The delegation to a third party of the custody of the assets of the UCITS referred to in II of article L. 214-10-5 does not exonerate the depositary from its liability.
The liability of the custodian referred to in article L. 214-11 may not be excluded or limited contractually. Any agreement to the contrary shall be null and void.
The depositary may be held liable to the unit-holders or shareholders of the UCITS directly, or indirectly through the management company or the SICAV, to the extent of the loss suffered and subject to compliance with the principle of equal treatment of unit-holders or shareholders.
The Autorité des marchés financiers and the Autorité de contrôle prudentiel et de résolution may obtain from the depositary, on simple request, all information obtained in the performance of its duties necessary for the performance of their respective tasks. If the UCITS or the management company is authorised by an authority other than that of the depositary, the Autorité des marchés financiers and the Autorité de contrôle prudentiel et de…
Without prejudice to the provisions of Title III of Book II of the French Commercial Code, the conditions of liquidation and the methods of asset distribution are determined by the UCITS rules or articles of association. The management company acts as liquidator; failing this, the liquidator is appointed by the courts at the request of any interested party. However, notwithstanding the same provisions of the French Commercial Code, if the…
Under the conditions defined by the General Regulation of the Autorité des marchés financiers, responsibility for centralising subscription and redemption orders for UCITS units or shares vis-à-vis third parties is entrusted by the UCITS or, where applicable, the portfolio management company representing it, either to the said organisation, or to the depositary, or to a portfolio management company, or to another investment services provider authorised to provide one of the…
Statutory auditors are required to report as soon as possible to the Autorité des marchés financiers any fact or decision concerning the UCITS of which they have become aware in the course of their duties, which is likely to: 1° constitutes a breach of the legal or regulatory provisions applicable to this undertaking and is likely to have a material effect on its financial position, results or assets and liabilities;…
A merger, split or absorption involving a UCITS or a sub-fund is subject to approval by the Autorité des marchés financiers.
By way of derogation from the provisions of Article L. 214-15, when, in the course of a merger, a foreign UCITS approved in accordance with Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 is absorbed by a French UCITS covered by this section, the merger is not subject to approval by the Autorité des marchés financiers but is subject to disclosure to it under…
The Articles of Association of a SICAV and the regulations of a fonds commun de placement set the duration of the accounting periods, which may not exceed twelve months. However, the first financial year may extend over any period not exceeding eighteen months. Within six weeks of the end of each half-year of the financial year, the SICAV and the management company, for each of the funds it manages, draw…
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is a Registered Trademark of
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182, rue de Rivoli
75001, Paris France
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is a Registered Trademark of
PETROFF LAW FIRM (SELARL LEGASTRAT)
182, rue de Rivoli
75001, Paris France
RCS Paris n°814433470
Paris Bar Registration n° (Toque) C2396
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