+SECTION 3 Assessment of suitability and appropriateness
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SECTION 3 Assessment of suitability and appropriateness
SECTION 3 Assessment of suitability and appropriateness
1. Ħarsa ġenerali
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Regolamentazzjoni |
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Article 54
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Article 55
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Article 56
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Article 57
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Article 57
Provision of services in non-complex instruments
(Article 25(4) of Directive 2014/65/EU)
A financial instrument which is not explicitly specified in Article 25(4)(a) of Directive 2014/65/EU shall be considered as non-complex for the purposes of Article 25(4)(a)(vi) of Directive 2014/65/EU if it satisfies the following criteria:
(a)
it does not fall within Article 4(1)(44)(c) of, or points (4) to (11) of Section C of Annex I to Directive 2014/65/EU;
(b)
there are frequent opportunities to dispose of, redeem, or otherwise realise that instrument at prices that are publicly available to market participants and that are either market prices or prices made available, or validated, by valuation systems independent of the issuer;
(c)
it does not involve any actual or potential liability for the client that exceeds the cost of acquiring the instrument;
(d)
it does not incorporate a clause, condition or trigger that could fundamentally alter the nature or risk of the investment or pay out profile, such as investments that incorporate a right to convert the instrument into a different investment;
(e)
it does not include any explicit or implicit exit charges that have the effect of making the investment illiquid even though there are technically frequent opportunities to dispose of, redeem or otherwise realise it;
(f)
adequately comprehensive information on its characteristics is publicly available and is likely to be readily understood so as to enable the average retail client to make an informed judgment as to whether to enter into a transaction in that instrument.
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Article 58
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Article 58
Retail and Professional Client agreements
(Article 24(1) and 25(5) of Directive 2014/65/EU)
Investment firms providing any investment service or the ancillary service referred to in Section B(1) of Annex I to Directive 2014/65/EU to a client after the date of application of this Regulation shall enter into a written basic agreement with the client, in paper or another durable medium, with the client setting out the essential rights and obligations of the firm and the client. Investment firms providing investment advice shall comply with this obligation only where a periodic assessment of the suitability of the financial instruments or services recommended is performed.
The written agreement shall set out the essential rights and obligations of the parties, and shall include the following:
(a)
a description of the services, and where relevant the nature and extent of the investment advice, to be provided;
(b)
in case of portfolio management services, the types of financial instruments that may be purchased and sold and the types of transactions that may be undertaken on behalf of the client, as well as any instruments or transactions prohibited; and
(c)
a description of the main features of any services referred to in Section B(1) of Annex I to Directive 2014/65/EU to be provided, including where applicable the role of the firm with respect to corporate actions relating to client instruments and the terms on which securities financing transactions involving client securities will generate a return for the client.
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1.1 Referenzi
1.2 Rekwiżiti identifikati
1.3 Standards relatati
2. Rekwiżiti identifikati
3. Standards relatati
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