Requirement (MIFID)
Article 20 Provision of services through the medium of another investment
Requirements MIFID - DIRECTIVE 2004/39/EC
Description
Description
Member States shall allow an investment firm receiving an instruction
to perform investment or ancillary services on behalf of a client through
the medium of another investment firm to rely on client information
transmitted by the latter firm. The investment firm which mediates the
instructions will remain responsible for the completeness and accuracy
of the information transmitted.
The investment firm which receives an instruction to undertake services
on behalf of a client in this way shall also be able to rely on any recommendations
in respect of the service or transaction that have been
provided to the client by another investment firm. The investment firm
which mediates the instructions will remain responsible for the appropriateness
for the client of the recommendations or advice provided.
The investment firm which receives client instructions or orders through
the medium of another investment firm shall remain responsible for
concluding the service or transaction, based on any such information or
recommendations, in accordance with the relevant provisions of this
Title.