Subsection 3: Obligations of the management company, the depositary, the entity responsible for centralisation and the statutory auditor

The SICAV or the UCITS management company shall ensure that a single depositary is appointed. In accordance with the conditions laid down in the general regulations of the Autorité des marchés financiers, the appointment of the custodian is evidenced by a written contract. This contract defines in particular the information required to enable the custodian to fulfil its duties.

I. – Only the following may act as UCITS depositories: 1° The Banque de France ; 2° The Caisse des dépôts et consignations ; 3° Credit institutions having their registered office in France; 4° Credit institutions having their registered office in a Member State of the European Union or party to the Agreement on the European Economic Area other than France, through their branches established on French territory carrying out…

The depositary may not engage in activities relating to the UCITS or the management company acting on its behalf which could give rise to conflicts of interest between the UCITS, the unit-holders or shareholders of the UCITS, the management company and the depositary itself, unless the depositary has functionally and hierarchically separated the performance of its depositary duties from its other duties and the potential conflicts of interest have been…

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,…