Paragraph 2: Custodian

Articles in this section · 12

L214-10L214-10-1L214-10-2L214-10-3L214-10-4L214-10-5L214-10-6L214-11L214-11-1L214-11-2L214-11-3L214-11-4

Article L214-10-5

French Monetary and Financial CodeIn force
Ask for lawyer reviewed or certified translation

Updated 8 Nov 2023

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 conditions laid down in the general regulations of the Autorité des marchés financiers, the safekeeping of financial instruments registered in a financial instruments account opened in its books and of financial instruments physically delivered to it;

2° For other assets, verifies that they are the property of the UCITS and keeps a register thereof.

The custodian shall regularly provide the management company or the SICAV with a complete inventory of all the assets of the UCITS.

III. - The UCITS custodian :

1° Ensures that the sale, issue, repurchase, redemption and cancellation of the units or shares of the UCITS are carried out in accordance with the legislative or regulatory provisions, the fund rules or instruments of incorporation of the UCITS and its prospectus;

2° Ensures that the value of the units or shares of the UCITS is calculated in accordance with legislative or regulatory provisions, the UCITS' fund rules or instruments of incorporation and its prospectus;

3° Carries out the instructions of the SICAV or the UCITS management company unless they are contrary to the legislative or regulatory provisions, the fund rules or instruments of incorporation of the UCITS or its prospectus;

4° Ensures that, in transactions involving the assets of the UCITS, the counterparty is remitted to the UCITS within the usual time limits;

5° Ensures that the proceeds of the UCITS are allocated in accordance with the legislative or regulatory provisions, the regulations or the constituent documents of the UCITS and its prospectus.

IV. - The conditions for application of this article are set out in the General Regulations of the Autorité des marchés financiers.

Mariela Petrova

Need help applying this article to your situation?

A registered French Lawyer explains what applies to your business — in English, fixed fee.

within 48h

Fixed Fee

Talk to a lawyer
Previous articleArticle L214-10-4Next articleArticle L214-10-6
Common Questions

Working with a corporate lawyer in France — Q&A

Any time a strategic decision changes how the company is owned, governed or contractually bound — incorporation, fundraising, M&A, restructuring, shareholder agreements, or major commercial contracts. Earlier engagement always costs less than later remediation.

A notary (notaire) is a public officer who authenticates specific deeds (mainly real-estate transfers and certain family-law acts). A corporate lawyer (avocat) advises on strategy, negotiates and drafts company documents, and represents you in disputes. The two roles complement rather than overlap.

Yes — most of our clients are foreign suppliers, investors or holding entities. We bridge the gap between French law and your home jurisdiction's expectations and deliver everything bilingually.

The SAS (Société par Actions Simplifiée) is the default choice for most international structures: flexible governance, single shareholder allowed, no minimum capital, and works cleanly with foreign holding entities. We assess SARL, SA, SCI on the merits when the situation calls for it.

Yes — communications with a French avocat are protected by the secret professionnel (Article 66-5 of the Law of 31 December 1971). This protection is broader than the common-law attorney-client privilege and applies to written and oral exchanges.

We work on fixed fees for clearly scoped engagements (incorporation, contract drafting, audits) and on monthly retainers for ongoing advisory. Hourly billing is the exception, not the default. You always know the cost before work starts.

Typical timeline is 2–3 weeks from KYC kick-off to RCS registration, assuming standard documentation. Holding-company structures, foreign-shareholder identification or in-kind contributions can extend this — we flag the gating items at the first meeting.

Absolutely. We routinely coordinate with your in-house counsel, expert-comptable or notaire — pragmatic collaboration is the norm, not the exception. We send them everything they need to do their part without duplicating work.

Mariela Petrova

Mariela Petrova

Avocate au Barreau de Paris

Toque #C2396

15+ Years In Corporate Practice

English · French · Russian

Ready When You Are

Talk To A Corporate
Lawyer In France.

A 20–30 minute call, in English, to scope the engagement. No obligation, no preliminary fee. You will leave the call with a clear view of what the work will cover and what it will cost.

Talk To A Corporate Lawyer+33 1 84 88 31 00
First EngagementFixed Fee

Talk to a French lawyer.

Reply within 24 hours.

Communications protected by professional secrecy — secret professionnel de l'avocat, Article 66-5 of the Law of 31 December 1971.

Continue Reading

Related corporate services in France

01 / Setup

Setting up a French company

Choose between SAS, SARL, SA or SCI — and structure your first French entity around how you actually plan to operate.

Read More
02 / Operating

French commercial contracts

Distribution, agency, supply, services and IP licences — drafted around the protections French law actually gives.

Read More
03 / Disputes

Business disputes & litigation

Shareholder conflicts, commercial breaches and pre-litigation strategy — handled by the same team that knows the file.

Read More