Article 314-20 into force since
- Version into force since
Only the following benefits shall qualify as acceptable minor non-monetary benefits:
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;
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;
participation in conferences, seminars and other training or information events on the benefits and features of a specific financial instrument or an investment service;
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
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.
Head of publications: The Executive Director of AMF Communication Directorate. Contact: Communication Directorate – Autorité des marches financiers 17 place de la Bourse – 75082 Paris cedex 02