Article 314-23 en vigueur au
- Version into force since
The investment services provider that operates a research payment account shall also be required, upon request by its clients or by the AMF, to provide a document indicating:
the providers paid from this account;
the total amount they were paid over a defined period;
the benefits and services received by it; and
how the total amount spent from the account compares to the budget set by the service provider for that period, noting any rebate or carry-over if residual funds remain in the account.
For the purposes of Article 314-22 (I)(2)(a), the specific research charge shall:
only be based on a research budget set by the investment service provider based on the need for third party research estimated to be necessary in order to provide investment services to clients; and
not be linked to the volume or value of transactions executed on behalf of the clients.
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