Article 425-15 into force since 21 December 2013

No later than four months after the close of the financial year,

• the securitisation company, or

• the management company, where the securitisation vehicle is formed as a securitisation common fund,

shall prepare and publish, under the supervision of the depositary of the securitisation entity and after verification by the statutory auditor, an activity report for the year.

No later than three months after the close of the first half of the financial year:

• the securitisation company, or

• the management company, where the securitisation vehicle is formed as a securitisation common fund,

shall prepare and publish, under the supervision of the depositary of the securitisation entity and after verification by the statutory auditor, an activity report for the half-year.

Where the securitisation vehicle includes sub-funds, these activity reports are prepared for each sub-fund. Annual financial statements including notes are likewise prepared, as appropriate, for each sub-fund.