In this article
For savers interested in the PEA and the stock market, the roles of the parties involved with funds are worth understanding. However, the guide for UCITS and AIF depositaries presented by the AMF is intended for professionals: it aims to help fund depositaries fulfil their obligations.
The overview page explains what has changed in the guide’s scope and the topics it covers. The available excerpt does not detail the obligations themselves, so it is best to distinguish the overview of the document from its full content.
An updated professional guide
The guide replaces the one published in 2018 on the implementation of UCITS 5 obligations for depositaries. While extending in part to AIF depositaries, it incorporates recent developments, particularly regarding crypto-assets.
This partial extension is important when reading the guide: the overview does not say that every passage applies to all AIF depositaries. To understand the scope of a specific obligation, readers need to consult the guide itself and check whom it applies to.
Crypto-assets and escalation procedures
In addition to developments relating to crypto-assets, the guide provides further details on escalation procedures established by depositaries. The overview does not describe these procedures, so it cannot, on its own, establish the steps to follow in a particular situation.
To explore further, readers can search the full document for passages corresponding to the type of fund and topic they are interested in. They can then place the details in context rather than drawing a general conclusion from the AMF summary alone.
How can this information be used before investing?
This guide is a reference on depositaries’ obligations, not an investment recommendation. Its overview is not enough to assess the risks of a particular fund or decide whether it is suitable for a personal situation.
Before making any decision, take the time to read the documentation for the proposed investment and check the points relevant to you. If a depositary obligation or procedure seems important to you, look for its wording and scope in the full guide; if in doubt, ask for an explanation tailored to your situation.