lexiara

(d)

where the investment firm chooses to pay separately for execution services and third-party research, the provision of research by third parties to the investment firm is received in return for either of the following: direct payments by the investment firm out of its own resources; payments from a separate research payment account controlled by the investment firm.’

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Source: EUR-Lex (Cellar) · retrieved 2026-10-16 · Text as adopted (Official Journal); later amendments are not incorporated in this text.