Regulatory AlertsDOC-2005-10 Mandate for the Administration of Registered Financial Securities
The French Autorité des marchés financiers (AMF) issued Instruction DOC-2005-10 to establish a standardized model for the mandate governing the administration of registered financial securities. This mandate authorizes a qualified custodian to perform administrative acts, such as payment of income, while restricting disposal acts like exercising capital increase rights to those explicitly instructed by the account holder. The document further specifies that account statements and transaction notices must be delivered in accordance with the service and account opening conventions defined in the AMF General Regulation.
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III - Service Providers III. 2 - Other Service Providers III. 2.1. Custodian Account Keepers
Doctrine Securities Transactions
Mandate for the Administration of Registered Financial Securities
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Applicable as of December 7, 2005 Instruction DOC-2005-10
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Article 322-50 of the General Regulation
Single Article - Model of the Mandate The mandate referred to in Article 322-50 of the AMF General Regulation conforms to the following model:
"Between the undersigned:
(Name of the holder of the administration account), holder of administration account number … residing at … ; (Name of the qualified custodian account keeper) It has been agreed as follows:
(Name of the holder of the administration account), holder of administration account number …, grants a mandate to (Name of the intermediary custodian account keeper) to administer his registered financial securities whose registrations appear on his securities accounts opened with the issuers and will be reproduced in his administration account. (Name of the intermediary custodian account keeper) will perform all administrative acts (payment of income…). However, he will only perform disposal acts (exercise of rights to capital increases…) upon express instruction from (Name of the holder of the administration account); he may rely on his tacit acceptance for certain operations in accordance with current practices.
Notices of transactions and account statements concerning registered financial securities will be sent according to the procedures provided for all financial instruments by the service and account opening convention between (Name of the holder of the administration account) and (Name of the intermediary custodian account keeper) under Article 322-2 of the AMF General Regulation. These procedures are notably those provided for in Articles 314-105 and 322-5 of the AMF General Regulation."
Legal notices: Publisher: The Director of the Communication Department of the AMF. Contact: Communication Department, Autorité des marchés financiers - 17, place de la Bourse - 75082 Paris Cedex 02