A depository of an undertaking for collective investment in transferable securities (UCITS) must either have its registered office in the same EU country as that of the undertaking or be established in the EU country if its registered office is in another EU country (EU Directive 85/611/EEC). Management companies of Alternative Investment Funds must have their head office and central administration in France (Directive 2011/61/EU).
"Article L214-10-1
I. - Only the following can exercise the activity of depositary of UCITS:
1 ° The Bank of France;
2 ° The Caisse des Dépôts et Consignations;
3 ° Credit institutions having their head office in France;
4 ° Credit institutions having their head office in a Member State of the European Union or party to the agreement on the European Economic Area other than France, through their branches established on French territory exercising their depositary activity under the same conditions as the credit institutions mentioned in 3 °;
5 ° Investment firms having their registered office in France, whose own funds are not lower than the requirements calculated according to the approach chosen in accordance with Article 315 or Article 317 of Regulation (EU) no. ° 575/2013 of the Parliament and of the Council of June 26, 2013.
To exercise the activity of depositary of UCITS, the entities mentioned in 3 ° to 5 ° must be authorized to exercise the activity of account-keeping and custody of financial instruments in application of article L. 542-1 .
[...]
Article L214-24 [...]
V. - The head office and central administration of an AIF or of the portfolio management company which manages an AIF are located in France. Those of the management company may however be located in another Member State of the European Union or a third country when it carries out its activity in France under the freedom of establishment or the freedom to provide services in application of Article L. 532. -21-3 or article L. 532-30 .
[...]
Article L532-30
A manager established in a third country who wishes to manage AIFs of the European Union or to market in the European Union units or shares of AIFs that he manages obtains prior authorization from the Autorité des marchés financiers when his member state of reference is France. [...]" (Monetary and Financial Code, last amended by Law  n°2021-1031 of 4 August 2021, Articles L214-10-1, L214-24, L532-30 [google translation])
Monetary and Financial Code, last amended by Law  n°2021-1031 of 4 August 2021, Articles L214-10-1, L214-24, L532-30
Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS), Article 23
Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010
[<a href="https://www.legifrance.gouv.fr/codes/texte_lc/LEGITEXT000006072026/2021-08-10  ">Code</a>],[<a href="https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=CELEX%3A32009L0065">Directive 2009/65/EC</a>],[<a href="https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02011L0061-20190113">Directive 2011/61/EU</a>]