French Commercial code
In forceSubject to providing proof in the schedule provided for in Article L. 123-12, the companies mentioned in 1° of Article L. 233-17 are exempt from the obligation to draw up consolidated accounts and a report on the management of the group when the following conditions are met:
1° The consolidated accounts of the larger body of undertakings, in which these companies are included, are drawn up in accordance with articles L. 233-16 to L. 233-28 . 233-28 or, for undertakings governed by the national law of another State, with the provisions adopted by that State for the implementation of Directive 2013/34/EU of 26 June 2013 or, where that State is not required to comply with that Directive, with principles and rules offering a level of requirement equivalent to the provisions of Articles L. 233-16 to L. 233-28 or those of the said directive;
2° They shall, in accordance with the legislation applicable to the company drawing them up, be certified by the independent professionals responsible for auditing the accounts and published;
3° They shall be made available to the shareholders or members of the exempted company under the conditions and within the time limits provided for in Articles R. 225-88 and R. 225-89 ; if they are drawn up in a language other than French, they shall be accompanied by a French translation.
Where the consolidated accounts are drawn up by a company whose registered office is outside a Member State of the European Community or a State party to the Agreement on the European Economic Area, they must be supplemented by all information of material importance concerning the assets and liabilities and financial position, as well as the results, of the group formed by the exempted company, its subsidiaries and participating interests; This information relates in particular to the amount of fixed assets, the net amount of sales, the profit for the financial year, the amount of shareholders' equity and the average number of employees during the financial year; this information is given either in the notes to the consolidated financial statements referred to in 1°, or in the notes to the annual financial statements of the exempted company. In the latter case, it is prepared in accordance with the principles and methods set out in articles L. 233-16 to L. 233-25.
