Section 8: Relations with the statutory auditors

Any person referred to in the first paragraph of Article L. 612-43 must inform the Autorité de contrôle prudentiel et de résolution of the name(s) of the statutory auditor(s) it proposes to appoint or reappoint. When it informs the Authority of its intention to appoint a firm of statutory auditors as statutory auditor, it shall specify the name of the individual statutory auditor who is a partner, shareholder or manager…

The AMF may take into account information about the proposed statutory auditor or, as the case may be, the natural person proposed to perform the assignment, which is sent to it by one of the authorities with which it exchanges information pursuant to Article L. 631-1.

Where the Authority intends to issue an unfavourable opinion or a qualified opinion, it shall invite the statutory auditor concerned to comment on the draft opinion within a period of not less than one month. This invitation is sent to the statutory auditor concerned and to the person subject to supervision by the Autorité de contrôle prudentiel et de résolution by letter sent in the manner provided for in Article…

Reasons are given for an unfavourable opinion or an opinion with reservations. In particular, it may be based on the fact that the proposed statutory auditor, or the natural person who has been approached to perform the assignment, does not offer all the guarantees of experience, competence or independence necessary for the performance of these duties, taking into account the nature and characteristics of the business of the person subject…

The person concerned and the proposed auditor are notified of the unfavourable opinion or the opinion with reservations by letter sent in the manner provided for in Article R. 612-9 . A copy of this opinion is sent to the regional company of which the statutory auditor is a member. The directors of the person concerned shall forward the Authority’s opinion to the body competent to appoint the statutory auditors.

The provisions of articles D. 612-53 to D. 612-57 apply to the appointment and reappointment of Statutory Auditors and Substitute Statutory Auditors, as well as in the event of a change in the natural person proposed to carry out the assignment.

When the AMF intends to appoint an additional auditor pursuant to Article L. 612-43, it shall send the draft decision to the person subject to AMF supervision and to the auditors in office. The latter shall be invited to submit written observations within a period of not less than one month. The AMF’s letter shall be sent in the manner provided for in Article R. 612-9.

Where an application for disqualification submitted pursuant toArticle L. 823-6 of the Commercial Code concerns an auditor of a person subject to the supervision of the AMF to which the provisions of the first paragraph of Article L. 612-43 apply, the court shall rule in accordance with the conditions laid down inArticle R. 823-5 of the Commercial Code after consulting the chairman of the AMF.