meta_id 3353062

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.