French Monetary and Financial Code
In forceInvestment service providers other than asset management companies shall not pay or receive any remuneration or commission or provide or receive any non-monetary benefit in connection with the provision of an investment or related service to any person, other than the client or the person acting on behalf of the client, unless the payment or benefit is intended to enhance the quality of the service concerned to the client and is not detrimental to compliance with the service provider's obligation to act honestly, fairly and professionally in the best interests of the client.
The client shall be clearly informed of the existence, nature and amount of the payment or benefit referred to in the first subparagraph or, where this amount cannot be established, of the method of calculation, in a complete, accurate and comprehensible manner before the investment or ancillary service concerned is provided to the client. Where applicable, providers other than asset management companies shall also inform the client of the mechanisms for transferring to the client the remuneration, commission and monetary or non-monetary benefit received in connection with the provision of the investment or related service. The information referred to in this paragraph may be provided in a standardised form under the conditions laid down by the General Regulation of the Autorité des marchés financiers.
Any payment or benefit that enables or is necessary for the provision of investment services, such as custody fees, exchange and settlement fees, taxes and duties due and procedural costs, and which by its nature cannot give rise to a conflict with the obligation of providers other than portfolio management companies to act honestly, loyally and professionally in the best interests of their clients, is not subject to the second paragraph.
