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Question 34 Timing ex-ante information investment advice and RTO/execution services relating to same transaction(s)s [Last update: 28 May 2021]

Art. 24(4) of MiFID II and Art. 50(5) of the MiFID II Delegated Regulation

When a firm provides both investment advice and RTO/execution services to a client relating to  the  same  transaction(s),  when  should  the  firm  provide  ex-ante  information  on  costs  and charges?

Answer 34

Pursuant to Article 24(4) of MiFID II and Article 50(5) of the MiFID II Delegated Regulation, firms  shall  inform  clients  in  good  time  before  the  provision  of  the  service  of  all  costs  and associated  charges  relating  to  the  investment  and/or  ancillary  service  and  the  financial instrument.

To enable the client to take an informed investment decision based on the recommendation provided by the firm, the client should be informed of all ex-ante costs and associated charges when the investment advice is provided. [Additionally, in case the advice would take the form of on an ongoing advice (if foreseen in national legislation) charged throu

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