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Book V - Market infrastructures
Title VI - Central depositaries of financial instruments
Chapter unique - Central depositories and payment and settlement systems for financial instruments
Section 1 - Approval and publication of the operating of central depositaries
Article 560-2 from 11/09/2019 to 31/12/2020

Article 560-2 into force from to

  • Version into force from to
ELI : /en/eli/fr/aai/amf/rg/article/560-2/20190911/notes

Pursuant to point 2° of VI of Article L. 621-7 of the Monetary and Financial Code, conditions of approval of the operating rules of the central depositary are defined by the provisions of this Title, without prejudice to the authority conferred upon the Banque de France.

The central depositary submits its operating rules to the AMF for approval.

The AMF shall give its decision on these rules within three months of receiving the request or, where such is the case, the additional information it has requested. For changes in the rules, this time period shall be reduced to one month.

The decisions of the AMF approving the operating rules of or their amendments shall be published on the AMF website. The approved rules shall be annexed to the decision.

The central depositary shall publish the operating rules on its website.

The operating rules of the central depositary shall define inter alia:

- its general organisation, in particular the characteristics of the settlement and delivery system for financial instruments that it manages and the conditions in which the central depositary provides its services;

  • the conditions of access to and opening of the accounts of issuers, market infrastructures and other legal entities to which the central depositary offers services;

  • the classes of financial instruments admitted for its transactions, and for each class, the method of custody of the securities concerned, as well as conditions of delisting them;

  • the measures to prevent payment defaults and to remedy them;

  • the procedures provided for buy-ins and obligation for participants of the central depositary to submit to them;

  • the conditions of participation in the settlement and delivery system for financial instruments that it operates, inter alia:

(I) when and how an instruction is considered as being introduced into this system in accordance with Article L. 330-1 of the Monetary and Financial Code;

(ii) when and how an instruction is considered as being irrevocable in this system in accordance with Article L. 330-1 of the Monetary and Financial Code;

(iii) the effective trade settlement date in accordance with Article L. 211-17 of the Monetary and Financial Code;

  • the conditions of participation in the settlement and delivery system for financial instruments;

  • the rules and procedures that apply in the event of the failure of a participant in the settlement and delivery system for financial instruments;

  • the methods and duration of circulation of the sheets of nominative references in accordance with the provisions of the AMF General Regulation;

  • the method of applying the "TPI" (identifiable bearer share) procedure provided for by Article L. 228-2 of the French Commercial Code.