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Article 314-23 en vigueur au

  • Version into force since
ELI : /en/eli/fr/aai/amf/rg/article/314-23/20180103/notes

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:

  1. the providers paid from this account;

  2. the total amount they were paid over a defined period;

  3. the benefits and services received by it; and

  4. 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:

  1. 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

  2. not be linked to the volume or value of transactions executed on behalf of the clients.