Section 2: FIA

To avoid conflicts of interest between the depositary, the management company and, where applicable, the sponsor referred to in IV of Article L. 214-175-1, the securitisation undertaking and its unitholders, debt security holders or shareholders must comply with the following provisions: 1° The securitisation undertaking, its management company and, where applicable, the sponsor where the regulations or the articles of association of the undertaking so provide, shall not act as…

I. – In accordance with the conditions laid down in the general regulations of the Autorité des marchés financiers, the depositary : 1° ensures that all payments made by or on behalf of holders of units, shares or debt securities issued by the securitisation undertaking when subscribing for such units, debt securities or shares have been received and that all cash has been accounted for ; 2° Generally ensures that…

The custodian may not delegate to third parties the functions conferred upon it by I and III of Article L. 214-175-4. Under the conditions laid down by the General Regulations of the Autorité des Marchés Financiers, the custodian may delegate to third parties the asset safekeeping functions referred to in II of Article L. 214-175-4, with the exception of 2°. The transferor or the entity responsible for collecting the receivables…

I. – The securitisation undertaking’s depositary is liable to the undertaking or to the unitholders, debt security holders or shareholders for the loss, by itself or by a third party to whom custody has been delegated, of financial instruments held in custody in accordance with II of Article L. 214-175-4. It shall not be held liable if it proves, under the conditions defined by the General Regulation of the Autorité…

The depositary may be held liable to the holders of units, debt securities or shares issued by the securitisation undertaking either directly or indirectly through the management company.

The Autorité des marchés financiers may obtain from the depositary, on simple request, any information obtained by the depositary in the performance of its duties and necessary for the performance of its tasks.