MIFID II, réelle révolution ? Des raisons de sa création à ses conséquences : l'impact des mesures relatives aux incitations

Abstract

Inducements are fees, commissions or any other non-monetary benefits received or paid by financial institutions when providing investment services to their clients. Inducements are subject to a special attention because they can contribute to the emergence of conflicts of interest. Indeed, they can be considered as financial arrangements between product providers and investment firms, consequently they could influence the promotion of specific products by the investment firm to its clients. Under the new regime imposed by MIFID II inducements are still permitted, under certain conditions, when they are related to the provision of financial and ancillary services. Nevertheless, in the context of portfolio management and independent advice, investments firms are no longer allowed to keep those inducements. In other words, all inducements, perceived when providing those services, must be transferred to clients. The objective of this thesis is to understand the new regime in force as well as its impact on financial institutions. The new measures having a direct impact on the administrative burden and the business model of those institutions.