French Monetary and Financial Code
In forceStatutory auditors of portfolio management companies and data communication service providers are bound by professional secrecy with regard to the Autorité des marchés financiers.
Statutory auditors are required to report as soon as possible to the Autorité des marchés financiers any fact or decision concerning an asset management company and data communication service providers authorised by the Autorité des marchés financiers of which they have become aware in the course of their duties, of the following nature:
1. It constitutes a breach of the legal or regulatory provisions applicable to this company that is likely to have a material impact on its financial position, results or assets and liabilities;
2. jeopardise the company's ability to continue as a going concern; or
3. Lead to the issue of reservations or the refusal to certify the accounts.
The same obligation applies to facts and decisions of which they become aware in the course of their work with a parent company or subsidiary of a company mentioned above.
Statutory auditors may not be held liable for information or disclosures made in the performance of their duties or in compliance with the obligations imposed by this article.
The Autorité des marchés financiers may also transmit to the statutory auditors of portfolio management companies and data communication service providers the information necessary for the performance of their duties. The information transmitted is covered by the rule of professional secrecy.
