Chapter III: Obligations of investment services providers.

Within investment firms, the members of the board of directors or the supervisory board, on the one hand, and the members of the management board or any other body exercising equivalent functions or any persons who effectively manage the business of the firm within the meaning ofArticle L. 532-2, on the other hand, collectively have the necessary knowledge, skills and experience referred to inArticle L. 533-25 with regard to financial…

Each of the persons who effectively directs the business of the undertaking within the meaning of Article L. 532-2 and each member of the Board of Directors, the Supervisory Board, the Management Board or any other body exercising equivalent functions shall demonstrate the honesty, integrity and independence of mind necessary to assess and, if necessary, effectively challenge management decisions and to ensure the effective supervision and monitoring of those decisions….

I. – The rules limiting the number of directorships provided for in II to IV of article L. 533-26 apply within an investment firm that meets one of the following conditions: 1° The balance sheet total, corporate or consolidated, exceeds fifteen billion euros for two consecutive financial years; 2° The Autorité de contrôle prudentiel et de résolution has decided that the investment firm is of significant importance in view of…