By Raphaël MORENON
11 August 2025
When setting up a securitisation transaction, a robust legal framework and clear roles are essential to secure the investment and guarantee market confidence. Although powerful, this financial mechanism relies on the coordinated involvement of players with well-defined and strictly regulated functions. Among them, the portfolio management company and the custodian form an operational tandem whose reliability determines the success of the whole. Understanding their status, their respective roles and their responsibilities is therefore essential for all stakeholders. Our firm, which specialises in banking and financial law, has observed that a lack of understanding of these mechanisms can lead to significant legal and financial risks. The purpose of this article is to detail the prerogatives and obligations of these two pillars, based on the legal framework governing securitisation undertakings in France. For an overview, please refer to...
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