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			ID163045D='<span class=\\\"mov_name\\\">Article 1 Subject-matter and scope</span><span class=\"mov_desc\">1. This Directive lays down the detailed rules for the<br />implementation of Article 4(1)(4) and 4(2), Article 13(2) to (8),<br />Article 18, Article 19(1) to (6), Article 19(8), and Articles 21, 22<br />and 24 of Directive 2004/39/EC.<br />2. Chapter II and Sections 1 to 4, Article 45 and Sections 6 and<br />8 of Chapter III and, to the extent they relate to those provisions,<br />Chapter I and Section 9 of Chapter III and Chapter IV of this<br />Directive shall apply to management companies in accordance<br />with Article 5(4) of Directive 85/611/EEC.</span>';				
				ID163078D='<span class=\\\"mov_name\\\">Article 10 Complaints handling</span><span class=\"mov_desc\">Member States shall require investment firms to establish,<br />implement and maintain effective and transparent procedures for<br />the reasonable and prompt handling of complaints received from<br />retail clients or potential retail clients, and to keep a record of<br />each complaint and the measures taken for its resolution.</span>';				
				ID163081D='<span class=\\\"mov_name\\\">Article 11 Meaning of personal transaction</span><span class=\"mov_desc\">For the purposes of Article 12 and Article 25, personal<br />transaction means a trade in a financial instrument effected by<br />or on behalf of a relevant person, where at least one of the<br />following criteria are met:<br />(a) that relevant person is acting outside the scope of the<br />activities he carries out in that capacity;<br />(b) the trade is carried out for the account of any of the<br />following persons:<br />(i) the relevant person;<br />(ii) any person with whom he has a family relationship, or<br />with whom he has close links;<br />(iii) a person whose relationship with the relevant person<br />is such that the relevant person has a direct or indirect<br />material interest in the outcome of the trade, other<br />than a fee or commission for the execution of the<br />trade.</span>';				
				ID163084D='<span class=\\\"mov_name\\\">Article 12 Personal transactions</span><span class=\"mov_desc\">1. Member States shall require investment firms to establish,<br />implement and maintain adequate arrangements aimed at<br />preventing the following activities in the case of any relevant<br />person who is involved in activities that may give rise to a<br />conflict of interest, or who has access to inside information<br />within the meaning of Article 1(1) of Directive 2003/6/EC or to<br />other confidential information relating to clients or transactions<br />with or for clients by virtue of an activity carried out by him on<br />behalf of the firm:<br />(a) entering into a personal transaction which meets at least<br />one of the following criteria:<br />(i) that person is prohibited from entering into it under<br />Directive 2003/6/EC;<br />(ii) it involves the misuse or improper disclosure of that<br />confidential information;<br />(iii) it conflicts or is likely to conflict with an obligation of<br />the investment firm under Directive 2004/39/EC;<br />(b) advising or procuring, other than in the proper course of<br />his employment or contract for services, any other person<br />to enter into a transaction in financial instruments which, if<br />a personal transaction of the relevant person, would be<br />covered by point (a) or Article 25(2)(a) or (b) or<br />Article 47(3);<br />(c) without prejudice to Article 3(a) of Directive 2003/6/EC,<br />disclosing, other than in the normal course of his<br />employment or contract for services, any information or<br />opinion to any other person if the relevant person knows,<br />or reasonably ought to know, that as a result of that<br />disclosure that other person will or would be likely to take<br />either of the following steps:<br />(i) to enter into a transaction in financial instruments<br />which, if a personal transaction of the relevant person,<br />would be covered by point (a) or Article 25(2)(a) or (b)<br />or Article 47(3);<br />(ii) to advise or procure another person to enter into such<br />a transaction.<br />2. The arrangements required under paragraph 1 must in<br />particular be designed to ensure that:<br />(a) each relevant person covered by paragraph 1 is aware of the<br />restrictions on personal transactions, and of the measures<br />established by the investment firm in connection with<br />personal transactions and disclosure, in accordance with<br />paragraph 1;<br />(b) the firm is informed promptly of any personal transaction<br />entered into by a relevant person, either by notification of<br />that transaction or by other procedures enabling the firm to<br />identify such transactions;<br />In the case of outsourcing arrangements the investment<br />firm must ensure that the firm to which the activity is<br />outsourced maintains a record of personal transactions<br />entered into by any relevant person and provides that<br />information to the investment firm promptly on request.<br />(c) a record is kept of the personal transaction notified to the<br />firm or identified by it, including any authorisation or<br />prohibition in connection with such a transaction.<br />3. Paragraphs 1 and 2 shall not apply to the following kinds of<br />personal transaction:<br />(a) personal transactions effected under a discretionary<br />portfolio management service where there is no prior<br />communication in connection with the transaction<br />between the portfolio manager and the relevant person or<br />other person for whose account the transaction is executed;<br />(b) personal transactions in units in collective undertakings<br />that comply with the conditions necessary to enjoy the<br />rights conferred by Directive 85/611/EEC or are subject to<br />supervision under the law of a Member State which requires<br />an equivalent level of risk spreading in their assets, where<br />the relevant person and any other person for whose<br />account the transactions are effected are not involved in the<br />management of that...</span>';				
				ID163090D='<span class=\\\"mov_name\\\">Article 13 Meaning of critical and important operational functions</span><span class=\"mov_desc\">1. For the purposes of the first subparagraph of Article 13(5) of<br />Directive 2004/39/EC, an operational function shall be regarded<br />as critical or important if a defect or failure in its performance<br />would materially impair the continuing compliance of an<br />investment firm with the conditions and obligations of its<br />authorisation or its other obligations under Directive 2004/39/<br />EC, or its financial performance, or the soundness or the<br />continuity of its investment services and activities.<br />2. Without prejudice to the status of any other function, the<br />following functions shall not be considered as critical or<br />important for the purposes of paragraph 1:<br />(a) the provision to the firm of advisory services, and other<br />services which do not form part of the investment business<br />of the firm, including the provision of legal advice to the<br />firm, the training of personnel of the firm, billing services<br />and the security of the firm\'s premises and personnel;<br />(b) the purchase of standardised services, including market<br />information services and the provision of price feeds.</span>';				
				ID163093D='<span class=\\\"mov_name\\\">Article 14 Conditions for outsourcing critical or important operational functions or investment services or activities</span><span class=\"mov_desc\">1. Member States shall ensure that, when investment firms<br />outsource critical or important operational functions or any<br />investment services or activities, the firms remain fully<br />responsible for discharging all of their obligations under<br />Directive 2004/39/EC and comply, in particular, with the<br />following conditions:<br />(a) the outsourcing must not result in the delegation by senior<br />management of its responsibility;<br />(b) the relationship and obligations of the investment firm<br />towards its clients under the terms of Directive 2004/39/EC<br />must not be altered;<br />(c) the conditions with which the investment firm must<br />comply in order to be authorised in accordance with<br />Article 5 of Directive 2004/39/EC, and to remain so, must<br />not be undermined;<br />(d) none of the other conditions subject to which the firm\'s<br />authorisation was granted must be removed or modified.<br />2. Member States shall require investment firms to exercise due<br />skill, care and diligence when entering into, managing or<br />terminating any arrangement for the outsourcing to a service<br />provider of critical or important operational functions or of any<br />investment services or activities.<br />Investment firms shall in particular take the necessary steps to<br />ensure that the following conditions are satisfied:<br />(a) the service provider must have the ability, capacity, and any<br />authorisation required by law to perform the outsourced<br />functions, services or activities reliably and professionally;<br />(b) the service provider must carry out the outsourced services<br />effectively, and to this end the firm must establish methods<br />for assessing the standard of performance of the service<br />provider;<br />(c) the service provider must properly supervise the carrying<br />out of the outsourced functions, and adequately manage the<br />risks associated with the outsourcing;<br />(d) appropriate action must be taken if it appears that the<br />service provider may not be carrying out the functions<br />effectively and in compliance with applicable laws and<br />regulatory requirements;<br />(e) the investment firm must retain the necessary expertise to<br />supervise the outsourced functions effectively and manage<br />the risks associated with the outsourcing and must<br />supervise those functions and manage those risks;<br />(f) the service provider must disclose to the investment firm<br />any development that may have a material impact on its<br />ability to carry out the outsourced functions effectively and<br />in compliance with applicable laws and regulatory requirements;<br />(g) the investment firm must be able to terminate the<br />arrangement for outsourcing where necessary without<br />detriment to the continuity and quality of its provision of<br />services to clients;<br />(h) the service provider must cooperate with the competent<br />authorities of the investment firm in connection with the<br />outsourced activities;<br />(i) the investment firm, its auditors and the relevant competent<br />authorities must have effective access to data related to the<br />outsourced activities, as well as to the business premises of<br />the service provider; and the competent authorities must be<br />able to exercise those rights of access;<br />(j) the service provider must protect any confidential information<br />relating to the investment firm and its clients;<br />(k) the investment firm and the service provider must establish,<br />implement and maintain a contingency plan for disaster<br />recovery and periodic testing of backup facilities, where that<br />is necessary having regard to the function, service or<br />activity that has been outsourced.<br />3. Member States shall require the respective rights and<br />obligations of the investment firms and of the service provider<br />to be clearly allocated and set out in a written...</span>';				
				ID163096D='<span class=\\\"mov_name\\\">Article 15 Service providers located in third countries</span><span class=\"mov_desc\">1. In addition to the requirements set out in Article 14,<br />Member States shall require that, where an investment firm<br />outsources the investment service of portfolio management<br />provided to retail clients to a service provider located in a third<br />country, that investment firm ensures that the following<br />conditions are satisfied:<br />(a) the service provider must be authorised or registered in its<br />home country to provide that service and must be subject<br />to prudential supervision;<br />(b) there must be an appropriate cooperation agreement<br />between the competent authority of the investment firm<br />and the supervisory authority of the service provider.<br />2. Where one or both of those conditions mentioned in<br />paragraph 1 are not satisfied, an investment firm may outsource<br />investment services to a service provider located in a third<br />country only if the firm gives prior notification to its competent<br />authority about the outsourcing arrangement and the competent<br />authority does not object to that arrangement within a<br />reasonable time following receipt of that notification.<br />3. Without prejudice to paragraph 2, Member States shall<br />publish or require competent authorities to publish a statement<br />of policy in relation to outsourcing covered by paragraph 2. That<br />statement shall set out examples of cases where the competent<br />authority would not, or would be likely not to, object to an<br />outsourcing under paragraph 2 where one or both of the<br />conditions in points (a) and (b) of paragraph 1 are not met. It<br />shall include a clear explanation as to why the competent<br />authority considers that in such cases outsourcing would not<br />impair the ability of investment firms to fulfil their obligations<br />under Article 14.<br />4. Nothing in this article limits the obligations on investment<br />firms to comply with the requirements in Article 14.<br />5. Competent authorities shall publish a list of the supervisory<br />authorities in third countries with which they have cooperation<br />agreements that are appropriate for the purposes of point (b) of<br />paragraph 1.</span>';				
				ID163102D='<span class=\\\"mov_name\\\">Article 16 Safeguarding of client financial instruments and funds</span><span class=\"mov_desc\">1. Member States shall require that, for the purposes of<br />safeguarding clients’ rights in relation to financial instruments<br />and funds belonging to them, investment firms comply with the<br />following requirements:<br />(a) they must keep such records and accounts as are necessary<br />to enable them at any time and without delay to distinguish<br />assets held for one client from assets held for any other<br />client, and from their own assets;<br />(b) they must maintain their records and accounts in a way that<br />ensures their accuracy, and in particular their correspondence<br />to the financial instruments and funds held for<br />clients;<br />(c) they must conduct, on a regular basis, reconciliations<br />between their internal accounts and records and those of<br />any third parties by whom those assets are held;<br />(d) they must take the necessary steps to ensure that any client<br />financial instruments deposited with a third party, in<br />accordance with Article 17, are identifiable separately from<br />the financial instruments belonging to the investment firm<br />and from financial instruments belonging to that third<br />party, by means of differently titled accounts on the books<br />of the third party or other equivalent measures that achieve<br />the same level of protection;<br />(e) they must take the necessary steps to ensure that client<br />funds deposited, in accordance with Article 18, in a central<br />bank, a credit institution or a bank authorised in a third<br />country or a qualifying money market fund are held in an<br />account or accounts identified separately from any accounts<br />used to hold funds belonging to the investment firm;<br />(f) they must introduce adequate organisational arrangements<br />to minimise the risk of the loss or diminution of client<br />assets, or of rights in connection with those assets, as a<br />result of misuse of the assets, fraud, poor administration,<br />inadequate record-keeping or negligence.<br />2. If, for reasons of the applicable law, including in particular<br />the law relating to property or insolvency, the arrangements<br />made by investment firms in compliance with paragraph 1 to<br />safeguard clients’ rights are not sufficient to satisfy the<br />requirements of Article 13(7) and (8) of Directive 2004/39/EC,<br />Member States shall prescribe the measures that investment<br />firms must take in order to comply with those obligations.<br />3. If the applicable law of the jurisdiction in which the client<br />funds or financial instruments are held prevents investment<br />firms from complying with points (d) or (e) of paragraph 1,<br />Member States shall prescribe requirements which have an<br />equivalent effect in terms of safeguarding clients’ rights.</span>';				
				ID163105D='<span class=\\\"mov_name\\\">Article 17 Depositing client financial instruments</span><span class=\"mov_desc\">1. Member States shall permit investment firms to deposit<br />financial instruments held by them on behalf of their clients into<br />an account or accounts opened with a third party provided that<br />the firms exercise all due skill, care and diligence in the selection,<br />appointment and periodic review of the third party and of the<br />arrangements for the holding and safekeeping of those financial<br />instruments.<br />In particular, Member States shall require investment firms to<br />take into account the expertise and market reputation of the<br />third party as well as any legal requirements or market practices<br />related to the holding of those financial instruments that could<br />adversely affect clients’ rights.<br />2. Member States shall ensure that, if the safekeeping of<br />financial instruments for the account of another person is subject<br />to specific regulation and supervision in a jurisdiction where an<br />investment firm proposes to deposit client financial instruments<br />with a third party, the investment firm does not deposit those<br />financial instruments in that jurisdiction with a third party which<br />is not subject to such regulation and supervision.<br />3. Member States shall ensure that investment firms do not<br />deposit financial instruments held on behalf of clients with a<br />third party in a third country that does not regulate the holding<br />and safekeeping of financial instruments for the account of<br />another person unless one of the following conditions is met:<br />(a) the nature of the financial instruments or of the investment<br />services connected with those instruments requires them to<br />be deposited with a third party in that third country;<br />(b) where the financial instruments are held on behalf of a<br />professional client, that client requests the firm in writing to<br />deposit them with a third party in that third country.</span>';				
				ID163108D='<span class=\\\"mov_name\\\">Article 18 Depositing client funds</span><span class=\"mov_desc\">1. Member States shall require investment firms, on receiving<br />any client funds, promptly to place those funds into one or more<br />accounts opened with any of the following:<br />(a) a central bank;<br />(b) a credit institution authorised in accordance with Directive<br />2000/12/EC;<br />(c) a bank authorised in a third country;<br />(d) a qualifying money market fund.<br />The first subparagraph shall not apply to a credit institution<br />authorised under Directive 2006/48/EC of the European<br />Parliament and of the Council of 14 June 2006 relating to the<br />taking up and pursuit of the business of credit institutions<br />(recast) (1) 0 in relation to deposits within the meaning of that<br />Directive held by that institution.<br />2. For the purposes of point (d) of paragraph 1, and of<br />Article 16(1)(e), a ‘qualifying money market fund’ means a<br />collective investment undertaking authorised under Directive 85/<br />611/EEC, or which is subject to supervision and, if applicable,<br />authorised by an authority under the national law of a Member<br />State, and which satisfies the following conditions:<br />(a) its primary investment objective must be to maintain the<br />net asset value of the undertaking either constant at par (net<br />of earnings), or at the value of the investors’ initial capital<br />plus earnings;<br />(b) it must, with a view to achieving that primary investment<br />objective, invest exclusively in high quality money market<br />instruments with a maturity or residual maturity of no<br />more than 397 days, or regular yield adjustments consistent<br />with such a maturity, and with a weighted average maturity<br />of 60 days. It may also achieve this objective by investing<br />on an ancillary basis in deposits with credit institutions;<br />(c) it must provide liquidity through same day or next day<br />settlement.<br />For the purposes of point (b), a money market instrument shall<br />be considered to be of high quality if it has been awarded the<br />highest available credit rating by each competent rating agency<br />which has rated that instrument. An instrument that is not rated<br />by any competent rating agency shall not be considered to be of<br />high quality.<br />For the purposes of the second subparagraph, a rating agency<br />shall be considered to be competent if it issues credit ratings in<br />respect of money market funds regularly and on a professional<br />basis and is an eligible ECAI within the meaning of Article 81(1)<br />of Directive 2006/48/EC.<br />3. Member States shall require that, where investment firms do<br />not deposit client funds with a central bank, they exercise all due<br />skill, care and diligence in the selection, appointment and<br />periodic review of the credit institution, bank or money market<br />fund where the funds are placed and the arrangements for the<br />holding of those funds.<br />Member States shall ensure, in particular, that investment firms<br />take into account the expertise and market reputation of such<br />institutions or money market funds with a view to ensuring the<br />protection of clients’ rights, as well as any legal or regulatory<br />requirements or market practices related to the holding of client<br />funds that could adversely affect clients’ rights.<br />Member States shall ensure that clients have the right to oppose<br />the placement of their funds in a qualifying money market fund.</span>';				
				ID163111D='<span class=\\\"mov_name\\\">Article 19 Use of client financial instruments</span><span class=\"mov_desc\">1. Member States shall not allow investment firms to enter into<br />arrangements for securities financing transactions in respect of<br />financial instruments held by them on behalf of a client, or<br />otherwise use such financial instruments for their own account<br />or the account of another client of the firm, unless the following<br />conditions are met:<br />(a) the client must have given his prior express consent to the<br />use of the instruments on specified terms, as evidenced, in<br />the case of a retail client, by his signature or equivalent<br />alternative mechanism;<br />(b) the use of that client\'s financial instruments must be<br />restricted to the specified terms to which the client<br />consents.<br />2. Member States may not allow investment firms to enter into<br />arrangements for securities financing transactions in respect of<br />financial instruments which are held on behalf of a client in an<br />omnibus account maintained by a third party, or otherwise use<br />financial instruments held in such an account for their own<br />account or for the account of another client unless, in addition to<br />the conditions set out in paragraph 1, at least one of the<br />following conditions is met:<br />(a) each client whose financial instruments are held together in<br />an omnibus account must have given prior express consent<br />in accordance with point (a) of paragraph 1;<br />(b) the investment firm must have in place systems and<br />controls which ensure that only financial instruments<br />belonging to clients who have given prior express consent<br />in accordance with point (a) of paragraph 1 are so used.<br />The records of the investment firm shall include details of the<br />client on whose instructions the use of the financial instruments<br />has been effected, as well as the number of financial instruments<br />used belonging to each client who has given his consent, so as to<br />enable the correct allocation of any loss.</span>';				
				ID163048D='<span class=\\\"mov_name\\\">Article 2 Definitions</span><span class=\"mov_desc\">For the purposes of this Directive, the following definitions shall<br />apply:<br />(1) ‘distribution channels’ means distribution channels within<br />the meaning of Article 1(7) of Commission Directive 2003/<br />125/EC;<br />(2) ‘durable medium’ means any instrument which enables a<br />client to store information addressed personally to that<br />client in a way accessible for future reference for a period of<br />time adequate for the purposes of the information and<br />which allows the unchanged reproduction of the information<br />stored;<br />(3) ‘relevant person’ in relation to an investment firm, means<br />any of the following:<br />(a) a director, partner or equivalent, manager or tied<br />agent of the firm;<br />(b) a director, partner or equivalent, or manager of any<br />tied agent of the firm;<br />(c) an employee of the firm or of a tied agent of the firm,<br />as well as any other natural person whose services are<br />placed at the disposal and under the control of the<br />firm or a tied agent of the firm and who is involved in<br />the provision by the firm of investment services and<br />activities;<br />(d) a natural person who is directly involved in the<br />provision of services to the investment firm or to its<br />tied agent under an outsourcing arrangement for the<br />purpose of the provision by the firm of investment<br />services and activities;<br />(4) ‘financial analyst’ means a relevant person who produces<br />the substance of investment research;<br />(5) ‘group’, in relation to an investment firm, means the group<br />of which that firm forms a part, consisting of a parent<br />undertaking, its subsidiaries and the entities in which the<br />parent undertaking or its subsidiaries hold a participation,<br />as well as undertakings linked to each other by a<br />relationship within the meaning of Article 12(1) of Council<br />Directive 83/349/EEC on consolidated accounts (2);<br />(6) ‘outsourcing’ means an arrangement of any form between<br />an investment firm and a service provider by which that<br />service provider performs a process, a service or an activity<br />which would otherwise be undertaken by the investment<br />firm itself;<br />(7) ‘person with whom a relevant person has a family<br />relationship’ means any of the following:<br />(a) the spouse of the relevant person or any partner of<br />that person considered by national law as equivalent<br />to a spouse;<br />(b) a dependent child or stepchild of the relevant person;<br />(c) any other relative of the relevant person who has<br />shared the same household as that person for at least<br />one year on the date of the personal transaction<br />concerned;<br />(8) ‘securities financing transaction’ has the meaning given in<br />Commission Regulation (EC) No 1287/2006 (1);<br />(9) ‘senior management’ means the person or persons who<br />effectively direct the business of the investment firm as<br />referred to in Article 9(1) of Directive 2004/39/EC.</span>';				
				ID163114D='<span class=\\\"mov_name\\\">Article 20 Reports by external auditors</span><span class=\"mov_desc\">Member States shall require investment firms to ensure that their<br />external auditors report at least annually to the competent<br />authority of the home Member State of the firm on the adequacy<br />of the firm\'s arrangements under Articles 13(7) and (8) of<br />Directive 2004/39/EC and this Section.</span>';				
				ID163120D='<span class=\\\"mov_name\\\">Article 21 Conflicts of interest potentially detrimental to a client</span><span class=\"mov_desc\">Member States shall ensure that, for the purposes of identifying<br />the types of conflict of interest that arise in the course of<br />providing investment and ancillary services or a combination<br />thereof and whose existence may damage the interests of a client,<br />investment firms take into account, by way of minimum criteria,<br />the question of whether the investment firm or a relevant person,<br />or a person directly or indirectly linked by control to the firm, is<br />in any of the following situations, whether as a result of<br />providing investment or ancillary services or investment<br />activities or otherwise:<br />(a) the firm or that person is likely to make a financial gain, or<br />avoid a financial loss, at the expense of the client;<br />(b) the firm or that person has an interest in the outcome of a<br />service provided to the client or of a transaction carried out<br />on behalf of the client, which is distinct from the client\'s<br />interest in that outcome;<br />(c) the firm or that person has a financial or other incentive to<br />favour the interest of another client or group of clients over<br />the interests of the client;<br />(d) the firm or that person carries on the same business as the<br />client;<br />(e) the firm or that person receives or will receive from a<br />person other than the client an inducement in relation to a<br />service provided to the client, in the form of monies, goods<br />or services, other than the standard commission or fee for<br />that service.</span>';				
				ID163123D='<span class=\\\"mov_name\\\">Article 22 Conflicts of interest policy</span><span class=\"mov_desc\">1. Member States shall require investment firms to establish,<br />implement and maintain an effective conflicts of interest policy<br />set out in writing and appropriate to the size and organisation of<br />the firm and the nature, scale and complexity of its business.<br />Where the firm is a member of a group, the policy must also take<br />into account any circumstances, of which the firm is or should<br />be aware, which may give rise to a conflict of interest arising as a<br />result of the structure and business activities of other members of<br />the group.<br />2. The conflicts of interest policy established in accordance<br />with paragraph 1 shall include the following content:<br />(a) it must identify, with reference to the specific investment<br />services and activities and ancillary services carried out by<br />or on behalf of the investment firm, the circumstances<br />which constitute or may give rise to a conflict of interest<br />entailing a material risk of damage to the interests of one or<br />more clients;<br />(b) it must specify procedures to be followed and measures to<br />be adopted in order to manage such conflicts.<br />3. Member States shall ensure that the procedures and<br />measures provided for in paragraph 2(b) are designed to ensure<br />that relevant persons engaged in different business activities<br />involving a conflict of interest of the kind specified in<br />paragraph 2(a) carry on those activities at a level of independence<br />appropriate to the size and activities of the investment firm and<br />of the group to which it belongs, and to the materiality of the<br />risk of damage to the interests of clients.<br />For the purposes of paragraph 2(b), the procedures to be<br />followed and measures to be adopted shall include such of the<br />following as are necessary and appropriate for the firm to ensure<br />the requisite degree of independence:<br />(a) effective procedures to prevent or control the exchange of<br />information between relevant persons engaged in activities<br />involving a risk of a conflict of interest where the exchange<br />of that information may harm the interests of one or more<br />clients;<br />(b) the separate supervision of relevant persons whose<br />principal functions involve carrying out activities on behalf<br />of, or providing services to, clients whose interests may<br />conflict, or who otherwise represent different interests that<br />may conflict, including those of the firm;<br />(c) the removal of any direct link between the remuneration of<br />relevant persons principally engaged in one activity and the<br />remuneration of, or revenues generated by, different<br />relevant persons principally engaged in another activity,<br />where a conflict of interest may arise in relation to those<br />activities;<br />(d) measures to prevent or limit any person from exercising<br />inappropriate influence over the way in which a relevant<br />person carries out investment or ancillary services or<br />activities;<br />(e) measures to prevent or control the simultaneous or<br />sequential involvement of a relevant person in separate<br />investment or ancillary services or activities where such<br />involvement may impair the proper management of<br />conflicts of interest.<br />If the adoption or the practice of one or more of those measures<br />and procedures does not ensure the requisite degree of<br />independence, Member States shall require investment firms to<br />adopt such alternative or additional measures and procedures as<br />are necessary and appropriate for those purposes.<br />4. Member States shall ensure that disclosure to clients,<br />pursuant to Article 18(2) of Directive 2004/39/EC, is made in<br />a durable medium and includes sufficient detail, taking into<br />account the nature of the client, to enable that client to take an<br />informed decision with respect to the investment...</span>';				
				ID163126D='<span class=\\\"mov_name\\\">Article 23 Record of services or activities giving rise to detrimental conflict of interest</span><span class=\"mov_desc\">Member States shall require investment firms to keep and<br />regularly to update a record of the kinds of investment or<br />ancillary service or investment activity carried out by or on<br />behalf of the firm in which a conflict of interest entailing a<br />material risk of damage to the interests of one or more clients<br />has arisen or, in the case of an ongoing service or activity, may<br />arise.</span>';				
				ID163129D='<span class=\\\"mov_name\\\">Article 24 Investment research</span><span class=\"mov_desc\">1. For the purposes of Article 25, ‘investment research’ means<br />research or other information recommending or suggesting an<br />investment strategy, explicitly or implicitly, concerning one or<br />several financial instruments or the issuers of financial<br />instruments, including any opinion as to the present or future<br />value or price of such instruments, intended for distribution<br />channels or for the public, and in relation to which the following<br />conditions are met:<br />(a) it is labelled or described as investment research or in<br />similar terms, or is otherwise presented as an objective or<br />independent explanation of the matters contained in the<br />recommendation;<br />(b) if the recommendation in question were made by an<br />investment firm to a client, it would not constitute the<br />provision of investment advice for the purposes of<br />Directive 2004/39/EC.<br />2. A recommendation of the type covered by Article 1(3) of<br />Directive 2003/125/EC but relating to financial instruments as<br />defined in Directive 2004/39/EC that does not meet the<br />conditions set out in paragraph 1 shall be treated as a marketing<br />communication for the purposes of Directive 2004/39/EC and<br />Member States shall require any investment firm that produces<br />or disseminates the recommendation to ensure that it is clearly<br />identified as such.<br />Additionally, Member States shall require those firms to ensure<br />that any such recommendation contains a clear and prominent<br />statement that (or, in the case of an oral recommendation, to the<br />effect that) it has not been prepared in accordance with legal<br />requirements designed to promote the independence of investment<br />research, and that it is not subject to any prohibition on<br />dealing ahead of the dissemination of investment research.</span>';				
				ID163132D='<span class=\\\"mov_name\\\">Article 25 Additional organisational requirements where a firm produces and disseminates investment research</span><span class=\"mov_desc\">1. Member States shall require investment firms which<br />produce, or arrange for the production of, investment research<br />that is intended or likely to be subsequently disseminated to<br />clients of the firm or to the public, under their own<br />responsibility or that of a member of their group, to ensure<br />the implementation of all the measures set out in Article 22(3) in<br />relation to the financial analysts involved in the production of<br />the investment research and other relevant persons whose<br />responsibilities or business interests may conflict with the<br />interests of the persons to whom the investment research is<br />disseminated.<br />2. Member States shall require investment firms covered by<br />paragraph 1 to have in place arrangements designed to ensure<br />that the following conditions are satisfied:<br />(a) financial analysts and other relevant persons must not<br />undertake personal transactions or trade, other than as<br />market makers acting in good faith and in the ordinary<br />course of market making or in the execution of an<br />unsolicited client order, on behalf of any other person,<br />including the investment firm, in financial instruments to<br />which investment research relates, or in any related<br />financial instruments, with knowledge of the likely timing<br />or content of that investment research which is not publicly<br />available or available to clients and cannot readily be<br />inferred from information that is so available, until the<br />recipients of the investment research have had a reasonable<br />opportunity to act on it;<br />(b) in circumstances not covered by point (a), financial analysts<br />and any other relevant persons involved in the production<br />of investment research must not undertake personal<br />transactions in financial instruments to which the investment<br />research relates, or in any related financial instruments,<br />contrary to current recommendations, except in<br />exceptional circumstances and with the prior approval of a<br />member of the firm\'s legal or compliance function;<br />(c) the investment firms themselves, financial analysts, and<br />other relevant persons involved in the production of the<br />investment research must not accept inducements from<br />those with a material interest in the subject-matter of the<br />investment research;<br />(d) the investment firms themselves, financial analysts, and<br />other relevant persons involved in the production of the<br />investment research must not promise issuers favourable<br />research coverage;<br />(e) issuers, relevant persons other than financial analysts, and<br />any other persons must not before the dissemination of<br />investment research be permitted to review a draft of the<br />investment research for the purpose of verifying the<br />accuracy of factual statements made in that research, or<br />for any other purpose other than verifiying compliance<br />with the firm\'s legal obligations, if the draft includes a<br />recommendation or a target price.<br />For the purposes of this paragraph, ‘related financial instrument’<br />means a financial instrument the price of which is closely<br />affected by price movements in another financial instrument<br />which is the subject of investment research, and includes a<br />derivative on that other financial instrument.<br />3. Member States shall exempt investment firms which<br />disseminate investment research produced by another person<br />to the public or to clients from complying with paragraph 1 if<br />the following criteria are met:<br />(a) the person that produces the investment research is not a<br />member of the group to which the investment firm<br />belongs;<br />(b) the investment firm does not substantially alter the<br />recommendations within the investment research;<br />(c) the investment firm does not present the investment<br />research as having been...</span>';				
				ID163141D='<span class=\\\"mov_name\\\">Article 26 Inducements</span><span class=\"mov_desc\">Member States shall ensure that investment firms are not<br />regarded as acting honestly, fairly and professionally in<br />accordance with the best interests of a client if, in relation to<br />the provision of an investment or ancillary service to the client,<br />they pay or are paid any fee or commission, or provide or are<br />provided with any non-monetary benefit, other than the<br />following:<br />(a) a fee, commission or non-monetary benefit paid or<br />provided to or by the client or a person on behalf of the<br />client;<br />(b) a fee, commission or non-monetary benefit paid or<br />provided to or by a third party or a person acting on<br />behalf of a third party, where the following conditions are<br />satisfied:<br />(i) the existence, nature and amount of the fee,<br />commission or benefit, or, where the amount cannot<br />be ascertained, the method of calculating that amount,<br />must be clearly disclosed to the client, in a manner<br />that is comprehensive, accurate and understandable,<br />prior to the provision of the relevant investment or<br />ancillary service;<br />(ii) the payment of the fee or commission, or the<br />provision of the non-monetary benefit must be<br />designed to enhance the quality of the relevant service<br />to the client and not impair compliance with the<br />firm\'s duty to act in the best interests of the client;<br />(c) proper fees which enable or are necessary for the provision<br />of investment services, such as custody costs, settlement<br />and exchange fees, regulatory levies or legal fees, and which,<br />by their nature, cannot give rise to conflicts with the firm\'s<br />duties to act honestly, fairly and professionally in<br />accordance with the best interests of its clients.<br />Member States shall permit an investment firm, for the purposes<br />of point (b)(i), to disclose the essential terms of the arrangements<br />relating to the fee, commission or non-monetary benefit in<br />summary form, provided that it undertakes to disclose further<br />details at the request of the client and provided that it honours<br />that undertaking.</span>';				
				ID163147D='<span class=\\\"mov_name\\\">Article 27 Conditions with which information must comply in order to be fair, clear and not misleading</span><span class=\"mov_desc\">1. Member States shall require investment firms to ensure that<br />all information they address to, or disseminate in such a way that<br />it is likely to be received by, retail clients or potential retail<br />clients, including marketing communications, satisfies the<br />conditions laid down in paragraphs 2 to 8.<br />2. The information referred to in paragraph 1 shall include the<br />name of the investment firm.<br />It shall be accurate and in particular shall not emphasise any<br />potential benefits of an investment service or financial instrument<br />without also giving a fair and prominent indication of any<br />relevant risks.<br />It shall be sufficient for, and presented in a way that is likely to be<br />understood by, the average member of the group to whom it is<br />directed, or by whom it is likely to be received.<br />It shall not disguise, diminish or obscure important items,<br />statements or warnings.<br />3. Where the information compares investment or ancillary<br />services, financial instruments, or persons providing investment<br />or ancillary services, the following conditions shall be satisfied:<br />(a) the comparison must be meaningful and presented in a fair<br />and balanced way;<br />(b) the sources of the information used for the comparison<br />must be specified;<br />(c) the key facts and assumptions used to make the comparison<br />must be included.<br />4. Where the information contains an indication of past<br />performance of a financial instrument, a financial index or an<br />investment service, the following conditions shall be satisfied:<br />(a) that indication must not be the most prominent feature of<br />the communication;<br />(b) the information must include appropriate performance<br />information which covers the immediately preceding 5<br />years, or the whole period for which the financial<br />instrument has been offered, the financial index has been<br />established, or the investment service has been provided if<br />less than five years, or such longer period as the firm may<br />decide, and in every case that performance information<br />must be based on complete 12-month periods;<br />(c) the reference period and the source of information must be<br />clearly stated;<br />(d) the information must contain a prominent warning that the<br />figures refer to the past and that past performance is not a<br />reliable indicator of future results;<br />(e) where the indication relies on figures denominated in a<br />currency other than that of the Member State in which the<br />retail client or potential retail client is resident, the currency<br />must be clearly stated, together with a warning that the<br />return may increase or decrease as a result of currency<br />fluctuations;<br />(f) where the indication is based on gross performance, the<br />effect of commissions, fees or other charges must be<br />disclosed.<br />5. Where the information includes or refers to simulated past<br />performance, it must relate to a financial instrument or a<br />financial index, and the following conditions shall be satisfied:<br />(a) the simulated past performance must be based on the actual<br />past performance of one or more financial instruments or<br />financial indices which are the same as, or underlie, the<br />financial instrument concerned;<br />(b) in respect of the actual past performance referred to in<br />point (a), the conditions set out in points (a) to (c), (e) and<br />(f) of paragraph 4 must be complied with;<br />(c) the information must contain a prominent warning that the<br />figures refer to simulated past performance and that past<br />performance is not a reliable indicator of future performance.<br />6. Where the information contains information on future<br />performance, the following conditions shall be satisfied:<br />(a) the information must not be based on or refer to simulated<br />past performance;<br />...</span>';				
				ID163150D='<span class=\\\"mov_name\\\">Article 28 Information concerning client categorisation</span><span class=\"mov_desc\">1. Member States shall ensure that investment firms notify new<br />clients, and existing clients that the investment firm has newly<br />categorised as required by Directive 2004/39/EC, of their<br />categorisation as a retail client, a professional client or an<br />eligible counterparty in accordance with that Directive.<br />2. Member States shall ensure that investment firms inform<br />clients in a durable medium about any right that client has to<br />request a different categorisation and about any limitations to the<br />level of client protection that it would entail.<br />3. Member States shall permit investment firms, either on their<br />own initiative or at the request of the client concerned:<br />(a) to treat as a professional or retail client a client that might<br />otherwise be classified as an eligible counterparty pursuant<br />to Article 24(2) of Directive 2004/39/EC;<br />(b) to treat as a retail client a client that is considered as a<br />professional client pursuant to Section I of Annex II to<br />Directive 2004/39/EC.</span>';				
				ID163153D='<span class=\\\"mov_name\\\">Article 29 General requirements for information to clients</span><span class=\"mov_desc\">1. Member States shall require investment firms, in good time<br />before a retail client or potential retail client is bound by any<br />agreement for the provision of investment services or ancillary<br />services or before the provision of those services, whichever is<br />the earlier, to provide that client or potential client with the<br />following information:<br />(a) the terms of any such agreement;<br />(b) the information required by Article 30 relating to that<br />agreement or to those investment or ancillary services.<br />2. Member States shall require investment firms, in good time<br />before the provision of investment services or ancillary services<br />to retail clients or potential retail clients, to provide the<br />information required under Articles 30 to 33.<br />3. Member States shall require investment firms to provide<br />professional clients with the information referred to in Article 32<br />(5) and (6) in good time before the provision of the service<br />concerned.<br />4. The information referred to in paragraphs 1 to 3 shall be<br />provided in a durable medium or by means of a website (where<br />that does not constitute a durable medium) provided that the<br />conditions specified in Article 3(2) are satisfied.<br />5. By way of exception to paragraphs 1 and 2, Member States<br />shall permit investment firms, in the following circumstances, to<br />provide the information required under paragraph 1 to a retail<br />client immediately after that client is bound by any agreement<br />for the provision of investment services or ancillary services, and<br />the information required under paragraph 2 immediately after<br />starting to provide the service:<br />(a) the firm was unable to comply with the time limits<br />specified in paragraphs 1 and 2 because, at the request of<br />the client, the agreement was concluded using a means of<br />distance communication which prevents the firm from<br />providing the information in accordance with paragraph 1<br />or 2;<br />(b) in any case where Article 3(3) of Directive 2002/65/EC of<br />the European Parliament and of the Council of 23 September<br />2002 concerning the distance marketing of<br />consumer financial services and amending Council Directive<br />90/619/EEC and Directives 97/7/EC and 98/27/EC (1)<br />does not otherwise apply, the investment firm complies<br />with the requirements of that Article in relation to the retail<br />client or potential retail client, as if that client or potential<br />client were a ‘consumer’ and the investment firm were a<br />‘supplier’ within the meaning of that Directive.<br />6. Member State shall ensure that investment firms notify a<br />client in good time about any material change to the information<br />provided under Articles 30 to 33 which is relevant to a service<br />that the firm is providing to that client. That notification shall be<br />given in a durable medium if the information to which it relates<br />is given in a durable medium.<br />7. Member States shall require investment firms to ensure that<br />information contained in a marketing communication is<br />consistent with any information the firm provides to clients in<br />the course of carrying on investment and ancillary services.<br />8. Member States shall ensure that, where a marketing<br />communication contains an offer or invitation of the following<br />nature and specifies the manner of response or includes a form<br />by which any response may be made, it includes such of the<br />information referred to in Articles 30 to 33 as is relevant to that<br />offer or invitation:<br />(a) an offer to enter into an agreement in relation to a financial<br />instrument or investment service or ancillary service with<br />any person who responds to the communication;<br />(b) an invitation to any person who responds to the<br />communication to make an offer to enter into...</span>';				
				ID163051D='<span class=\\\"mov_name\\\">Article 3 Conditions applying to the provision of information</span><span class=\"mov_desc\">1. Where, for the purposes of this Directive, information is<br />required to be provided in a durable medium, Member States<br />shall permit investment firms to provide that information in a<br />durable medium other than on paper only if:<br />(a) the provision of that information in that medium is<br />appropriate to the context in which the business between<br />the firm and the client is, or is to be, carried on; and<br />(b) the person to whom the information is to be provided,<br />when offered the choice between information on paper or<br />in that other durable medium, specifically chooses the<br />provision of the information in that other medium.<br />2. Where, pursuant to Article 29, 30, 31, 32, 33 or 46(2) of<br />this Directive, an investment firm provides information to a<br />client by means of a website and that information is not<br />addressed personally to the client, Member States shall ensure<br />that the following conditions are satisfied:<br />(a) the provision of that information in that medium is<br />appropriate to the context in which the business between<br />the firm and the client is, or is to be, carried on;<br />(b) the client must specifically consent to the provision of that<br />information in that form;<br />(c) the client must be notified electronically of the address of<br />the website, and the place on the website where the<br />information may be accessed;<br />(d) the information must be up to date;<br />(e) the information must be accessible continuously by means<br />of that website for such period of time as the client may<br />reasonably need to inspect it.<br />3. For the purposes of this Article, the provision of<br />information by means of electronic communications shall be<br />treated as appropriate to the context in which the business<br />between the firm and the client is, or is to be, carried on if there<br />is evidence that the client has regular access to the internet. The<br />provision by the client of an e-mail address for the purposes of<br />the carrying on of that business shall be treated as such evidence.</span>';				
				ID163156D='<span class=\\\"mov_name\\\">Article 30 Information about the investment firm and its services for retail clients and potential retail clients</span><span class=\"mov_desc\">1. Member States shall require investment firms to provide<br />retail clients or potential retail clients with the following general<br />information, where relevant:<br />(a) the name and address of the investment firm, and the<br />contact details necessary to enable clients to communicate<br />effectively with the firm;<br />(b) the languages in which the client may communicate with<br />the investment firm, and receive documents and other<br />information from the firm;<br />(c) the methods of communication to be used between the<br />investment firm and the client including, where relevant,<br />those for the sending and reception of orders;<br />(d) a statement of the fact that the investment firm is<br />authorised and the name and contact address of the<br />competent authority that has authorised it;<br />(e) where the investment firm is acting through a tied agent, a<br />statement of this fact specifying the Member State in which<br />that agent is registered;<br />(f) the nature, frequency and timing of the reports on the<br />performance of the service to be provided by the<br />investment firm to the client in accordance with<br />Article 19(8) of Directive 2004/39/EC;<br />(g) if the investment firm holds client financial instruments or<br />client funds, a summary description of the steps which it<br />takes to ensure their protection, including summary details<br />of any relevant investor compensation or deposit guarantee<br />scheme which applies to the firm by virtue of its activities<br />in a Member State;<br />(h) a description, which may be provided in summary form, of<br />the conflicts of interest policy maintained by the firm in<br />accordance with Article 22;<br />(i) at any time that the client requests it, further details of that<br />conflicts of interest policy in a durable medium or by<br />means of a website (where that does not constitute a<br />durable medium) provided that the conditions specified in<br />Article 3(2) are satisfied.<br />2. Member States shall ensure that, when providing the service<br />of portfolio management, investment firms establish an appropriate<br />method of evaluation and comparison such as a<br />meaningful benchmark, based on the investment objectives of<br />the client and the types of financial instruments included in the<br />client portfolio, so as to enable the client for whom the service is<br />provided to assess the firm\'s performance.<br />3. Member States shall require that where investment firms<br />propose to provide portfolio management services to a retail<br />client or potential retail client, they provide the client, in addition<br />to the information required under paragraph 1, with such of the<br />following information as is applicable:<br />(a) information on the method and frequency of valuation of<br />the financial instruments in the client portfolio;<br />(b) details of any delegation of the discretionary management<br />of all or part of the financial instruments or funds in the<br />client portfolio;<br />(c) a specification of any benchmark against which the<br />performance of the client portfolio will be compared;<br />(d) the types of financial instrument that may be included in<br />the client portfolio and types of transaction that may be<br />carried out in such instruments, including any limits;<br />(e) the management objectives, the level of risk to be reflected<br />in the manager\'s exercise of discretion, and any specific<br />constraints on that discretion.</span>';				
				ID163159D='<span class=\\\"mov_name\\\">Article 31 Information about financial instruments</span><span class=\"mov_desc\">1. Member States shall require investment firms to provide<br />clients or potential clients with a general description of the<br />nature and risks of financial instruments, taking into account, in<br />particular, the client\'s categorisation as either a retail client or a<br />professional client. That description must explain the nature of<br />the specific type of instrument concerned, as well as the risks<br />particular to that specific type of instrument in sufficient detail<br />to enable the client to take investment decisions on an informed<br />basis.<br />2. The description of risks shall include, where relevant to the<br />specific type of instrument concerned and the status and level of<br />knowledge of the client, the following elements:<br />(a) the risks associated with that type of financial instrument<br />including an explanation of leverage and its effects and the<br />risk of losing the entire investment;<br />(b) the volatility of the price of such instruments and any<br />limitations on the available market for such instruments;<br />(c) the fact that an investor might assume, as a result of<br />transactions in such instruments, financial commitments<br />and other additional obligations, including contingent<br />liabilities, additional to the cost of acquiring the instruments;<br />(d) any margin requirements or similar obligations, applicable<br />to instruments of that type.<br />Member States may specify the precise terms, or the contents, of<br />the description of risks required under this paragraph.<br />3. If an investment firm provides a retail client or potential<br />retail client with information about a financial instrument that is<br />the subject of a current offer to the public and a prospectus has<br />been published in connection with that offer in accordance with<br />Directive 2003/71/EC, that firm shall inform the client or<br />potential client where that prospectus is made available to the<br />public.<br />4. Where the risks associated with a financial instrument<br />composed of two or more different financial instruments or<br />services are likely to be greater than the risks associated with any<br />of the components, the investment firm shall provide an<br />adequate description of the components of that instrument and<br />the way in which its interaction increases the risks.<br />5. In the case of financial instruments that incorporate a<br />guarantee by a third party, the information about the guarantee<br />shall include sufficient detail about the guarantor and the<br />guarantee to enable the retail client or potential retail client to<br />make a fair assessment of the guarantee.</span>';				
				ID163162D='<span class=\\\"mov_name\\\">Article 32 Information requirements concerning safeguarding of client financial instruments or client funds</span><span class=\"mov_desc\">1. Member States shall ensure that, where investment firms<br />hold financial instruments or funds belonging to retail clients,<br />they provide those retail clients or potential retail clients with<br />such of the information specified in paragraphs 2 to 7 as is<br />relevant.<br />2. The investment firm shall inform the retail client or<br />potential retail client where the financial instruments or funds<br />of that client may be held by a third party on behalf of the<br />investment firm and of the responsibility of the investment firm<br />under the applicable national law for any acts or omissions of the<br />third party and the consequences for the client of the insolvency<br />of the third party.<br />3. Where financial instruments of the retail client or potential<br />retail client may, if permitted by national law, be held in an<br />omnibus account by a third party, the investment firm shall<br />inform the client of this fact and shall provide a prominent<br />warning of the resulting risks.<br />4. The investment firm shall inform the retail client or<br />potential retail client where it is not possible under national<br />law for client financial instruments held with a third party to be<br />separately identifiable from the proprietary financial instruments<br />of that third party or of the investment firm and shall provide a<br />prominent warning of the resulting risks.<br />5. The investment firm shall inform the client or potential<br />client where accounts that contain financial instruments or funds<br />belonging to that client or potential client are or will be subject<br />to the law of a jurisdiction other than that of a Member State and<br />shall indicate that the rights of the client or potential client<br />relating to those financial instruments or funds may differ<br />accordingly.<br />6. An investment firm shall inform the client about the<br />existence and the terms of any security interest or lien which the<br />firm has or may have over the client\'s financial instruments or<br />funds, or any right of set-off it holds in relation to those<br />instruments or funds. Where applicable, it shall also inform the<br />client of the fact that a depository may have a security interest or<br />lien over, or right of set-off in relation to those instruments or<br />funds.<br />7. An investment firm, before entering into securities financing<br />transactions in relation to financial instruments held by it on<br />behalf of a retail client, or before otherwise using such financial<br />instruments for its own account or the account of another client,<br />shall in good time before the use of those instruments provide<br />the retail client, in a durable medium, with clear, full and accurate<br />information on the obligations and responsibilities of the<br />investment firm with respect to the use of those financial<br />instruments, including the terms for their restitution, and on the<br />risks involved.</span>';				
				ID163165D='<span class=\\\"mov_name\\\">Article 33 Information about costs and associated charges</span><span class=\"mov_desc\">Member States shall require investment firms to provide their<br />retail clients and potential retail clients with information on costs<br />and associated charges that includes such of the following<br />elements as are relevant:<br />(a) the total price to be paid by the client in connection with<br />the financial instrument or the investment service or<br />ancillary service, including all related fees, commissions,<br />charges and expenses, and all taxes payable via the<br />investment firm or, if an exact price cannot be indicated,<br />the basis for the calculation of the total price so that the<br />client can verify it;<br />(b) where any part of the total price referred to in point (a) is to<br />be paid in or represents an amount of foreign currency, an<br />indication of the currency involved and the applicable<br />currency conversion rates and costs;<br />(c) notice of the possibility that other costs, including taxes,<br />related to transactions in connection with the financial<br />instrument or the investment service may arise for the<br />client that are not paid via the investment firm or imposed<br />by it;<br />(d) the arrangements for payment or other performance.<br />For the purposes of point (a), the commissions charged by the<br />firm shall be itemised separately in every case.</span>';				
				ID163168D='<span class=\\\"mov_name\\\">Article 34 Information drawn up in accordance with Directive 85/611/EEC</span><span class=\"mov_desc\">1. Member States shall ensure that in respect of units in a<br />collective investment undertaking covered by Directive 85/611/<br />EEC, a simplified prospectus complying with Article 28 of that<br />Directive is regarded as appropriate information for the purposes<br />of the second indent of Article 19(3) of Directive 2004/39/EC.<br />2. Member States shall ensure that in respect of units in a<br />collective investment undertaking covered by Directive 85/611/<br />EEC, a simplified prospectus complying with Article 28 of that<br />Directive is regarded as appropriate information for the purposes<br />of the fourth indent of Article 19(3) of Directive 2004/39/EC<br />with respect to the costs and associated charges related to the<br />UCITS itself, including the exit and entry commissions.</span>';				
				ID163174D='<span class=\\\"mov_name\\\">Article 35 Assessment of suitability</span><span class=\"mov_desc\">1. Member States shall ensure that investment firms obtain<br />from clients or potential clients such information as is necessary<br />for the firm to understand the essential facts about the client and<br />to have a reasonable basis for believing, giving due consideration<br />to the nature and extent of the service provided, that the specific<br />transaction to be recommended, or entered into in the course of<br />providing a portfolio management service, satisfies the following<br />criteria:<br />(a) it meets the investment objectives of the client in question;<br />(b) it is such that the client is able financially to bear any related<br />investment risks consistent with his investment objectives;<br />(c) it is such that the client has the necessary experience and<br />knowledge in order to understand the risks involved in the<br />transaction or in the management of his portfolio.<br />2. Where an investment firm provides an investment service to<br />a professional client it shall be entitled to assume that, in relation<br />to the products, transactions and services for which it is so<br />classified, the client has the necessary level of experience and<br />knowledge for the purposes of paragraph 1(c).<br />Where that investment service consists in the provision of<br />investment advice to a professional client covered by Section 1 of<br />Annex II to Directive 2004/39/EC, the investment firm shall be<br />entitled to assume for the purposes of paragraph 1(b) that the<br />client is able financially to bear any related investment risks<br />consistent with the investment objectives of that client.<br />3. The information regarding the financial situation of the<br />client or potential client shall include, where relevant, information<br />on the source and extent of his regular income, his assets,<br />including liquid assets, investments and real property, and his<br />regular financial commitments.<br />4. The information regarding the investment objectives of the<br />client or potential client shall include, where relevant, information<br />on the length of time for which the client wishes to hold the<br />investment, his preferences regarding risk taking, his risk profile,<br />and the purposes of the investment.<br />5. Where, when providing the investment service of investment<br />advice or portfolio management, an investment firm does<br />not obtain the information required under Article 19(4) of<br />Directive 2004/39/EC, the firm shall not recommend investment<br />services or financial instruments to the client or potential client.</span>';				
				ID163177D='<span class=\\\"mov_name\\\">Article 36 Assessment of appropriateness</span><span class=\"mov_desc\">Member States shall require investment firms, when assessing<br />whether an investment service as referred to in Article 19(5) of<br />Directive 2004/39/EC is appropriate for a client, to determine<br />whether that client has the necessary experience and knowledge<br />in order to understand the risks involved in relation to the<br />product or investment service offered or demanded.<br />For those purposes, an investment firm shall be entitled to<br />assume that a professional client has the necessary experience<br />and knowledge in order to understand the risks involved in<br />relation to those particular investment services or transactions,<br />or types of transaction or product, for which the client is<br />classified as a professional client.</span>';				
				ID163180D='<span class=\\\"mov_name\\\">Article 37 Provisions common to the assessment of suitability or appropriateness</span><span class=\"mov_desc\">1. Member States shall ensure that the information regarding a<br />client\'s or potential client\'s knowledge and experience in the<br />investment field includes the following, to the extent appropriate<br />to the nature of the client, the nature and extent of the service to<br />be provided and the type of product or transaction envisaged,<br />including their complexity and the risks involved:<br />(a) the types of service, transaction and financial instrument<br />with which the client is familiar;<br />(b) the nature, volume, and frequency of the client\'s transactions<br />in financial instruments and the period over which<br />they have been carried out;<br />(c) the level of education, and profession or relevant former<br />profession of the client or potential client.<br />2. An investment firm shall not encourage a client or potential<br />client not to provide information required for the purposes of<br />Article 19(4) and (5) of Directive 2004/39/EC.<br />3. An investment firm shall be entitled to rely on the<br />information provided by its clients or potential clients unless it<br />is aware or ought to be aware that the information is manifestly<br />out of date, inaccurate or incomplete.</span>';				
				ID163183D='<span class=\\\"mov_name\\\">Article 38 Provision of services in non-complex instruments</span><span class=\"mov_desc\">A financial instrument which is not specified in the first indent of<br />Article 19(6) of Directive 2004/39/EC shall be considered as<br />non-complex if it satisfies the following criteria:<br />(a) it does not fall within Article 4(1)(18)(c) of, or points (4) to<br />(10) of Section C of Annex I to, Directive 2004/39/EC;<br />(b) there are frequent opportunities to dispose of, redeem, or<br />otherwise realise that instrument at prices that are publicly<br />available to market participants and that are either market<br />prices or prices made available, or validated, by valuation<br />systems independent of the issuer;<br />(c) it does not involve any actual or potential liability for the<br />client that exceeds the cost of acquiring the instrument;<br />(d) adequately comprehensive information on its characteristics<br />is publicly available and is likely to be readily understood so<br />as to enable the average retail client to make an informed<br />judgment as to whether to enter into a transaction in that<br />instrument.</span>';				
				ID163186D='<span class=\\\"mov_name\\\">Article 39 Retail client agreement</span><span class=\"mov_desc\">Member States shall require an investment firm that provides an<br />investment service other than investment advice to a new retail<br />client for the first time after the date of application of this<br />Directive to enter into a written basic agreement, in paper or<br />another durable medium, with the client setting out the essential<br />rights and obligations of the firm and the client.<br />The rights and duties of the parties to the agreement may be<br />incorporated by reference to other documents or legal texts.</span>';				
				ID163054D='<span class=\\\"mov_name\\\">Article 4 Additional requirements on investment firms in certain cases</span><span class=\"mov_desc\">1. Member States may retain or impose requirements additional<br />to those in this Directive only in those exceptional cases<br />where such requirements are objectively justified and proportionate<br />so as to address specific risks to investor protection or to<br />market integrity that are not adequately addressed by this<br />Directive, and provided that one of the following conditions is<br />met:<br />(a) the specific risks addressed by the requirements are of<br />particular importance in the circumstances of the market<br />structure of that Member State;<br />(b) the requirement addresses risks or issues that emerge or<br />become evident after the date of application of this<br />Directive and that are not otherwise regulated by or under<br />Community measures.<br />2. Any requirements imposed under paragraph 1 shall not<br />restrict or otherwise affect the rights of investment firms under<br />Articles 31 and 32 of Directive 2004/39/EC.<br />3. Member States shall notify to the Commission:<br />(a) any requirement which it intends to retain in accordance<br />with paragraph 1 before the date of transposition of this<br />Directive; and<br />(b) any requirement which it intends to impose in accordance<br />with paragraph 1 at least one month before the date<br />appointed for that requirement to come into force.<br />In each case, the notification shall include a justification for that<br />requirement.<br />The Commission shall communicate to Member States and make<br />public on its website the notifications it receives in accordance<br />with this paragraph.<br />4. By 31 December 2009 the Commission shall report to the<br />European Parliament and the Council on the application of this<br />Article.</span>';				
				ID163192D='<span class=\\\"mov_name\\\">Article 40 Reporting obligations in respect of execution of orders other than for portfolio management</span><span class=\"mov_desc\">1. Member States shall ensure that where investment firms<br />have carried out an order, other than for portfolio management,<br />on behalf of a client, they take the following action in respect of<br />that order:<br />(a) the investment firm must promptly provide the client, in a<br />durable medium, with the essential information concerning<br />the execution of that order;<br />(b) in the case of a retail client, the investment firm must send<br />the client a notice in a durable medium confirming<br />execution of the order as soon as possible and no later<br />than the first business day following execution or, if the<br />confirmation is received by the investment firm from a<br />third party, no later than the first business day following<br />receipt of the confirmation from the third party.<br />Point (b) shall not apply where the confirmation would contain<br />the same information as a confirmation that is to be promptly<br />dispatched to the retail client by another person.<br />Points (a) and (b) shall not apply where orders executed on behalf<br />of clients relate to bonds funding mortgage loan agreements with<br />the said clients, in which case the report on the transaction shall<br />be made at the same time as the terms of the mortgage loan are<br />communicated, but no later than one month after the execution<br />of the order.<br />2. In addition to the requirements under paragraph 1, Member<br />States shall require investment firms to supply the client, on<br />request, with information about the status of his order.<br />3. Member States shall ensure that, in the case of orders for a<br />retail clients relating to units or shares in a collective investment<br />undertaking which are executed periodically, investment firms<br />either take the action specified in point (b) of paragraph 1 or<br />provide the retail client, at least once every six months, with the<br />information listed in paragraph 4 in respect of those transactions.<br />4. The notice referred to in point (b) of paragraph 1 shall<br />include such of the following information as is applicable and,<br />where relevant, in accordance with Table 1 of Annex I to<br />Regulation (EC) No 1287/2006:<br />(a) the reporting firm identification;<br />(b) the name or other designation of the client;<br />(c) the trading day;<br />(d) the trading time;<br />(e) the type of the order;<br />(f) the venue identification;<br />(g) the instrument identification;<br />(h) the buy/sell indicator;<br />(i) the nature of the order if other than buy/sell;<br />(j) the quantity;<br />(k) the unit price;<br />(l) the total consideration;<br />(m) a total sum of the commissions and expenses charged and,<br />where the retail client so requests, an itemised breakdown;<br />(n) the client\'s responsibilities in relation to the settlement of<br />the transaction, including the time limit for payment or<br />delivery as well as the appropriate account details where<br />these details and responsibilities have not previously been<br />notified to the client;<br />(o) if the client\'s counterparty was the investment firm itself or<br />any person in the investment firm\'s group or another client<br />of the investment firm, the fact that this was the case unless<br />the order was executed through a trading system that<br />facilitates anonymous trading.<br />For the purposes of point (k), where the order is executed in<br />tranches, the investment firm may supply the client with<br />information about the price of each tranche or the average price.<br />Where the average price is provided, the investment firm shall<br />supply the retail client with information about the price of each<br />tranche upon request.<br />5. The investment firm may provide the client with the<br />information referred to in paragraph 4 using standard codes if it<br />also provides an explanation of the codes used.</span>';				
				ID163195D='<span class=\\\"mov_name\\\">Article 41 Reporting obligations in respect of portfolio management</span><span class=\"mov_desc\">1. Member States shall require investments firms which<br />provide the service of portfolio management to clients to<br />provide each such client with a periodic statement in a durable<br />medium of the portfolio management activities carried out on<br />behalf of that client unless such a statement is provided by<br />another person.<br />2. In the case of retail clients, the periodic statement required<br />under paragraph 1 shall include, where relevant, the following<br />information:<br />(a) the name of the investment firm;<br />(b) the name or other designation of the retail client\'s account;<br />(c) a statement of the contents and the valuation of the<br />portfolio, including details of each financial instrument<br />held, its market value, or fair value if market value is<br />unavailable and the cash balance at the beginning and at the<br />end of the reporting period, and the performance of the<br />portfolio during the reporting period;<br />(d) the total amount of fees and charges incurred during the<br />reporting period, itemising at least total management fees<br />and total costs associated with execution, and including,<br />where relevant, a statement that a more detailed breakdown<br />will be provided on request;<br />(e) a comparison of performance during the period covered by<br />the statement with the investment performance benchmark<br />(if any) agreed between the investment firm and the client;<br />(f) the total amount of dividends, interest and other payments<br />received during the reporting period in relation to the<br />client\'s portfolio;<br />(g) information about other corporate actions giving rights in<br />relation to financial instruments held in the portfolio;<br />(h) for each transaction executed during the period, the<br />information referred to in Article 40(4)(c) to (l) where<br />relevant, unless the client elects to receive information<br />about executed transactions on a transaction-by-transaction<br />basis, in which case paragraph 4 of this Article shall apply.<br />3. In the case of retail clients, the periodic statement referred to<br />in paragraph 1 shall be provided once every six months, except<br />in the following cases:<br />(a) where the client so requests, the periodic statement must be<br />provided every three months;<br />(b) in cases where paragraph 4 applies, the periodic statement<br />must be provided at least once every 12 months;<br />(c) where the agreement between an investment firm and a<br />retail client for a portfolio management service authorises a<br />leveraged portfolio, the periodic statement must be<br />provided at least once a month.<br />Investment firms shall inform retail clients that they have the<br />right to make requests for the purposes of point (a).<br />However, the exception provided for in point (b) shall not apply<br />in the case of transactions in financial instruments covered by<br />Article 4(1)(18)(c) of, or any of points 4 to 10 of Section C in<br />Annex I to, Directive 2004/39/EC.<br />4. Member States shall require investment firms, in cases where<br />the client elects to receive information about executed transactions<br />on a transaction-by-transaction basis, to provide promptly<br />to the client, on the execution of a transaction by the portfolio<br />manager, the essential information concerning that transaction<br />in a durable medium.<br />Where the client concerned is a retail client, the investment firm<br />must send him a notice confirming the transaction and<br />containing the information referred to in Article 40(4) no later<br />than the first business day following that execution or, if the<br />confirmation is received by the investment firm from a third<br />party, no later than the first business day following receipt of the<br />confirmation from the third party.<br />The second subparagraph shall not apply where the confirmation<br />would contain...</span>';				
				ID163198D='<span class=\\\"mov_name\\\">Article 42 Additional reporting obligations for portfolio management or contingent liability transactions</span><span class=\"mov_desc\">Member States shall ensure that where investment firms provide<br />portfolio management transactions for retail clients or operate<br />retail client accounts that include an uncovered open position in<br />a contingent liability transaction, they also report to the retail<br />client any losses exceeding any predetermined threshold, agreed<br />between the firm and the client, no later than the end of the<br />business day in which the threshold is exceeded or, in a case<br />where the threshold is exceeded on a non-business day, the close<br />of the next business day.</span>';				
				ID163201D='<span class=\\\"mov_name\\\">Article 43 Statements of client financial instruments or client funds</span><span class=\"mov_desc\">1. Member States shall require investment firms that hold client<br />financial instruments or client funds to send at least once a year,<br />to each client for whom they hold financial instruments or funds,<br />a statement in a durable medium of those financial instruments<br />or funds unless such a statement has been provided in any other<br />periodic statement.<br />The first subparagraph shall not apply to a credit institution<br />authorised under Directive 2000/12/EC in respect of deposits<br />within the meaning of that Directive held by that institution.<br />2. The statement of client assets referred to in paragraph 1 shall<br />include the following information:<br />(a) details of all the financial instruments or funds held by the<br />investment firm for the client at the end of the period<br />covered by the statement;<br />(b) the extent to which any client financial instruments or<br />client funds have been the subject of securities financing<br />transactions;<br />(c) the extent of any benefit that has accrued to the client by<br />virtue of participation in any securities financing transactions,<br />and the basis on which that benefit has accrued.<br />In cases where the portfolio of a client includes the proceeds of<br />one or more unsettled transactions, the information referred to<br />in point (a) may be based either on the trade date or the<br />settlement date, provided that the same basis is applied<br />consistently to all such information in the statement.<br />3. Member States shall permit investment firms which hold<br />financial instruments or funds and which carry out the service of<br />portfolio management for a client to include the statement of<br />client assets referred to in paragraph 1 in the periodic statement<br />it provides to that client pursuant to Article 41(1).</span>';				
				ID163207D='<span class=\\\"mov_name\\\">Article 44 Best execution criteria</span><span class=\"mov_desc\">1. Member States shall ensure that, when executing client<br />orders, investment firms take into account the following criteria<br />for determining the relative importance of the factors referred to<br />in Article 21(1) of Directive 2004/39/EC:<br />(a) the characteristics of the client including the categorisation<br />of the client as retail or professional;<br />(b) the characteristics of the client order;<br />(c) the characteristics of financial instruments that are the<br />subject of that order;<br />(d) the characteristics of the execution venues to which that<br />order can be directed.<br />For the purposes of this Article and Article 46, ‘execution venue’<br />means a regulated market, an MTF, a systematic internaliser, or a<br />market maker or other liquidity provider or an entity that<br />performs a similar function in a third country to the functions<br />performed by any of the foregoing.<br />2. An investment firm satisfies its obligation under<br />Article 21(1) of Directive 2004/39/EC to take all reasonable<br />steps to obtain the best possible result for a client to the extent<br />that it executes an order or a specific aspect of an order following<br />specific instructions from the client relating to the order or the<br />specific aspect of the order.<br />3. Where an investment firm executes an order on behalf of a<br />retail client, the best possible result shall be determined in terms<br />of the total consideration, representing the price of the financial<br />instrument and the costs related to execution, which shall<br />include all expenses incurred by the client which are directly<br />related to the execution of the order, including execution venue<br />fees, clearing and settlement fees and any other fees paid to third<br />parties involved in the execution of the order.<br />For the purposes of delivering best execution where there is more<br />than one competing venue to execute an order for a financial<br />instrument, in order to assess and compare the results for the<br />client that would be achieved by executing the order on each of<br />the execution venues listed in the firm\'s order execution policy<br />that is capable of executing that order, the firm\'s own<br />commissions and costs for executing the order on each of the<br />eligible execution venues shall be taken into account in that<br />assessment.<br />4. Member States shall require that investment firms do not<br />structure or charge their commissions in such a way as to<br />discriminate unfairly between execution venues.<br />5. Before 1 November 2008 the Commission shall present a<br />report to the European Parliament and to the Council on the<br />availability, comparability and consolidation of information<br />concerning the quality of execution of various execution venues.</span>';				
				ID163210D='<span class=\\\"mov_name\\\">Article 45 Duty of investment firms carrying out portfolio management and reception and transmission of orders to act in the best interests of the client</span><span class=\"mov_desc\">1. Member States shall require investment firms, when<br />providing the service of portfolio management, to comply with<br />the obligation under Article 19(1) of Directive 2004/39/EC to act<br />in accordance with the best interests of their clients when placing<br />orders with other entities for execution that result from decisions<br />by the investment firm to deal in financial instruments on behalf<br />of its client.<br />2. Member States shall require investment firms, when<br />providing the service of reception and transmission of orders,<br />to comply with the obligation under Article 19(1) of Directive<br />2004/39/EC to act in accordance with the best interests of their<br />clients when transmitting client orders to other entities for<br />execution.<br />3. Member States shall ensure that, in order to comply with<br />paragraphs 1 or 2, investment firms take the actions mentioned<br />in paragraphs 4 to 6.<br />4. Investment firms shall take all reasonable steps to obtain the<br />best possible result for their clients taking into account the<br />factors referred to in Article 21(1) of Directive 2004/39/EC. The<br />relative importance of these factors shall be determined by<br />reference to the criteria set out in Article 44(1)and, for retail<br />clients, to the requirement under Article 44(3).<br />An investment firm satisfies its obligations under paragraph 1 or<br />2, and is not required to take the steps mentioned in this<br />paragraph, to the extent that it follows specific instructions from<br />its client when placing an order with, or transmitting an order to,<br />another entity for execution.<br />5. Investment firms shall establish and implement a policy to<br />enable them to comply with the obligation in paragraph 4. The<br />policy shall identify, in respect of each class of instruments, the<br />entities with which the orders are placed or to which the<br />investment firm transmits orders for execution. The entities<br />identified must have execution arrangements that enable the<br />investment firm to comply with its obligations under this Article<br />when it places or transmits orders to that entity for execution.<br />Investment firms shall provide appropriate information to their<br />clients on the policy established in accordance with this<br />paragraph.<br />6. Investment firms shall monitor on a regular basis the<br />effectiveness of the policy established in accordance with<br />paragraph 5 and, in particular, the execution quality of the<br />entities identified in that policy and, where appropriate, correct<br />any deficiencies.<br />In addition, investment firms shall review the policy annually.<br />Such a review shall also be carried out whenever a material<br />change occurs that affects the firm\'s ability to continue to obtain<br />the best possible result for their clients.<br />7. This Article shall not apply when the investment firm that<br />provides the service of portfolio management and/or reception<br />and transmission of orders also executes the orders received or<br />the decisions to deal on behalf of its client\'s portfolio. In those<br />cases Article 21 of Directive 2004/39/EC applies.</span>';				
				ID163213D='<span class=\\\"mov_name\\\">Article 46 Execution policy</span><span class=\"mov_desc\">1. Member States shall ensure that investment firms review<br />annually the execution policy established pursuant to<br />Article 21(2) of Directive 2004/39/EC, as well as their order<br />execution arrangements.<br />Such a review shall also be carried out whenever a material<br />change occurs that affects the firm\'s ability to continue to obtain<br />the best possible result for the execution of its client orders on a<br />consistent basis using the venues included in its execution policy.<br />2. Investment firms shall provide retail clients with the<br />following details on their execution policy in good time prior<br />to the provision of the service:<br />(a) an account of the relative importance the investment firm<br />assigns, in accordance with the criteria specified in<br />Article 44(1), to the factors referred to in Article 21(1) of<br />Directive 2004/39/EC, or the process by which the firm<br />determines the relative importance of those factors;<br />(b) a list of the execution venues on which the firm places<br />significant reliance in meeting its obligation to take all<br />reasonable steps to obtain on a consistent basis the best<br />possible result for the execution of client orders;<br />(c) a clear and prominent warning that any specific instructions<br />from a client may prevent the firm from taking the<br />steps that it has designed and implemented in its execution<br />policy to obtain the best possible result for the execution of<br />those orders in respect of the elements covered by those<br />instructions.<br />That information shall be provided in a durable medium, or by<br />means of a website (where that does not constitute a durable<br />medium) provided that the conditions specified in Article 3(2)<br />are satisfied.</span>';				
				ID163219D='<span class=\\\"mov_name\\\">Article 47 General principles</span><span class=\"mov_desc\">1. Member States shall require investment firms to satisfy the<br />following conditions when carrying out client orders:<br />(a) they must ensure that orders executed on behalf of clients<br />are promptly and accurately recorded and allocated;<br />(b) they must carry out otherwise comparable client orders<br />sequentially and promptly unless the characteristics of the<br />order or prevailing market conditions make this impracticable,<br />or the interests of the client require otherwise;<br />(c) they must inform a retail client about any material difficulty<br />relevant to the proper carrying out of orders promptly<br />upon becoming aware of the difficulty.<br />2. Where an investment firm is responsible for overseeing or<br />arranging the settlement of an executed order, it shall take all<br />reasonable steps to ensure that any client financial instruments<br />or client funds received in settlement of that executed order are<br />promptly and correctly delivered to the account of the<br />appropriate client.<br />3. An investment firm shall not misuse information relating to<br />pending client orders, and shall take all reasonable steps to<br />prevent the misuse of such information by any of its relevant<br />persons.</span>';				
				ID163222D='<span class=\\\"mov_name\\\">Article 48 Aggregation and allocation of orders</span><span class=\"mov_desc\">1. Member States shall not permit investment firms to carry<br />out a client order or a transaction for own account in<br />aggregation with another client order unless the following<br />conditions are met:<br />(a) it must be unlikely that the aggregation of orders and<br />transactions will work overall to the disadvantage of any<br />client whose order is to be aggregated;<br />(b) it must be disclosed to each client whose order is to be<br />aggregated that the effect of aggregation may work to its<br />disadvantage in relation to a particular order;<br />(c) an order allocation policy must be established and<br />effectively implemented, providing in sufficiently precise<br />terms for the fair allocation of aggregated orders and<br />transactions, including how the volume and price of orders<br />determines allocations and the treatment of partial<br />executions.<br />2. Member States shall ensure that where an investment firm<br />aggregates an order with one or more other client orders and the<br />aggregated order is partially executed, it allocates the related<br />trades in accordance with its order allocation policy.</span>';				
				ID163225D='<span class=\\\"mov_name\\\">Article 49 Aggregation and allocation of transactions for own account</span><span class=\"mov_desc\">1. Member States shall ensure that investment firms which<br />have aggregated transactions for own account with one or more<br />client orders do not allocate the related trades in a way that is<br />detrimental to a client.<br />2. Member States shall require that, where an investment firm<br />aggregates a client order with a transaction for own account and<br />the aggregated order is partially executed, it allocates the related<br />trades to the client in priority to the firm.<br />However, if the firm is able to demonstrate on reasonable<br />grounds that without the combination it would not have been<br />able to carry out the order on such advantageous terms, or at all,<br />it may allocate the transaction for own account proportionally, in<br />accordance with its order allocation policy referred to in<br />Article 48(1)(c).<br />3. Member States shall require investment firms, as part of the<br />order allocation policy referred to in Article 48(1)(c), to put in<br />place procedures designed to prevent the reallocation, in a way<br />that is detrimental to the client, of transactions for own account<br />which are executed in combination with client orders.</span>';				
				ID163063D='<span class=\\\"mov_name\\\">Article 5 General organisational requirements</span><span class=\"mov_desc\">1. Member States shall require investment firms to comply<br />with the following requirements:<br />(a) to establish, implement and maintain decision-making<br />procedures and an organisational structure which clearly<br />and in documented manner specifies reporting lines and<br />allocates functions and responsibilities;<br />(b) to ensure that their relevant persons are aware of the<br />procedures which must be followed for the proper<br />discharge of their responsibilities;<br />(c) to establish, implement and maintain adequate internal<br />control mechanisms designed to secure compliance with<br />decisions and procedures at all levels of the investment<br />firm;<br />(d) to employ personnel with the skills, knowledge and<br />expertise necessary for the discharge of the responsibilities<br />allocated to them;<br />(e) to establish, implement and maintain effective internal<br />reporting and communication of information at all relevant<br />levels of the investment firm;<br />(f) to maintain adequate and orderly records of their business<br />and internal organisation;<br />(g) to ensure that the performance of multiple functions by<br />their relevant persons does not and is not likely to prevent<br />those persons from discharging any particular function<br />soundly, honestly, and professionally.<br />Member States shall ensure that, for those purposes, investment<br />firms take into account the nature, scale and complexity of the<br />business of the firm, and the nature and range of investment<br />services and activities undertaken in the course of that business.<br />2. Member States shall require investment firms to establish,<br />implement and maintain systems and procedures that are<br />adequate to safeguard the security, integrity and confidentiality<br />of information, taking into account the nature of the information<br />in question.<br />3. Member States shall require investment firms to establish,<br />implement and maintain an adequate business continuity policy<br />aimed at ensuring, in the case of an interruption to their systems<br />and procedures, the preservation of essential data and functions,<br />and the maintenance of investment services and activities, or,<br />where that is not possible, the timely recovery of such data and<br />functions and the timely resumption of their investment services<br />and activities.<br />4. Member States shall require investment firms to establish,<br />implement and maintain accounting policies and procedures that<br />enable them, at the request of the competent authority, to deliver<br />in a timely manner to the competent authority financial reports<br />which reflect a true and fair view of their financial position and<br />which comply with all applicable accounting standards and rules.<br />5. Member States shall require investment firms to monitor<br />and, on a regular basis, to evaluate the adequacy and effectiveness<br />of their systems, internal control mechanisms and arrangements<br />established in accordance with paragraphs 1 to 4, and to take<br />appropriate measures to address any deficiencies.</span>';				
				ID163231D='<span class=\\\"mov_name\\\">Article 50 Eligible counterparties</span><span class=\"mov_desc\">1. Member States may recognise an undertaking as an eligible<br />counterparty if that undertaking falls within a category of clients<br />who are to be considered professional clients in accordance with<br />paragraphs 1, 2 and 3 of Section I of Annex II to Directive 2004/<br />39/EC, excluding any category which is explicitly mentioned in<br />Article 24(2) of that Directive.<br />On request, Member States may also recognise as eligible<br />counterparties undertakings which fall within a category of<br />clients who are to be considered professional clients in<br />accordance with Section II of Annex II to Directive 2004/39/<br />EC. In such cases, however, the undertaking concerned shall be<br />recognised as an eligible counterparty only in respect of the<br />services or transactions for which it could be treated as a<br />professional client.<br />2. Where, pursuant to the second subparagraph of Article 24<br />(2) of Directive 2004/39/EC, an eligible counterparty requests<br />treatment as a client whose business with an investment firm is<br />subject to Articles 19, 21 and 22 of that Directive, but does not<br />expressly request treatment as a retail client, and the investment<br />firm agrees to that request, the firm shall treat that eligible<br />counterparty as a professional client.<br />However, where that eligible counterparty expressly requests<br />treatment as a retail client, the provisions in respect of requests of<br />non-professional treatment specified in the second, third and<br />fourth sub-paragraphs of Section I of Annex II to Directive<br />2004/39/EC shall apply.</span>';				
				ID163237D='<span class=\\\"mov_name\\\">Article 51 Retention of records</span><span class=\"mov_desc\">1. Member States shall require investment firms to retain all the<br />records required under Directive 2004/39/EC and its implementing<br />measures for a period of at least five years.<br />Additionally, records which set out the respective rights and<br />obligations of the investment firm and the client under an<br />agreement to provide services, or the terms on which the firm<br />provides services to the client, shall be retained for at least the<br />duration of the relationship with the client.<br />However, competent authorities may, in exceptional circumstances,<br />require investment firms to retain any or all of those<br />records for such longer period as is justified by the nature of the<br />instrument or transaction, if that is necessary to enable the<br />authority to exercise its supervisory functions under Directive<br />2004/39/EC.<br />Following the termination of the authorisation of an investment<br />firm, Member States or competent authorities may require the<br />firm to retain records for the outstanding term of the five year<br />period required under the first subparagraph.<br />2. The records shall be retained in a medium that allows the<br />storage of information in a way accessible for future reference by<br />the competent authority, and in such a form and manner that the<br />following conditions are met:<br />(a) the competent authority must be able to access them<br />readily and to reconstitute each key stage of the processing<br />of each transaction;<br />(b) it must be possible for any corrections or other amendments,<br />and the contents of the records prior to such<br />corrections or amendments, to be easily ascertained;<br />(c) it must not be possible for the records otherwise to be<br />manipulated or altered.<br />3. The competent authority of each Member State shall draw<br />up and maintain a list of the minimum records investment firms<br />are required to keep under Directive 2004/39/EC and its<br />implementing measures.<br />4. Record-keeping obligations under Directive 2004/39/EC<br />and in this Directive are without prejudice to the right of<br />Member States to impose obligations on investment firms<br />relating to the recording of telephone conversations or electronic<br />communications involving client orders.<br />5. Before 31 December 2009 the Commission shall, in the light<br />of discussions with the Committee of European Securities<br />Regulators, report to the European Parliament and the Council<br />on the continued appropriateness of the provisions of<br />paragraph 4.</span>';				
				ID163243D='<span class=\\\"mov_name\\\">Article 52 Investment advice</span><span class=\"mov_desc\">For the purposes of the definition of ‘investment advice’ in<br />Article 4(1)(4) of Directive 2004/39/EC, a personal recommendation<br />is a recommendation that is made to a person in his<br />capacity as an investor or potential investor, or in his capacity as<br />an agent for an investor or potential investor.<br />That recommendation must be presented as suitable for that<br />person, or must be based on a consideration of the<br />circumstances of that person, and must constitute a recommendation<br />to take one of the following sets of steps:<br />(a) to buy, sell, subscribe for, exchange, redeem, hold or<br />underwrite a particular financial instrument;<br />(b) to exercise or not to exercise any right conferred by a<br />particular financial instrument to buy, sell, subscribe for,<br />exchange, or redeem a financial instrument.<br />A recommendation is not a personal recommendation if it is<br />issued exclusively through distribution channels or to the public.</span>';				
				ID163249D='<span class=\\\"mov_name\\\">Article 53 Transposition</span><span class=\"mov_desc\">1. Member States shall adopt and publish, by 31 January 2007<br />at the latest, the laws, regulations and administrative provisions<br />necessary to comply with this Directive. They shall forthwith<br />communicate to the Commission the text of those provisions<br />and a correlation table between those provisions and this<br />Directive.<br />2. Member States shall apply those provisions from<br />1 November 2007.<br />3. When Member States adopt those provisions, they shall<br />contain a reference to this Directive or be accompanied by such a<br />reference on the occasion of their official publication. Member<br />States shall determine how such reference is to be made.<br />4. Member States shall communicate to the Commission the<br />text of the main provisions of national law which they adopt in<br />the field covered by this Directive.</span>';				
				ID163252D='<span class=\\\"mov_name\\\">Article 54 Entry into force</span><span class=\"mov_desc\">This Directive shall enter into force on the 20th day following its<br />publication in the Official Journal of the European Union.</span>';				
				ID163255D='<span class=\\\"mov_name\\\">Article 55 Addressees</span><span class=\"mov_desc\">This Directive is addressed to the Member States.</span>';				
				ID163066D='<span class=\\\"mov_name\\\">Article 6 Compliance</span><span class=\"mov_desc\">1. Member States shall ensure that investment firms establish,<br />implement and maintain adequate policies and procedures<br />designed to detect any risk of failure by the firm to comply<br />with its obligations under Directive 2004/39/EC, as well as the<br />associated risks, and put in place adequate measures and<br />procedures designed to minimise such risk and to enable the<br />competent authorities to exercise their powers effectively under<br />that Directive.<br />Member States shall ensure that, for those purposes, investment<br />firms take into account the nature, scale and complexity of the<br />business of the firm, and the nature and range of investment<br />services and activities undertaken in the course of that business.<br />2. Member States shall require investment firms to establish<br />and maintain a permanent and effective compliance function<br />which operates independently and which has the following<br />responsibilities:<br />(a) to monitor and, on a regular basis, to assess the adequacy<br />and effectiveness of the measures and procedures put in<br />place in accordance with the first subparagraph of paragraph<br />1, and the actions taken to address any deficiencies in<br />the firm\'s compliance with its obligations;<br />(b) to advise and assist the relevant persons responsible for<br />carrying out investment services and activities to comply<br />with the firm\'s obligations under Directive 2004/39/EC.<br />3. In order to enable the compliance function to discharge its<br />responsibilities properly and independently, Member States shall<br />require investment firms to ensure that the following conditions<br />are satisfied:<br />(a) the compliance function must have the necessary authority,<br />resources, expertise and access to all relevant information;<br />(b) a compliance officer must be appointed and must be<br />responsible for the compliance function and for any<br />reporting as to compliance required by Article 9(2);<br />(c) the relevant persons involved in the compliance function<br />must not be involved in the performance of services or<br />activities they monitor;<br />(d) the method of determining the remuneration of the<br />relevant persons involved in the compliance function must<br />not compromise their objectivity and must not be likely to<br />do so.<br />However, an investment firm shall not be required to comply<br />with point (c) or point (d) if it is able to demonstrate that in view<br />of the nature, scale and complexity of its business, and the nature<br />and range of investment services and activities, the requirement<br />under that point is not proportionate and that its compliance<br />function continues to be effective.</span>';				
				ID163069D='<span class=\\\"mov_name\\\">Article 7 Risk management</span><span class=\"mov_desc\">1. Member States shall require investment firms to take the<br />following actions:<br />(a) to establish, implement and maintain adequate risk<br />management policies and procedures which identify the<br />risks relating to the firm\'s activities, processes and systems,<br />and where appropriate, set the level of risk tolerated by the<br />firm;<br />(b) to adopt effective arrangements, processes and mechanisms<br />to manage the risks relating to the firm\'s activities,<br />processes and systems, in light of that level of risk<br />tolerance;<br />(c) to monitor the following:<br />(i) the adequacy and effectiveness of the investment<br />firm\'s risk management policies and procedures;<br />(ii) the level of compliance by the investment firm and its<br />relevant persons with the arrangements, processes and<br />mechanisms adopted in accordance with point (b);<br />(iii) the adequacy and effectiveness of measures taken to<br />address any deficiencies in those policies, procedures,<br />arrangements, processes and mechanisms, including<br />failures by the relevant persons to comply with such<br />arrangements, processes and mechanisms or follow<br />such policies and procedures.<br />2. Member States shall require investment firms, where<br />appropriate and proportionate in view of the nature, scale and<br />complexity of their business and the nature and range of the<br />investment services and activities undertaken in the course of<br />that business, to establish and maintain a risk management<br />function that operates independently and carries out the<br />following tasks:<br />(a) implementation of the policy and procedures referred to in<br />paragraph 1;<br />(b) provision of reports and advice to senior management in<br />accordance with Article 9(2).<br />Where an investment firm is not required under the first subparagraph<br />to establish and maintain a risk management function<br />that functions independently, it must nevertheless be able to<br />demonstrate that the policies and procedures which it is has<br />adopted in accordance with paragraph 1 satisfy the requirements<br />of that paragraph and are consistently effective.</span>';				
				ID163072D='<span class=\\\"mov_name\\\">Article 8 Internal audit</span><span class=\"mov_desc\">Member States shall require investment firms, where appropriate<br />and proportionate in view of the nature, scale and complexity of<br />their business and the nature and range of investment services<br />and activities undertaken in the course of that business, to<br />establish and maintain an internal audit function which is<br />separate and independent from the other functions and activities<br />of the investment firm and which has the following responsibilities:<br />(a) to establish, implement and maintain an audit plan to<br />examine and evaluate the adequacy and effectiveness of the<br />investment firm\'s systems, internal control mechanisms<br />and arrangements;<br />(b) to issue recommendations based on the result of work<br />carried out in accordance with point (a);<br />(c) to verify compliance with those recommendations;<br />(d) to report in relation to internal audit matters in accordance<br />with Article 9(2).</span>';				
				ID163075D='<span class=\\\"mov_name\\\">Article 9 Responsibility of senior management</span><span class=\"mov_desc\">1. Member States shall require investment firms, when<br />allocating functions internally, to ensure that senior management,<br />and, where appropriate, the supervisory function, are<br />responsible for ensuring that the firm complies with its<br />obligations under Directive 2004/39/EC.<br />In particular, senior management and, where appropriate, the<br />supervisory function shall be required to assess and periodically<br />to review the effectiveness of the policies, arrangements and<br />procedures put in place to comply with the obligations under<br />Directive 2004/39/EC and to take appropriate measures to<br />address any deficiencies.<br />2. Member States shall require investment firms to ensure that<br />their senior management receive on a frequent basis, and at least<br />annually, written reports on the matters covered by Articles 6, 7<br />and 8 indicating in particular whether the appropriate remedial<br />measures have been taken in the event of any deficiencies.<br />3. Member States shall require investment firms to ensure that<br />the supervisory function, if any, receives on a regular basis<br />written reports on the same matters.<br />4. For the purposes of this Article, ‘supervisory function’<br />means the function within an investment firm responsible for<br />the supervision of its senior management.</span>';				
				ID163042D='<span class=\\\"mov_name\\\">CHAPTER I SCOPE AND DEFINITIONS</span>';				
				ID163057D='<span class=\\\"mov_name\\\">CHAPTER II ORGANISATIONAL REQUIREMENTS</span>';				
				ID163135D='<span class=\\\"mov_name\\\">CHAPTER III OPERATING CONDITIONS FOR INVESTMENT FIRMS</span>';				
				ID163246D='<span class=\\\"mov_name\\\">CHAPTER IV FINAL PROVISIONS</span>';				
				ID163039D='<span class=\\\"mov_name\\\">COMMISSION DIRECTIVE 2006/73/EC</span><span class=\"mov_desc\">implementing Directive 2004/39/EC of the European Parliament and of the Council as regards<br />organisational requirements and operating conditions for investment firms and defined terms for the<br />purposes of that Directive</span>';				
				ID163138D='<span class=\\\"mov_name\\\">SECTION 1 Inducements</span>';				
				ID163060D='<span class=\\\"mov_name\\\">SECTION 1 Organisation</span>';				
				ID163144D='<span class=\\\"mov_name\\\">SECTION 2 Information to clients and potential clients</span>';				
				ID163087D='<span class=\\\"mov_name\\\">SECTION 2 Outsourcing</span>';				
				ID163171D='<span class=\\\"mov_name\\\">SECTION 3 Assessment of suitability and appropriateness</span>';				
				ID163099D='<span class=\\\"mov_name\\\">SECTION 3 Safeguarding of client assets</span>';				
				ID163117D='<span class=\\\"mov_name\\\">SECTION 4 Conflicts of interest</span>';				
				ID163189D='<span class=\\\"mov_name\\\">SECTION 4 Reporting to clients</span>';				
				ID163204D='<span class=\\\"mov_name\\\">SECTION 5 Best execution</span>';				
				ID163216D='<span class=\\\"mov_name\\\">SECTION 6 Client order handling</span>';				
				ID163228D='<span class=\\\"mov_name\\\">SECTION 7 Eligible counterparties</span>';				
				ID163234D='<span class=\\\"mov_name\\\">SECTION 8 Record-keeping</span>';				
				ID163240D='<span class=\\\"mov_name\\\">SECTION 9 Defined terms for the purposes of Directive 2004/39/EC</span>';				
				
			
function readCM()
{
			ID163045CM = new instCM("Article 1 Subject-matter and scope");
ID163078CM = new instCM("Article 10 Complaints handling");
ID163081CM = new instCM("Article 11 Meaning of personal transaction");
ID163084CM = new instCM("Article 12 Personal transactions");
ID163090CM = new instCM("Article 13 Meaning of critical and important operational functions");
ID163093CM = new instCM("Article 14 Conditions for outsourcing critical or important operational functions or investment services or activities");
ID163096CM = new instCM("Article 15 Service providers located in third countries");
ID163102CM = new instCM("Article 16 Safeguarding of client financial instruments and funds");
ID163105CM = new instCM("Article 17 Depositing client financial instruments");
ID163108CM = new instCM("Article 18 Depositing client funds");
ID163111CM = new instCM("Article 19 Use of client financial instruments");
ID163048CM = new instCM("Article 2 Definitions");
ID163114CM = new instCM("Article 20 Reports by external auditors");
ID163120CM = new instCM("Article 21 Conflicts of interest potentially detrimental to a client");
ID163123CM = new instCM("Article 22 Conflicts of interest policy");
ID163126CM = new instCM("Article 23 Record of services or activities giving rise to detrimental conflict of interest");
ID163129CM = new instCM("Article 24 Investment research");
ID163132CM = new instCM("Article 25 Additional organisational requirements where a firm produces and disseminates investment research");
ID163141CM = new instCM("Article 26 Inducements");
ID163147CM = new instCM("Article 27 Conditions with which information must comply in order to be fair, clear and not misleading");
ID163150CM = new instCM("Article 28 Information concerning client categorisation");
ID163153CM = new instCM("Article 29 General requirements for information to clients");
ID163051CM = new instCM("Article 3 Conditions applying to the provision of information");
ID163156CM = new instCM("Article 30 Information about the investment firm and its services for retail clients and potential retail clients");
ID163159CM = new instCM("Article 31 Information about financial instruments");
ID163162CM = new instCM("Article 32 Information requirements concerning safeguarding of client financial instruments or client funds");
ID163165CM = new instCM("Article 33 Information about costs and associated charges");
ID163168CM = new instCM("Article 34 Information drawn up in accordance with Directive 85/611/EEC");
ID163174CM = new instCM("Article 35 Assessment of suitability");
ID163177CM = new instCM("Article 36 Assessment of appropriateness");
ID163180CM = new instCM("Article 37 Provisions common to the assessment of suitability or appropriateness");
ID163183CM = new instCM("Article 38 Provision of services in non-complex instruments");
ID163186CM = new instCM("Article 39 Retail client agreement");
ID163054CM = new instCM("Article 4 Additional requirements on investment firms in certain cases");
ID163192CM = new instCM("Article 40 Reporting obligations in respect of execution of orders other than for portfolio management");
ID163195CM = new instCM("Article 41 Reporting obligations in respect of portfolio management");
ID163198CM = new instCM("Article 42 Additional reporting obligations for portfolio management or contingent liability transactions");
ID163201CM = new instCM("Article 43 Statements of client financial instruments or client funds");
ID163207CM = new instCM("Article 44 Best execution criteria");
ID163210CM = new instCM("Article 45 Duty of investment firms carrying out portfolio management and reception and transmission of orders to act in the best interests of the client");
ID163213CM = new instCM("Article 46 Execution policy");
ID163219CM = new instCM("Article 47 General principles");
ID163222CM = new instCM("Article 48 Aggregation and allocation of orders");
ID163225CM = new instCM("Article 49 Aggregation and allocation of transactions for own account");
ID163063CM = new instCM("Article 5 General organisational requirements");
ID163231CM = new instCM("Article 50 Eligible counterparties");
ID163237CM = new instCM("Article 51 Retention of records");
ID163243CM = new instCM("Article 52 Investment advice");
ID163249CM = new instCM("Article 53 Transposition");
ID163252CM = new instCM("Article 54 Entry into force");
ID163255CM = new instCM("Article 55 Addressees");
ID163066CM = new instCM("Article 6 Compliance");
ID163069CM = new instCM("Article 7 Risk management");
ID163072CM = new instCM("Article 8 Internal audit");
ID163075CM = new instCM("Article 9 Responsibility of senior management");
ID163042CM = new instCM("CHAPTER I SCOPE AND DEFINITIONS");
ID163057CM = new instCM("CHAPTER II ORGANISATIONAL REQUIREMENTS");
ID163135CM = new instCM("CHAPTER III OPERATING CONDITIONS FOR INVESTMENT FIRMS");
ID163246CM = new instCM("CHAPTER IV FINAL PROVISIONS");
ID163039CM = new instCM("COMMISSION DIRECTIVE 2006/73/EC");
ID163138CM = new instCM("SECTION 1 Inducements");
ID163060CM = new instCM("SECTION 1 Organisation");
ID163144CM = new instCM("SECTION 2 Information to clients and potential clients");
ID163087CM = new instCM("SECTION 2 Outsourcing");
ID163171CM = new instCM("SECTION 3 Assessment of suitability and appropriateness");
ID163099CM = new instCM("SECTION 3 Safeguarding of client assets");
ID163117CM = new instCM("SECTION 4 Conflicts of interest");
ID163189CM = new instCM("SECTION 4 Reporting to clients");
ID163204CM = new instCM("SECTION 5 Best execution");
ID163216CM = new instCM("SECTION 6 Client order handling");
ID163228CM = new instCM("SECTION 7 Eligible counterparties");
ID163234CM = new instCM("SECTION 8 Record-keeping");
ID163240CM = new instCM("SECTION 9 Defined terms for the purposes of Directive 2004/39/EC");
ID163258CM = new instCM("");
ID163259CM = new instCM("");
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ID163427CM = new instCM("");
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ID163442CM = new instCM("");
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ID163445CM = new instCM("");
}
		