Article 13 6.
Member States shall ensure that investment firms that choose to pay separately for execution and research services and that operate a research payment account as referred to in paragraph 1, are solely responsible for the management of the research budget referred to in paragraph 1, point (b). Member States shall ensure that the research budget referred to in paragraph 1, point (b) is based on a reasonable assessment of the need for third party research. Member States shall ensure that the allocation of the research budget to purchase third party research is subject to the investment firm’s controls and senior management oversight that are deemed objectively appropriate to ensure that the research budget is managed and used in the best interests of the investment firm’s clients. Member States shall ensure that those controls include a clear audit trail of payments made to research providers and of how the amounts paid were determined with reference to the quality criteria referred to in paragraph 10, first subparagraph. Member States shall ensure that investment firms do not use the research budget and research payment account to fund internal research.
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