Art. 11c

The exercise by the following persons of an activity requiring permission in accordance with the financial market acts (Art. 9a paragraph 1 letter c AOA) is not compatible with a licence as an audit company for regulatory audits in accordance with Article 2 letter a number 2 AOA:

1. companies with the same management as the audit company for regulatory audits;
2. individuals directly or indirectly holding at least 10 per cent of the capital or the votes in a company in accordance with letter a or who can considerably influence the company’s business activity in another way;
3. ¹ the lead auditors.