The AMF updates its doctrine applicable to UCITS and AIF depositaries

The depositaries of undertakings for collective investment in transferable securities (UCITS) and alternative investment funds (AIFs) must, in accordance with the applicable European laws, draw up and implement procedures to deal with situations in which irregularities or anomalies have been detected. These procedures include alerting the competent authorities if the situation cannot be rectified.

Furthermore, and in accordance with recent changes to its General Regulation, these market participants must now inform the AMF every quarter of any significant anomaly or irregularity that has already been resolved during the quarter in question.

In order to make it easier for depositaries to alert and inform the AMF, instruction DOC-2016-01 has been updated to provide a reminder of the applicable provisions and to include, in its annex, a table for providing information to the AMF about the various anomalies or irregularities observed. In particular, depositaries must provide information about any irregularity which could not be rectified and any remediation measures put in place, as well as quarterly information about any significant anomaly or irregularity observed and rectified in the course of their work.

All the required information is emailed to the AMF to the generic address: PSI [at] amf-france.org (PSI[at]amf-france[dot]org).

The guide for UCITS and AIF depositaries has also been updated to remind depositaries of how to alert the AMF to irregularities that have not been rectified by referring to Instruction DOC-2016-01.