Requirement (MIFID)
Article 23 Obligations of investment firms when appointing tied agents
Requirements MIFID - DIRECTIVE 2004/39/EC
Description
Description
1. Member States may decide to allow an investment firm to appoint
tied agents for the purposes of promoting the services of the investment
firm, soliciting business or receiving orders from clients or potential
clients and transmitting them, placing financial instruments and
providing advice in respect of such financial instruments and services
offered by that investment firm.
2. Member States shall require that where an investment firm decides
to appoint a tied agent it remains fully and unconditionally responsible
for any action or omission on the part of the tied agent when acting on
behalf of the firm. Member States shall require the investment firm to
ensure that a tied agent discloses the capacity in which he is acting and
the firm which he is representing when contacting or before dealing with
any client or potential client.
Member States may allow, in accordance with Article 13(6), (7) and (8),
tied agents registered in their territory to handle clients' money and/or
financial instruments on behalf and under the full responsibility of the
investment firm for which they are acting within their territory or, in the
case of a cross-border operation, in the territory of a Member State
which allows a tied agent to handle clients' money.
Member States shall require the investment firms to monitor the activities
of their tied agents so as to ensure that they continue to comply
with this Directive when acting through tied agents.
3. Member States that decide to allow investment firms to appoint
tied agents shall establish a public register. Tied agents shall be registered
in the public register in the Member State where they are established....