Requirement (MIFID)
Article 29 General requirements for information to clients
Requirements MIFID - DIRECTIVE 2006/73/EC
Description
Description
1. Member States shall require investment firms, in good time
before a retail client or potential retail client is bound by any
agreement for the provision of investment services or ancillary
services or before the provision of those services, whichever is
the earlier, to provide that client or potential client with the
following information:
(a) the terms of any such agreement;
(b) the information required by Article 30 relating to that
agreement or to those investment or ancillary services.
2. Member States shall require investment firms, in good time
before the provision of investment services or ancillary services
to retail clients or potential retail clients, to provide the
information required under Articles 30 to 33.
3. Member States shall require investment firms to provide
professional clients with the information referred to in Article 32
(5) and (6) in good time before the provision of the service
concerned.
4. The information referred to in paragraphs 1 to 3 shall be
provided in a durable medium or by means of a website (where
that does not constitute a durable medium) provided that the
conditions specified in Article 3(2) are satisfied.
5. By way of exception to paragraphs 1 and 2, Member States
shall permit investment firms, in the following circumstances, to
provide the information required under paragraph 1 to a retail
client immediately after that client is bound by any agreement
for the provision of investment services or ancillary services, and
the information required under paragraph 2 immediately after
starting to provide the service:
(a) the firm was unable to comply with the time limits
specified in paragraphs 1 and 2 because, at the request of
the client, the agreement was concluded using a means of
distance communication which prevents the firm from
providing the information in accordance with paragraph 1
or 2;
(b) in any case where Article 3(3) of Directive 2002/65/EC of
the European Parliament and of the Council of 23 September
2002 concerning the distance marketing of
consumer financial services and amending Council Directive
90/619/EEC and Directives 97/7/EC and 98/27/EC (1)
does not otherwise apply, the investment firm complies
with the requirements of that Article in relation to the retail
client or potential retail client, as if that client or potential
client were a ‘consumer’ and the investment firm were a
‘supplier’ within the meaning of that Directive.
6. Member State shall ensure that investment firms notify a
client in good time about any material change to the information
provided under Articles 30 to 33 which is relevant to a service
that the firm is providing to that client. That notification shall be
given in a durable medium if the information to which it relates
is given in a durable medium.
7. Member States shall require investment firms to ensure that
information contained in a marketing communication is
consistent with any information the firm provides to clients in
the course of carrying on investment and ancillary services.
8. Member States shall ensure that, where a marketing
communication contains an offer or invitation of the following
nature and specifies the manner of response or includes a form
by which any response may be made, it includes such of the
information referred to in Articles 30 to 33 as is relevant to that
offer or invitation:
(a) an offer to enter into an agreement in relation to a financial
instrument or investment service or ancillary service with
any person who responds to the communication;
(b) an invitation to any person who responds to the
communication to make an offer to enter into...
Comment
Applies to Article 19(3) of Directive 2004/39/EC