Article 314-26 into force since
- Version into force since
The investment services provider shall agree with clients, in the portfolio management agreement or general terms of the service delivery contract:
the research charge set out in its estimated budget; and
the frequency with which the specific research charge will be charged to the budget over the period.
Clients shall be informed clearly and in advance of any increase in the estimated research budget.
If there is a surplus in the research payment account at the end of a period, the investment service provider should implement arrangements to rebate those funds to the client or to allocate them to the research budget for the following period.
After the client has been informed and given the opportunity to express its disagreement, where applicable, the client agreement referred to in the first subparagraph shall be deemed to be obtained where:
the planned research charge budget for a given period does not result in an increase in the total charges paid by the client compared with the previous equivalent period; and
the frequency with which the investment service provider plans to charge specific research charges to the client over a given period is equivalent to that planned for the previous period for other charges.
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