Article 3
Independence 1. Two legal entities shall be independent of one another for the purposes of this Regulation where there is no controlling relationship between them. A controlling relationship shall exist where one legal entity directly or indirectly controls the other or one legal entity is under the same direct or indirect control as the other. Control may result in particular from: (a) direct or indirect holding of more than 50 % of the nominal value of the issued share capital in a legal entity, or of a majority of voting rights of the shareholders or associates of that entity; (b) direct or indirect holding in fact or in law of decision-making powers in a legal entity. 2. Direct or indirect holding of more than 50 % of the nominal value of the issued share capital in a legal entity or of a majority of voting rights of the shareholders or associates of the said entity by public investment corporations, institutional investors or venture-capital companies and funds shall not in itself constitute a controlling relationship. 3. Ownership or supervision of legal entities by the same public body shall not in itself give rise to a controlling relationship between them. CHAPTER II PARTICIPATION IN INDIRECT ACTIONS