Firms providing investment products will be required to send clients an update on their investment portfolios at least once a year while portfolio managers will have to issue updates every six months, according to details of the EU directive governing investment.
Under Article 19(8) of the Markets and Financial Instruments Directive (MiFID), looking at reporting requirements to clients, investment firms which hold “client financial instruments or client funds” will have to issue “a statement in a durable medium”, updating the client on: Details of the instruments or assets held; Any trading transactions which might have taken place; Any gains – listed as “benefits” – which the client may have accrued as a result, as well as details of how they were accrued. More specifically, portfolio managers and investment firms will be required on a regu...
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