+Article 13 1.

Article 13 1.

Member States shall ensure that investment firms that operate a separate research payment account as referred to in Article 24(9a), point (d)(ii), of Directive 2014/65/EU, meet the following conditions relating to the operation of the account:

(a) 

the research payment account is funded by a specific research charge to the client;

(b) 

as part of establishing a research payment account and agreeing the research charge with their clients, investment firms set and regularly assess a research budget as an internal administrative measure;

(c) 

the investment firm is held responsible for the research payment account.

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