Payments to and from third parties in investment advice

• What changes:

  • The rules on fees and commissions now apply to payments from and to third parties.
  • Before, they applied to payments from and to anyone other than the customer or a person acting on the customer's behalf.
  • The list of covered companies has also been adjusted, including for managers of alternative investment funds and investment advisers.
• Who: The rules apply to the companies mentioned in section 1, for example banks, mortgage credit institutions, securities dealers and investment advisers. The rules on disclosure and payment of fees and commissions apply to companies that provide discretionary portfolio management or independent investment advice. Investment management companies and managers of alternative investment funds are covered when they provide investment services or ancillary services under their licence.
• When: The executive order entered into force on 4 August 2026.

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