+Article 13 2.

Article 13 2.

Member States shall ensure that investment firms that choose to pay separately for execution services and research and that operate a research payment account as referred to in paragraph 1, shall provide, upon request of their clients or of competent authorities all of the following:

(a) 

a list of the providers paid from that research payment account;

(b) 

the total amount those providers were paid over a specified period;

(c) 

the benefits and services received by the investment firm from those providers;

(d) 

how the total amount spent from the research payment account compares to the budget set by the investment firm for that period, noting any rebate or carry-over if residual funds remain in the account.

For the purposes of paragraph 1, point (a), Member States shall ensure that the estimated research charge is:

(a) 

only based on a research budget set by the investment firm for the third-party research necessary for the provision of investment services to the clients of that investment firm;

(b) 

not linked to the volume or value of transactions executed on behalf of the clients.

1. Panoramica

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1.1 Riferimenti

1.2 Requisiti identificati

1.3 Standard correlati

2. Requisiti identificati

Requisiti

3. Standard correlati

Standard