A draft copy of the European MiFiD financial services reforms has singled out independent firms for the ban on commission, but stops short of confirming the rules will also apply to other advisers.
The draft European directive stipulates that independent advisers should not accept remuneration from any third party except the client. Article 19 in the document states: "When the investment firm informs the client that investment advice is provided on an independent basis, the firm....
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