conduct of business requirements for firms, e.g. their obligation to divide their clients into different categories ("eligible counterparties", "professional" and "retail"), their obligations towards each category of client, their obligation to assess whether the products and services which they provide are "suitable" or "appropriate" for their client and their obligation to secure "best execution" for their clients (i.e. the best possible result with the emphasis on best price for retail investors). organisational requirements for firms and markets, e.g. compliance, risk management and internal a
udit functions that operate independently, iden ...[+++]tification and management of conflicts of interest and limitations on out-sourcing, especially to third countries; transaction reporting to relevant competent authorities of buy and sell transactions in all financial instruments; transparency requirements for the trading of shares (i.e. pre- and post trade transparency for regulated markets, MTFs and 'systematic internalisers') to ensure a level playing field between exchanges, MTFs and systematic internalisers for the trading of the most liquid shares in Europe.
Les règles de conduite professionnelle des entreprises d’investissement. Elles les obligent notamment à répartir leurs clients en différentes catégories («contreparties éligibles», clients «professionnels» et «de détail»), précisent leurs obligations envers chaque catégorie de clients, leur imposent d’évaluer l’«adéquation» et le «caractère approprié» des produits et services qu’elles offrent à un client particulier et de garantir une «meilleure exécution» à leurs clients (c'est-à-dire obtenir le meilleur résultat possible pour eux, l’accent étant mis sur le meilleur prix en ce qui concerne les investisseurs de détail);