French Monetary and Financial Code
In forceI. - 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 securitisation undertaking's cash flows are properly monitored.
II. - As custodian of the assets of a securitisation undertaking referred to in I of Article L. 214-175-2, the depositary :
1° Ensures, under the conditions laid down by the general regulations of the Autorité des marchés financiers, the safekeeping of financial instruments registered in an account opened in its books and of those physically delivered to it;
2° Holds the debt assignment slips referred to in 2° of V of Article L. 214-169 or in Article L. 313-23, keeps the register of debts assigned by this means, verifies the existence of these same debts on the basis of samples and, subject to the provisions of Article L. 214-175-5, holds the deeds from which the debts arise. Where the claims are transmitted by a computerised process enabling the claims to be identified, the statement is kept in electronic form;
3° Keeps the register of other assets and carries out checks on the reality of the assets transferred or acquired and the securities, guarantees and accessories attached thereto.
III. - The custodian also performs the following tasks:
1° It ensures that the sale, issue, redemption and cancellation of units, shares or debt securities carried out by the securitisation undertaking or on its behalf comply with the legal or regulatory provisions, and with the constitutional documents and the document referred to in Article L. 412-1 ;
2° It ensures that the value of the units, shares or debt securities of the securitisation undertaking is calculated in accordance with the legislative or regulatory provisions, the constitutional documents and the document referred to in Article L. 412-1;
3° It executes the instructions of the securitisation undertaking or its management company provided that they are not contrary to the legislative or regulatory provisions, the constitutional documents and the document referred to in Article L. 412-1;
4° It ensures that, in transactions involving the assets of the securitisation undertaking, the counterparty is remitted to it within the customary deadlines;
5° It ensures that the proceeds of the securitisation undertaking are allocated in accordance with the legislative or regulatory provisions, the regulations and the constitutive documents as well as the document referred to in Article L. 412-1.
The conditions of application of this article are specified by the general regulations of the Autorité des marchés financiers.
