Article 314-30 into force since 31 March 2025

I. All fees and commissions paid by clients for transactions in portfolios under management, with the exception of subscription and redemption transactions relating to collective investment schemes or investment funds of third countries, shall be transaction fees. They include:

1. Intermediation costs, taxes and duties included, charged directly or indirectly by third parties that provide:

   a) Order reception and transmission services and order execution services on behalf of third parties referred to in Article L. 321-1 of the Monetary and Financial Code;

   b) Services referred to in Article L. 321-2 (4) of the Monetary and Financial Code invoiced under the conditions set out in Article 314-24;

2. If applicable, a transaction fee.

II. When it provides the service of portfolio management on behalf of third parties, including where it manages the portfolio by delegation, the investment services provider may no longer receive transaction fees, or any other commission or fees in respect of transactions in financial instruments that it initiates:

• from 1 January 2027 for management mandates entered into on or after that date;

• from 1 January 2028 for management mandates entered into before 1 January 2027.

This ban does not apply to commissions or remuneration received in respect of the service referred to in Article L. 321-2 (1) of the Monetary and Financial Code, provided they do are not detrimental to the service provider's obligation to act honestly, loyally and professionally in the best interests of the client.