Inducements in investment services: the transposition of the European rules in Italy

I. Introduction – II. The general prohibition on inducements, The exceptions to the general prohibition on inducements – III. The remuneration for the service provided – IV. Adequate fees that are necessary for the provision of the investment service – V. Payments and non-monetary benefits are allowed provided that (i) clear prior disclosure is made to the client; (ii) they are designed to enhance the quality of the service to the client and do not impede the intermediary’s obligation to act in the best interest of the client – VI. Inducements designed to “increase the quality of the service provided to the customer” – VII. “Soft commissions” in the form of investment research – VIII. Final remarks on inducements and remuneration policies under MiFID