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Article 325-16 into force since

  • Version into force since
ELI : /en/eli/fr/aai/amf/rg/article/325-16/20180608/notes

I. - Financial investment advisers shall not pay or be paid any fee or commission, or provide or be provided with any non-monetary benefit in connection with the provision of an advisory service to any party except the client or a person acting on behalf of the client, other than where the payment or benefit is designed to enhance the quality of the relevant service to the client and does not impair compliance with the financial investment adviser's duty to act honestly, fairly and professionally in accordance with the best interest of its clients.

The existence, nature and amount of the payment or benefit referred to in the first paragraph, or, where the amount cannot be ascertained, the method of calculating that amount, must be clearly disclosed to the client, in a manner that is comprehensive, accurate and understandable, prior to the provision of the relevant service. Where applicable, the financial investment adviser shall also inform the client on mechanisms for transferring to the client the fee, commission, monetary or non-monetary benefit received in relation to the provision of the service.

The payment or benefit which enables or is necessary for the provision of advisory services, and which by its nature cannot give rise to conflicts with the financial investment adviser's duties to act honestly, fairly and professionally in accordance with the best interests of its clients, is not subject to the requirements set out in the second paragraph.

II. - Financial investment advisers shall apply the provisions of Articles 314-13 to 314-20.