MiFID amendment gives member states commission ban power

Amendments to the Markets in Financial Instruments Directive (MiFID), dated 18 October, state: "Member states may additionally prohibit or further restrict the offer or acceptance of fees, commissions or non-monetary benefits in relation to the provision of investment advice or discretionary portfolio management." The amendment also said it could include requiring any such fees, commissions or non-monetary benefits to be returned to the client or off-set against fees paid by the client. Last week, the European Parliament voted against a ban on commission payments in Europe - placing ...