Tougher Rules Than MiFID II: Sweden May Implement a Ban on Third-Party Commissions and Fees for All Types of Investment Advice and Portfolio Management Services

In Sweden, the government’s MiFID II Review Panel proposes that Sweden should go further than the directive when it comes to the prohibition of accepting or retaining fees or commissions from third parties. While MiFID II limits this prohibition to situations where investment advice or portfolio management services are provided on an independent basis, Sweden may impose tougher rules where all fees and commissions in such situations are prohibited if they could have a negative effect on the interests of non-professional customers. The fees and commissions that may be subject to this prohibition are to be decided by the Swedish Financial Supervisory Authority (SFSA) in regulation yet to be proposed. Is this the right way to go?

Article by Hammarskiöld & Co’s Banking & Finance Partner Mattias Anjouin Citi’s Global Trustee and Fiduciary Services News and Views (First Edition 2015).

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