Following the reform of employee savings schemes, Decision 2002-03 of the Conseil des Marchés Financiers (CMF) established the segregation of employee savings businesses into account-keeping and financial management. This led to the creation of new participants, the custodian (known as a custody-account keeper). Since 1 January 2004, these entities must be separate from the asset management companies. Custodians are members of the AFG.
These players are members of the AFG.
Act 2003-706 of 1 August 2003 introduced a reform of the authorisation requirements for doing business as a custody-account keeper, which is referred to as “administration and custody of financial instruments” by Article L. 542-1 of the Monetary and Financial Code. This reform brought the requirements into line with the provisions governing investment services providers.
Articles 322-85 to 322-102 of Book III of the AMF General Regulation contain the provisions dealing with custody-account keeping for employee savings.
This authorisation application is available here.
Statistics on custody account keeping for workplace savings
Every year the AFG publishes statistics on custody-account keeping for workplace savings schemes, using the information provided by its member companies.