Article 321-42 into force since
- Version into force since
I. - For the purposes of this Title, "personal transaction" shall refer to a transaction carried out by or on behalf of a relevant person where at least one of the following criteria is met:
The relevant person is acting outside of the scope of his functions;
The transaction is carried out on behalf of one of the following persons: the relevant person, any person with whom he has a family relationship or close links, a person whose relationship with the relevant person is such that the relevant person has a material direct or indirect in the outcome of the trade, other than the payment of a fee or commission for the execution of the trade.
II. - A person with a family relationship with the relevant person means any of the following:
The spouse of the relevant person or the partner of the relevant person under the terms of a civil solidarity pact;
Children over whom the relevant person holds parental authority or resident in his household, or who are his permanent wards;
Any other relative of the relevant person resident in his household for at least one year on the date of the personal transaction concerned.
III. - A situation in which a person has close links with the relevant person shall mean a situation where natural or legal persons are linked:
By an equity holding, meaning a direct holding or a holding through a controlled entity of 20% or more of the voting rights or the share capital of a company;
Or by control, meaning the relationship between a parent company and a subsidiary, in any of the cases referred to in Article L. 233-3 of the Commercial Code or a similar relationship between any natural or legal person and an undertaking, any subsidiary undertaking of a subsidiary undertaking also being considered a subsidiary of the parent undertaking which is at the head of those undertakings.
A situation where two or more natural or legal persons are permanently linked to one and the same person by a control relationship shall also be regarded as constituting a close link between such persons.
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