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Book III - Service providers
Title I - Investment services providers
Chapter IV - Conduct of business rules
Section 7 - Inducements and fees
Sub-section 2 - Inducements in respect of investment advice on an independent basis or portfolio management services for third parties
Article 314-20 from 03/01/2018

Article 314-20 into force since

  • Version into force since
ELI : /en/eli/fr/aai/amf/rg/article/314-20/20180103/notes

Only the following benefits shall qualify as acceptable minor non-monetary benefits:

  1. information or documentation relating to a financial instrument or an investment service, which is generic in nature or personalised to reflect the circumstances of an individual client;

  2. written material from a third party:

    a) that is commissioned and paid for by a corporate issuer or potential issuer to promote a new issuance by the company; or

    b) where the third party firm is contractually engaged and paid by the issuer to produce such material on an ongoing basis;

    provided that the material:

    a) clearly discloses the relationship between the issuer and the third party; and

    b) is made available at the same time to any investment services provider wishing to receive it or to the general public;

  3. participation in conferences, seminars and other training or information events on the benefits and features of a specific financial instrument or an investment service;

  4. hospitality of a reasonable de minimis value, such as food and drink during a business meeting or a conference, seminar or other training or information events mentioned under point 3° of this article; and

  5. other minor non-monetary benefits which the AMF deems:

    a) capable of enhancing the quality of service provided to a client; and

    b) having regard to the total level of benefits provided by one entity or group of entities, to be of a scale and nature that are unlikely to impair compliance with the service provider's duty to act in the best interest of the client.

    Acceptable minor non-monetary benefits shall be reasonable and proportionate and of such a scale that they are unlikely to influence the service provider's behaviour in any way that is detrimental to the interests of the relevant client.

    Disclosure of minor non-monetary benefits shall be made prior to the provision of the relevant investment or ancillary services to clients.

    In accordance with Article 314-17(1), minor non-monetary benefits may be described in a generic way.