Regulatory Alerts2026-07-24
Added
Order on Third-Party Payments and Related Matters
The order establishes rules for financial institutions regarding the receipt and payment of fees, commissions, or non-monetary benefits from third parties. For firms providing discretionary portfolio management or independent investment advice, such payments must generally be passed on to clients, with limited exceptions for low-value non-monetary benefits or necessary operational costs. For other investment services, firms may only accept or pay such benefits if they enhance service quality, do not create conflicts of interest, and are disclosed to the client. The document mandates specific documentation, customer disclosure requirements, and standards for third-party research.
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