Depositary

A depositary is an institution that has been assigned by regulation the safekeeping of assets and the oversight of the compliance of decisions made by an OPC (collective investment scheme). As such, it also maintains the accounting records of OPCs.

The OPC depositary must also ensure that the various funds comply with the management standards set by the Financial Markets Authority (AMF). It must inform the latter in case of non-compliance with these standards or persistent anomalies.

The central depositary opens and manages securities current accounts for the participating account-keeping custodians. It centralizes the safekeeping of securities and facilitates their transfer between financial intermediaries by executing account-to-account transfers.

The depositary codes the securities admitted to its securities operations (capital increases, etc.). It ensures the integrity of the securities safekeeping system.

In France, this is Euroclear France; in Belgium, Euroclear Belgium; and in Germany and Luxembourg, Clearstream.