AMF Enforcement Committee fines the depositary CACEIS Bank for breaches of its professional obligations
In its decision of 17 December 2025, the Enforcement Committee imposed a fine of €3.5 million on CACEIS Bank and issued it with a warning in relation to several breaches committed in its capacity as depositary for the funds managed by H2O.
The AMF Board had notified CACEIS Bank of objections in its capacity as depositary for seven French-law UCITS that were managed by H2O AM LLP and whose management was subsequently transferred to H2O AM Europe (H2O).
The Committee upheld most of the objections notified.
It considered that, contrary to its professional obligations as investment fund depositary, CACEIS Bank had not carried out sufficient checks on the systems put in place by the asset management company to monitor the investment ratios applicable to these UCITS or to value the unlisted securities acquired by them.
It also found that CACEIS Bank had not duly checked the legality of H2O's investment decisions, and in particular H2O's compliance with a number of constraints set out in the fund prospectuses or the regulations, relating to the rating of debt securities, the nature of the derivatives acquired, and compliance with the control ratio for bonds under which a UCITS may not hold more than 10% of the debt securities of a single issuer.
An appeal may be lodged against this decision.
About the Enforcement Committee
The Enforcement Committee, which is made up of judges and professionals, has total freedom to make decisions. It can impose sanctions on any person or company whose practices contravene laws and regulations that fall within the jurisdiction of the AMF. It ratifies settlement agreements signed by the Secretary General and respondents. And it takes part in the AMF’s educational efforts by clarifying financial regulations when explaining its decisions.
