Section 4: Professional secrecy, accounting and statutory auditing

Articles in this section · 6

L526-35L526-36L526-37L526-38L526-39L526-40

Article L526-35

French Monetary and Financial CodeIn force
Ask for lawyer reviewed or certified translation

Updated 7 Nov 2023

Any member of a board of directors or, as the case may be, of a supervisory board and any person who, in any capacity whatsoever, participates in the direction or management of an electronic money institution or who is employed by an electronic money institution is bound by professional secrecy.

Apart from cases where the law so provides, professional secrecy may not be invoked against the Autorité de contrôle prudentiel et de résolution, the Banque de France, the Institut d'émission d'outre-mer, the Institut d'émission des départements d'outre-mer or the judicial authorities acting in the context of criminal proceedings.

Electronic money institutions may communicate information covered by professional secrecy to the persons with whom they negotiate, conclude or execute the transactions mentioned in 1° to 5°, provided that this information is necessary for such transactions:

1° Acquisitions of shareholdings or control in an electronic money institution ;

2° Transfers of assets or goodwill;

3° Assignment or transfer of contracts;

4° Contracts for the provision of services concluded with a third party with a view to entrusting it with important operational functions;

5° During the study or preparation of any type of contract or transaction, where these entities belong to the same group as the party making the communication.

In addition to the cases mentioned in 1° to 5°, electronic money institutions may communicate information covered by professional secrecy on a case-by-case basis and only when the persons concerned have expressly allowed them to do so.

Persons receiving information covered by professional secrecy which has been provided to them for the purposes of one of the operations set out above must keep it confidential, whether or not the aforementioned operation is successful. However, in the event that the aforementioned transaction is successful, these persons may in turn communicate the information covered by professional secrecy, under the same conditions as those referred to in this article, to the persons with whom they negotiate, conclude or execute the transactions set out above.

Mariela Petrova

Need help applying this article to your situation?

A registered French Lawyer explains what applies to your business — in English, fixed fee.

within 48h

Fixed Fee

Talk to a lawyer
Previous articleArticle L526-34Next articleArticle L526-36
Common Questions

Working with a corporate lawyer in France — Q&A

Any time a strategic decision changes how the company is owned, governed or contractually bound — incorporation, fundraising, M&A, restructuring, shareholder agreements, or major commercial contracts. Earlier engagement always costs less than later remediation.

A notary (notaire) is a public officer who authenticates specific deeds (mainly real-estate transfers and certain family-law acts). A corporate lawyer (avocat) advises on strategy, negotiates and drafts company documents, and represents you in disputes. The two roles complement rather than overlap.

Yes — most of our clients are foreign suppliers, investors or holding entities. We bridge the gap between French law and your home jurisdiction's expectations and deliver everything bilingually.

The SAS (Société par Actions Simplifiée) is the default choice for most international structures: flexible governance, single shareholder allowed, no minimum capital, and works cleanly with foreign holding entities. We assess SARL, SA, SCI on the merits when the situation calls for it.

Yes — communications with a French avocat are protected by the secret professionnel (Article 66-5 of the Law of 31 December 1971). This protection is broader than the common-law attorney-client privilege and applies to written and oral exchanges.

We work on fixed fees for clearly scoped engagements (incorporation, contract drafting, audits) and on monthly retainers for ongoing advisory. Hourly billing is the exception, not the default. You always know the cost before work starts.

Typical timeline is 2–3 weeks from KYC kick-off to RCS registration, assuming standard documentation. Holding-company structures, foreign-shareholder identification or in-kind contributions can extend this — we flag the gating items at the first meeting.

Absolutely. We routinely coordinate with your in-house counsel, expert-comptable or notaire — pragmatic collaboration is the norm, not the exception. We send them everything they need to do their part without duplicating work.

Mariela Petrova

Mariela Petrova

Avocate au Barreau de Paris

Toque #C2396

15+ Years In Corporate Practice

English · French · Russian

Ready When You Are

Talk To A Corporate
Lawyer In France.

A 20–30 minute call, in English, to scope the engagement. No obligation, no preliminary fee. You will leave the call with a clear view of what the work will cover and what it will cost.

Talk To A Corporate Lawyer+33 1 84 88 31 00
First EngagementFixed Fee

Talk to a French lawyer.

Reply within 24 hours.

Communications protected by professional secrecy — secret professionnel de l'avocat, Article 66-5 of the Law of 31 December 1971.

Continue Reading

Related corporate services in France

01 / Setup

Setting up a French company

Choose between SAS, SARL, SA or SCI — and structure your first French entity around how you actually plan to operate.

Read More
02 / Operating

French commercial contracts

Distribution, agency, supply, services and IP licences — drafted around the protections French law actually gives.

Read More
03 / Disputes

Business disputes & litigation

Shareholder conflicts, commercial breaches and pre-litigation strategy — handled by the same team that knows the file.

Read More