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Book IV - Collective investment products
Title II - AIFS
Chapter II - Funds open to retail investors
Section 1 - Retail investment funds
Sub-section 3 - Operating rules
Paragraph 3 - Fund administration
Article 422-45 from 21/12/2013

Article 422-45 into force since

  • Version into force since
ELI : /en/eli/fr/aai/amf/rg/article/422-45/20131221/notes

I. - The transfer agent may delegate the performance of centralising tasks to:

  1. One of the persons referred to in article L. 214-24-46 of the Monetary and Financial Code, or to an investment services provider located in a State party to the European Economic Area agreement;

  2. An intermediary authorised within the European Economic Area to perform centralising tasks within the meaning of Article 422-43.

II. - An agreement is entered into by the transfer agent and the entity to which the performance of centralising tasks is delegated. This agreement shall contain the following clauses:

  1. The key centralising tasks, as referred to in Article 422-43, that are delegated to the entity, including the procedures for registering subscription and redemption orders;

  2. The nature of the information necessary for the entity to perform the tasks delegated to it, along with the procedures for the transfer agent to transmit such information to the entity, especially information about the net asset value of the retail investment fund;

  3. The procedures for handling an event affecting the subscription and redemption process for units or shares of the retail investment fund;

  4. A clause allowing the AMF effective access to the data about centralising subscription and redemption orders for units or shares in the retail investment fund and to the business premises of the entity.

The procedures for terminating the agreement at the initiative of either party shall ensure the continuity and the quality of service provided.

The transfer agent shall give the retail investment fund and, where applicable, the asset management company that represents it, and the depositary, prior notice of any change in the entity to which the centralising tasks have been delegated.

The transfer agent remains responsible for the performance of the centralising tasks that it delegates.

For retail investment funds created before 21 October 2011, the entity mentioned in the prospectus as responsible for centralising orders is presumed to be acting on a delegation from the fund.