Also amended will be the rule that requires firms to provide detailed contract notes for trades executed on behalf of clients, and quarterly reports on portfolio management services.
The memorandum said: “These requirements were designed to be useful to retail clients, but they are costly for firms to produce and wholesale clients often obtain the information they require from other sources.”
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The Treasury aims to lay the instrument before parliament by the end of this year.
sally.hickey@ft.com
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