The AMF has published an updated version of its guide for UCITS and AIF depositaries
In the context of operational and regulatory changes affecting depositaries’ activities, in particular those related to the development of tokenisation and crypto-assets, the Autorité des Marchés Financiers (AMF) has updated its guide on the implementation of the obligations of UCITS depositaries, which was initially published in 2018. In this guide, the AMF explains in particular the framework within which subscription and redemption orders can be settled directly in e-money tokens.
In November 2018, the AMF published a guide on the implementation of the obligations of depositaries of undertakings for collective investment in transferable securities (UCITS). First and foremost, this document drew on the work that resulted in the authorisation of the performance specifications and programmes of activity of all UCITS depositaries since 2016. Its purpose is to support market participants in applying certain provisions arising from the UCITS V Directive. Since its publication, the inspections carried out as part of supervisory missions have highlighted the usefulness of including a number of clarifications relating to certain obligations of depositaries in this guide.
Depositaries’ activities have also undergone significant operational and regulatory changes, particularly in relation to the development of the tokenisation of financial assets and the emergence of crypto-assets, with the entry into application of the European regulation on markets in crypto-assets (MiCA).
Thus, the updated version of the guide better reflects financial practices. Its objective is to support the depositaries of UCITS, but also of alternative investment funds (AIFs), in implementing their obligations in view of a context marked by financial innovation.
This guide sets out the missions of depositaries of collective investment undertakings (CIUs) invested in crypto-assets, CIUs invested in financial instruments recorded using distributed ledger technology (DLT) and CIUs using DLT for liability account keeping.
It also specifies the conditions under which CIUs can authorise the settlement of subscription and redemption orders in e-money tokens (EMTs). In this regard, since the beginning of 2025, the AMF has been collaborating with its European counterparts on issues relating to the possibility of settling orders in EMT. The French regulator has been a pioneer on this subject and continues its commitment to innovation. This work contributed to the launch, on 30 June 2026, of the first European Union money market UCITS allowing the settlement of subscription and redemption orders in EMT.
Finally, the guide includes a final section aimed at assisting depositaries in drawing up their escalation procedure, including informing the AMF where applicable.
