In Gaz de France the ECJ held that an SAS does not fall within the personal scope of the Parent-Subsidiary Directive, as it is not listed in the Annex thereto. Furthermore, it concludes that the exclusion of an SAS from that scope does not constitute unequal treatment. The authors closely examine, and criticize, the rather restrictive approach that led to those conclusions. Subsequently, an overview is provided of the potential implications of Gaz de France.