Contents
(1)paragraph 1 is replaced by the following:‘1.Member States shall ensure that investment firms that operate a separate research payment account as referred to in Article 24(9a), point (d)(ii), of Directive 2014/65/EU, meet the following conditions relating to the operation of the account:
(a)the research payment account is funded by a specific research charge to the client;
(b)as part of establishing a research payment account and agreeing the research charge with their clients, investment firms set and regularly assess a research budget as an internal administrative measure;
(c)the investment firm is held responsible for the research payment account.’
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