French Commercial code
In forceI.-The statutory auditor may not take, receive or retain, directly or indirectly, an interest in the person or entity whose accounts he is responsible for certifying, or in a person who controls it or is controlled by it, within the meaning of I and II of Article L. 233-3.
Without prejudice to the provisions contained in this Book or in Book II, the code of ethics provided for in Article L. 822-16 defines the personal, financial and professional links, concurrent or prior to the statutory auditor's assignment, that are incompatible with the performance of the latter. In particular, it specifies the situations in which the statutory auditor's independence is affected, when he or she belongs to a national or international multi-disciplinary network, the members of which have a common economic interest, by the provision of services to a person or entity controlled by or which controls, within the meaning of I and II of Article L. 233-3, the person or entity whose accounts are certified by the said statutory auditor. The code of ethics also specifies the restrictions to be placed on the holding of financial interests by the persons mentioned in II in the companies whose accounts are certified by him.
II.-The partners and employees of the statutory auditor involved in the certification engagement, any other person involved in the certification engagement and persons closely related to them or closely related to the statutory auditor within the meaning of Article 3(26) of Regulation (EU) No 596/2014 of 16 April 2014, may not hold a substantial and direct interest in the person or entity whose accounts are being certified, or carry out a transaction involving a financial instrument issued, guaranteed or otherwise supported by that person or entity, except in the case of interests held through diversified collective investment schemes, including managed funds such as pension funds or life insurance.
