摘要：Mansfeld: The MiFID directive contains two
touchstones with regard to the sales models
for investments funds that are common in
Germany and Europe: the requirement for
the best possible order execution by the fund
brokers who are subject to the MiFID, and
the requirements for commission arrangements
(¡°inducements,¡± in MiFID jargon).
The issue of best possible order execution
for share certificates must be viewed against
the backdrop of the sales channels for investment
funds. Worldwide, different sales channels
have emerged: on the one hand, there
are fund sales under advice (which are the
general rule) ¨C and on the other hand, fund
sales without any advice (execution only),
which are of particular interest to the ¡°decide
for yourself¡± camp among investors.
