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Version status: Revoked | Document consolidation status: Updated to reflect all known changes
Version date: 3 January 2018 - onwards
  Version 4 of 4    

Article 19 Conduct of business obligations when providing investment services to clients

Revoked from 3 January 2018

1. Member States shall require that, when providing investment services and/or, where appropriate, ancillary services to clients, an investment firm act honestly, fairly and professionally in accordance with the best interests of its clients and comply, in particular, with the principles set out in paragraphs 2 to 8.

2. All information, including marketing communications, addressed by the investment firm to clients or potential clients shall be fair, clear and not misleading. Marketing communications shall be clearly identifiable as such.

3. Appropriate information shall be provided in a comprehensible form to clients or potential clients about:

- the investment firm and its services,

- financial instruments and proposed investment strategies; this should include appropriate guidance on and warnings of the risks associated with investments in those instruments or in respect of particular investment strategies,

- execution venues, and

- costs and associated charges

so that they are

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