Requirement (MIFID)
Article 43 Statements of client financial instruments or client funds
Requirements MIFID - DIRECTIVE 2006/73/EC
Description
Description
1. Member States shall require investment firms that hold client
financial instruments or client funds to send at least once a year,
to each client for whom they hold financial instruments or funds,
a statement in a durable medium of those financial instruments
or funds unless such a statement has been provided in any other
periodic statement.
The first subparagraph shall not apply to a credit institution
authorised under Directive 2000/12/EC in respect of deposits
within the meaning of that Directive held by that institution.
2. The statement of client assets referred to in paragraph 1 shall
include the following information:
(a) details of all the financial instruments or funds held by the
investment firm for the client at the end of the period
covered by the statement;
(b) the extent to which any client financial instruments or
client funds have been the subject of securities financing
transactions;
(c) the extent of any benefit that has accrued to the client by
virtue of participation in any securities financing transactions,
and the basis on which that benefit has accrued.
In cases where the portfolio of a client includes the proceeds of
one or more unsettled transactions, the information referred to
in point (a) may be based either on the trade date or the
settlement date, provided that the same basis is applied
consistently to all such information in the statement.
3. Member States shall permit investment firms which hold
financial instruments or funds and which carry out the service of
portfolio management for a client to include the statement of
client assets referred to in paragraph 1 in the periodic statement
it provides to that client pursuant to Article 41(1).
Comment
Applies to Article 19(8) of Directive 2004/39/EC