Chapter IV: Collective investments

I. – Assets held by the custodian shall not be re-used by the custodian, or by any third party to whom the custodian’s custodial function has been delegated, for their own account. A re-use is any operation relating to the assets held in custody, in particular their transfer, commitment, sale or loan. II. – Assets held by the custodian may only be re-used if : 1° The assets are reused…

The depositary of a UCITS governed by French law has its registered office or is established in France.

I. – The UCITS depositary : 1° Ensures that all payments made by or on behalf of unitholders or shareholders in connection with the subscription of units or shares of UCITS have been received and that all cash has been accounted for; 2° Generally ensures that the Fund’s cash flows are properly monitored. II. – The custodian entrusted with the safekeeping of the assets of a UCITS: 1° Ensures, under…

The custodian may not delegate to third parties the functions conferred upon it by I and III of article L. 214-10-5. The custodian may delegate to third parties the asset safekeeping functions referred to in II of article L. 214-10-5 under the conditions laid down by the general regulations of the Autorité des marchés financiers.

The UCITS’ depositary is liable to the UCITS or to the unitholders or shareholders for the loss by the depositary, or by a third party to whom custody has been delegated, of financial instruments held in custody in accordance with II of Article L. 214-10-5. In the event of the loss of financial instruments held in safekeeping, the custodian shall return to the UCITS financial instruments, including money market instruments,…

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…