/04/2021

Article 323-44 into force since

  • Version into force since
ELI : /en/eli/fr/aai/amf/rg/article/323-44/20210423/notes

As regards the custody of the assets of the securitisation vehicle mentioned in Article L. 214-175-4 of the Monetary and Financial Code, the depositary:

  1. Shall ensure the custody of all the financial instruments included in the assets of the securitisation vehicle and ensures that all financial instruments that can be registered in a financial instruments account opened in the depositary's books are registered in the depositary's books within segregated accounts in accordance with the principles set out in Article 312-6, opened in the name of the securitisation vehicle or the asset management company acting on behalf of the securitisation vehicle, so that they can be clearly identified as belonging to the securitisation vehicle at all times.

  2. Holds the transfer deeds mentioned in Article L. 214-169, 2, V or Article L. 313-23 of the Monetary and Financial Code, maintains a record of claims and verifies their existence and, subject to the provisions of Article L. 214-175-5 of said code, holds the deeds arising from these claims;

  3. Maintains a record, pursuant to Article L. 214-175-4, II, 3 of the Monetary and Financial Code, of the other assets of the securitisation vehicle and verifies the ownership by the securitisation vehicle based on information or documents provided by the securitisation vehicle or its asset management company and, where available on external evidence.

For the application of paragraphs 1° and 3° of this article, the depositary shall apply the provisions of Articles 88 to 90 of Commission delegated regulation (EU) No. 231/2013 of 19 December 2012.

The conditions under which the loss of financial instruments held in custody in accordance with Article L. 214-175-4, II of the Monetary and Financial Code by the depositary or by a third party to whom it has delegated custody and the conditions under which the depositary is not liable to the securitisation vehicle or holders of units, shares or debt securities are set out in Articles 100 and 101 of Commission delegated regulation (EU) No. 231/2013 of 19 December 2012.