The update addresses depositaries' obligations for managing collective investment undertakings invested in crypto-assets, tokenized financial instruments, and e-money tokens, which are core regulatory requirements for crypto-asset service providers and tokenized asset regulation.
Mandatory inheritance: Cryptocurrency is a child of Technology, so Technology must be raised as the secondary tag.
Product
The update addresses regulatory guidance for collective investment undertakings (UCITS and AIFs) and their depositaries, with significant focus on crypto-assets and tokenised financial instruments held within these funds.
The guidance explicitly covers CIUs invested in crypto-assets and the use of e-money tokens for settlement, making crypto-asset investment vehicles a secondary product dimension in scope.
Obligation
The update provides clarified guidance on depositaries' obligations across multiple operational areas (crypto-assets, DLT, EMT settlement), which primarily constitutes regulatory guidance supporting compliance with existing and new rules rather than imposing a single discrete obligation type.
The guide's inclusion of escalation procedures and AMF notification requirements represents a secondary reporting or incident-escalation element, though this is less central than the broader governance clarification purpose.
Activity
The update primarily addresses depositaries' obligations in managing collective investment undertakings, particularly around custody, asset protection and safekeeping of investment assets held in traditional and tokenised forms.
The guidance also covers depositaries' administrative control activities over client assets, including reconciliation and segregation obligations for CIUs invested in crypto-assets and DLT-recorded instruments, which falls within client asset administration.
Themes
The update centers on depositaries' obligations to protect and segregate client assets held in collective investment undertakings, including those invested in crypto-assets and using DLT, which is the core Client Asset Protection theme.
The guidance addresses depositaries' conduct obligations and operational requirements when managing CIUs invested in crypto-assets and using emerging technologies like DLT and e-money tokens, reflecting the Crypto Regulation theme.
Functions
The update directly addresses custody obligations for depositaries managing collective investment undertakings, including asset safekeeping, segregation, and record-keeping requirements for crypto-assets and DLT-based instruments.
Compliance functions must interpret and monitor adherence to the updated depository guide's clarifications on obligations across crypto-assets, DLT instruments, and EMT settlement procedures.
2026-07-27 08:49:09·tojuri@vixio.com
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TITLE: France's Financial Markets Authority Publishes Updated Guide for UCITS and Alternative Investment Fund Depositaries
BODY:
On July 24, 2026, the Autorité des Marchés Financiers (AMF) published an updated version of its guide for undertakings for collective investment in transferable securities (UCITS) and alternative investment funds (AIFs) depositaries. The AMF originally issued this guide in November 2018 to support market participants in applying provisions from the UCITS V Directive. The updated version reflects significant operational and regulatory changes affecting depositaries' activities, particularly those related to tokenisation of financial assets and the emergence of crypto-assets following the entry into application of the European regulation on markets in crypto-assets (MiCA).
The updated guide addresses key developments in financial innovation and provides clarity on depositaries' obligations in several areas. It sets out the missions of depositaries managing collective investment undertakings (CIUs) invested in crypto-assets, CIUs invested in financial instruments recorded using distributed ledger technology (DLT), and CIUs using DLT for liability account keeping. Notably, the guide specifies the conditions under which CIUs can authorise the settlement of subscription and redemption orders in e-money tokens (EMTs). Since early 2025, the AMF has collaborated with European counterparts on EMT settlement issues, positioning France as a pioneer in this regulatory area. The guide includes a final section assisting depositaries in developing escalation procedures and informing the AMF where applicable.
The updated guidance reflects practical experience from AMF supervisory missions, which highlighted the need for additional clarifications on certain depositaries' obligations. The guide's publication coincides with the launch on June 30, 2026, of the first European Union money market UCITS allowing settlement of subscription and redemption orders in EMT, demonstrating the AMF's commitment to supporting financial innovation within a regulated framework.
The AMF has published an updated version of its guide for UCITS and AIF depositaries | AMF Skip to main content Print from the website of the AMF Merci de désactiver le bloqueurs de pub pour visualiser cette vidéo. Home News & Publications News The AMF has published an updated version of its guide for UCITS and AIF depositaries News Asset management The AMF has published an updated version of its guide for UCITS and AIF depositaries Partager par mail Partager sur Twitter Partager sur Linkedin Partager sur Facebook 24 July 2026 Print Download The AMF has published an updated version of its guide for UCITS and AIF depositaries In the context of operational and regulatory changes affecting depositaries’ activities, in particular those related to the development of tokenisation and crypto-assets, the Autorité des Marchés Financiers (AMF) has updated its guide on the implementation of the obligations of UCITS depositaries, which was initially published in 2018. In this guide, the AMF explains in particular the framework within which subscription and redemption orders can be settled directly in e-money tokens. In November 2018, the AMF published a guide on the implementation of the obligations of depositaries of undertakings for collective investment in transferable securities (UCITS). First and foremost, this document drew on the work that resulted in the authorisation of the performance specifications and programmes of activity of all UCITS depositaries since 2016. Its purpose is to support market participants in applying certain provisions arising from the UCITS V Directive. Since its publication, the inspections carried out as part of supervisory missions have highlighted the usefulness of including a number of clarifications relating to certain obligations of depositaries in this guide. Depositaries’ activities have also undergone significant operational and regulatory changes, particularly in relation to the development of the tokenisation of financial assets and the emergence of crypto-assets, with the entry into application of the European regulation on markets in crypto-assets (MiCA). Thus, the updated version of the guide better reflects financial practices. Its objective is to support the depositaries of UCITS, but also of alternative investment funds (AIFs), in implementing their obligations in view of a context marked by financial innovation. This guide sets out the missions of depositaries of collective investment undertakings (CIUs) invested in crypto-assets, CIUs invested in financial instruments recorded using distributed ledger technology (DLT) and CIUs using DLT for liability account keeping. It also specifies the conditions under which CIUs can authorise the settlement of subscription and redemption orders in e-money tokens (EMTs). In this regard, since the beginning of 2025, the AMF has been collaborating with its European counterparts on issues relating to the possibility of settling orders in EMT. The French regulator has been a pioneer on this subject and continues its commitment to innovation. This work contributed to the launch, on 30 June 2026, of the first European Union money market UCITS allowing the settlement of subscription and redemption orders in EMT. Finally, the guide includes a final section aimed at assisting depositaries in drawing up their escalation procedure, including informing the AMF where applicable. Read more UCITS and AIF depositaries guide (in French only) Keywords UCIT Crypto-assets On the same topic Subscribe to our alerts and RSS feeds News Asset management 23 July 2026 The Autorité des Marchés Financiers (AMF) is updating its doctrine in light of the recent revision of the European Benchmarks Regulation and the new regulatory framework for… The Autorité des Marchés Financiers (AMF) is updating its doctrine in light of the recent revision of the European Benchmarks Regulation and the new regulatory framework for deposits with the Caisse des Dépôts et Consignations Partager sur Twitter Partager sur Linkedin Partager sur Facebook AMF news release Warning 08 July 2026 Crypto-assets: the Autorité des Marchés Financiers warns the public about the activities of several unauthorized entities Crypto-assets: the Autorité des Marchés Financiers warns the public about the activities of several unauthorized entities Partager sur Twitter Partager sur Linkedin Partager sur Facebook AMF news release Risk and Trend Mapping 03 July 2026 The AMF publishes its 2026 Markets and Risk Outlook The AMF publishes its 2026 Markets and Risk Outlook Partager sur Twitter Partager sur Linkedin Partager sur Facebook Legal information: Head of publications: The Executive Director of AMF Communication Directorate. Contact: Communication Directorate – Autorité des marches financiers 17 place de la Bourse – 75082 Paris cedex 02 Revenir en haut de page