Article 314-27 into force since
- Version into force since
For the purposes of applying Article 314-22 (I)(2)(b), the research budget shall be managed solely by the investment service provider.
This budget shall be based on a reasonable assessment of the need for third party research.
The allocation of the research budget to purchase third party research shall be subject to appropriate controls and oversight by the management body to ensure it is managed and used in the best interests of the investment service provider's clients.
Those controls include a clear audit trail of payments made to research providers and may be used to check that the amounts paid were determined with reference to the quality criteria referred to in Article 314-22 (I)(2)(d).
The investment services provider shall not use the research budget and research payment account to fund internal research.
Head of publications: The Executive Director of AMF Communication Directorate. Contact: Communication Directorate – Autorité des marches financiers 17 place de la Bourse – 75082 Paris cedex 02