Paragraph 3: Protection of the account holder

The custodian-account keeper safeguards the rights of account holders to the financial securities held in the account. It may only use these securities for its own account under the conditions set out in 4° of II of article L. 533-10.

In the event of the opening of receivership or compulsory liquidation proceedings against an intermediary referred to in Article L. 211-3, the court-appointed administrator or liquidator, together with the provisional administrator or liquidator appointed by the Autorité de contrôle prudentiel et de résolution, where applicable, shall verify on a security-by-security basis that all the financial securities held in an account with a central depository or another intermediary in the name…

Accounts opened with a central depository may not be seized, even as a precautionary measure. No compulsory execution or protective measures may be taken against an intermediary referred to in Article L. 211-3 in respect of financial securities held in an account opened in its name in the books of another intermediary referred to in the same Article, where such securities are not the property of the first intermediary.

Subject to the provisions of article L. 211-11, seizures of financial securities are governed by the provisions of the legislative part of the Code of Civil Enforcement Procedures.