Chapter IV: Investment research, financial analysis and voting advisory services

The directors of a company must refrain from taking any initiative with the financial analysts whose services they pay for which would have the purpose or effect of favouring their own interests, or those of their shareholders, to the detriment of accurate information.

A voting advisory service is provided by a legal person who analyses, on a professional and commercial basis, corporate documents or any other information concerning companies whose shares are admitted to trading on a regulated market, with the aim of informing the voting decisions of the shareholders of these companies by providing research and advice or by making voting recommendations.

Voting advisers shall make public the code of conduct to which they refer and report on its application. Where a voting adviser does not refer to a code of conduct or where, in referring to such a code, it departs from some of its provisions, it shall state the reason and indicate the list of provisions thus departed from and, where applicable, the provisions taken in substitution. In order to…

Any interested party may apply to the President of the Court hearing an application for interim measures to order a voting consultant to make public the information referred to in article L. 544-4, subject to a fine where appropriate.

Articles L. 544-3 to L. 544-5 apply to voting advisers whose registered office is in France, to voting advisers whose registered office is not in a Member State of the European Union but whose head office is in France and to voting advisers whose registered office and head office are not in a Member State of the European Union but who have a branch in France, if they provide voting…