{"id":113827,"date":"2025-01-28T15:50:00","date_gmt":"2025-01-28T14:50:00","guid":{"rendered":"https:\/\/www.afg.asso.fr\/?p=113827"},"modified":"2025-02-20T16:03:46","modified_gmt":"2025-02-20T15:03:46","slug":"reponse-afg-a-la-consultation-de-lesma-sur-le-rebundling-possible-de-la-recherche-externe-paiements-lies-aux-commissions-dexecution-suite-aux-dispositions","status":"publish","type":"post","link":"https:\/\/www.afg.asso.fr\/fr\/reponse-afg-a-la-consultation-de-lesma-sur-le-rebundling-possible-de-la-recherche-externe-paiements-lies-aux-commissions-dexecution-suite-aux-dispositions\/","title":{"rendered":"R\u00e9ponse AFG \u00e0 la consultation de l\u2019ESMA sur le \u00ab\u00a0rebundling\u00a0\u00bb possible de la Recherche externe (paiements li\u00e9s aux commissions d\u2019ex\u00e9cution), suite aux dispositions du listing act (MIF)"},"content":{"rendered":"\n<p>L\u2019 AFG r\u00e9pond \u00e0 une consultation de l\u2019ESMA sur les impacts du <em>listing act<\/em> concernant le possible lien des co\u00fbts de recherche financi\u00e8re avec les commissions d\u2019ex\u00e9cution. Le <em>listing act<\/em> supprime en effet la condition qui permettait ce lien (\u00ab\u00a0bundling\u00a0\u00bb) seulement pour les \u00e9metteurs de capitalisation boursi\u00e8re inf\u00e9rieure \u00e0 EUR 1 Md.<\/p>\n\n\n\n<p>L\u2019AFG prend note de ce degr\u00e9 de libert\u00e9 suppl\u00e9mentaire. Les SGP souhaitent cependant pouvoir conserver leur libre arbitre entre le paiement de la recherche externe via \u00ab&nbsp;bundling&nbsp;\u00bb, P&amp;L ou RPA (\u00ab&nbsp;ressource payment account&nbsp;\u00bb ). Leur choix peut diff\u00e9rer (et \u00eatre panach\u00e9) selon le type de portefeuille, des consid\u00e9rations fiscales ou des contraintes des fournisseurs. Ainsi, il est complexe de mettre en place un processus de \u00ab&nbsp;bundling&nbsp;\u00bb n\u2019entravant pas le principe de \u00ab&nbsp;best ex\u00e9cution&nbsp;\u00bb,&nbsp;mais ce choix peut \u00eatre utile parfois pour la SGP et ses clients.<\/p>\n\n\n\n<p>La consultation porte \u00e9galement sur les bonnes m\u00e9thodes d\u2019estimation de la recherche externe. Les SGP ont d\u00e9j\u00e0 en place des processus robustes, avec ou sans p\u00e9riodes d\u2019essai.<\/p>\n\n\n\n<p>Dans ses r\u00e9ponses, l\u2019AFG invite \u00e9galement \u00e0 bien inclure dans le spectre de la recherche les analyses non-financi\u00e8res (ex&nbsp;: ESG) et \u00e0 inclure&nbsp;celles fond\u00e9es sur l\u2019intelligence artificielle.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><a id=\"_msocom_1\"><\/a><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>L\u2019 AFG r\u00e9pond \u00e0 une consultation de l\u2019ESMA sur les impacts du listing act concernant le possible lien des co\u00fbts&hellip;<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"wds_primary_category":5,"footnotes":"","_members_access_role":[],"_members_access_error":""},"categories":[5],"tags":[],"thematics":[],"top_contenu":[],"class_list":["post-113827","post","type-post","status-publish","format-standard","hentry","category-non-classifiee"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.afg.asso.fr\/fr\/wp-json\/wp\/v2\/posts\/113827","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.afg.asso.fr\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.afg.asso.fr\/fr\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.afg.asso.fr\/fr\/wp-json\/wp\/v2\/comments?post=113827"}],"version-history":[{"count":3,"href":"https:\/\/www.afg.asso.fr\/fr\/wp-json\/wp\/v2\/posts\/113827\/revisions"}],"predecessor-version":[{"id":113839,"href":"https:\/\/www.afg.asso.fr\/fr\/wp-json\/wp\/v2\/posts\/113827\/revisions\/113839"}],"wp:attachment":[{"href":"https:\/\/www.afg.asso.fr\/fr\/wp-json\/wp\/v2\/media?parent=113827"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.afg.asso.fr\/fr\/wp-json\/wp\/v2\/categories?post=113827"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.afg.asso.fr\/fr\/wp-json\/wp\/v2\/tags?post=113827"},{"taxonomy":"thematics","embeddable":true,"href":"https:\/\/www.afg.asso.fr\/fr\/wp-json\/wp\/v2\/thematics?post=113827"},{"taxonomy":"top_contenu","embeddable":true,"href":"https:\/\/www.afg.asso.fr\/fr\/wp-json\/wp\/v2\/top_contenu?post=113827"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}