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Article 325-14 into force from to

  • Version into force from to
ELI : /en/eli/fr/aai/amf/rg/article/325-14/20180608/notes

I. - For the purposes of providing information to clients on all costs and charges pursuant to Point 5° of Article L. 541-8-1 of the Monetary and Financial Code, financial investment advisers shall comply with the requirements set out in paragraphs II to VIII.

II. - For ex-ante and ex-post disclosure of information on costs and charges to clients, financial investment advisers shall aggregate the following:

  1. All costs and associated charges charged by the financial investment adviser or other parties where the client has been directed to such other parties, for the investment services(s) and/or ancillary services provided to the client; and

  2. All costs and associated charges associated with the manufacturing and managing of the financial instruments.

Costs referred to in Points 1° and 2° are listed in Annex II of Commission Delegated Regulation (EU) 2017/565 of 25 April 2016. For the purposes of Point 1°, third party payments received by financial investment advisers in connection with the advisory service provided to a client shall be itemised separately and the aggregated costs and charges shall be totalled and expressed both as a cash amount and as a percentage.

III. - Where any part of the total costs and charges is to be paid in or represents an amount of foreign currency, financial investment advisers shall provide an indication of the currency involved and the applicable currency conversion rates and costs. Financial investment advisers shall also inform about the arrangements for payment.

IV. - In relation to the disclosure of product costs and charges that are not included in the key investor information documents of a collective investment, the financial investment adviser shall calculate and disclose these costs, for example, by liaising with asset management companies to obtain the relevant information.

V. - A financial investment adviser that recommends or markets to its clients the services provided by a third party, shall aggregate the cost and charges of its services together with the cost and charges of the services provided by the third party. The adviser shall take into account the costs and charges associated with the provision of other services by third parties where it has directed the client to these third parties.

VI. - Where calculating costs and charges on an ex-ante basis, financial investment advisers shall use actually incurred costs as a proxy for the expected costs and charges. Where actual costs are not available, the adviser shall make reasonable estimations of these costs. The financial investment adviser shall review ex-ante assumptions based on the ex-post experience and shall make adjustment to these assumptions, where necessary.

VII. - Financial investment advisers shall provide annual ex-post information about all costs and charges related to both the financial instrument(s) and investment service(s) where they have or have had an ongoing relationship with the client during the year. Such information shall be based on costs incurred and shall be provided on a personalised basis.

Financial investment advisers may choose to provide such aggregated information on costs and charges of the investment services and the financial instruments together with any existing periodic reporting to clients.

VIII. - Financial investment advisers shall provide their clients with an illustration showing the cumulative effect of costs on return when providing advisory services. Such an illustration shall be provided both on an ex-ante and ex-post basis. Financial investment advisers shall ensure that the illustration meets the following requirements:

  1. The illustration shows the effect of the overall costs and charges on the return of the investment;

  2. The illustration shows any anticipated spikes or fluctuations in the costs; and

  3. The illustration is accompanied by a description of the illustration.