(1) An investment firm shall conduct its activities in accordance with the conduct of business rules. The firm shall act honestly, fairly and professionally in accordance with the best interests of the clients and ensure that the integrity of the market is attended to in the best manner. The firm shall otherwise comply with the requirements of this section and sections 10-10 to 10-17, and regulations pursuant thereto.

(2) An investment firm which manufactures financial instruments for sale to clients shall ensure that they are designed to meet the needs of an identified target market of end clients, see section 9-19 subsection (1), and that the strategy for distribution of the financial instruments is tailored to the identified target market. The firm shall take reasonable steps to ensure that the financial instrument is distributed only to the identified target market.

(3) An investment firm shall understand the financial instruments offered or recommended by the firm. The firm shall assess whether the financial instruments meet the needs of the clients to whom the investment firm provides investment services, and shall, inter alia, take into account the identified target market of end clients in making such assessment. The investment firm shall ensure that it only offers or recommends financial instruments when this is in the interest of the client.

(4) This section and sections 10-10 and 10-17 apply equally to an investment firm’s board members and employees, and to persons and undertakings that exercise decisive influence over the investment firm, including influence as mentioned in the Private Limited Companies Act section 1-3. The same applies to tied agents pursuant to section 10-22.

(5) The ministry may make regulations to supplement this section.

Section 10-10.Information to the client

(1) Investment firms shall ensure that all information to clients or potential clients is balanced, clear and not misleading. Marketing communications shall be clearly identifiable as such.

(2) Investment firms shall in good time before the provision of any investment service or ancillary service provide clients and potential clients with relevant information on the investment firm and the services it provides, financial instruments and proposed investment strategies, execution venues and all costs and charges in accordance with this section.

(3) An investments firm shall in good time before the provision of investment advice inform clients or potential clients:

1.	whether the investment advice is, or is not, provided on an independent basis,

whether the advice is based on a broad or on a more restricted analysis of different types of financial instruments and, in particular, whether the range is limited to financial instruments issued or provided by undertakings having close links with the investment firm pursuant to section 9-1 subsection (2), or whether other legal or economic relationships are so close as to pose a risk of impairing the independent basis of the investment advice,

3.	whether the investment firm will provide the client with a periodic suitability assessment.

(4) The information on financial instruments and proposed investment strategies pursuant to subsection (2) shall include appropriate guidance and warning of risk associated with investments in those instruments or the proposed investment strategies, and information on whether the financial instrument is intended for retail or professional clients. The format of the information shall take account of the identified target market of end clients; see section 10-9 subsection (2).

(5) The information on all costs and charges pursuant to subsection (2) shall include information on both investment services and ancillary services, including the cost of advice and the cost of the financial instruments recommended or marketed. The firm shall specify how the client may pay costs and charges, including any third-party payments.

(6) The information on all costs and charges not caused by underlying market risk shall be aggregated in such a manner that the client can understand the overall cost and the cumulative effect on the return on the investment. The firm shall, at the client's request, provide an itemised breakdown. The information shall, where applicable, be provided on a regular basis and at least annually during the life of the investment.

(7) Where the transaction agreement is entered into using a means of distance communication, information about costs and charges may be given in a durable medium without undue delay after the conclusion of the transaction provided

1.	the use of distance communication did not prevent the prior delivery of the information on costs and charges.

2.	the client has consented to receiving the information without undue delay after the conclusion of the transaction.

3.	the investment firm has given the client the option of delaying the conclusion of the transaction until the client has received the information, and

4.	the investment firm has given the client the option of receiving the information on costs and charges over the phone prior to the conclusion of the transaction.

(8) Information pursuant to subsections (1) to (7) shall be provided in a comprehensible form and in such a manner that clients and potential clients are reasonably able to understand the nature and risks of the investment service and the financial instruments being offered, thus enabling them to make an informed decision on an informed basis. The information may be provided in a standardised format.

(9) The information requirements under subsections (1) to (8) do not apply where an investment service is offered as part of a financial product which is subject to information requirements under the Financial Contracts Act.

(10) Where an investment service is offered together with another service or another product as part of a package or as a condition for the same agreement or package, the investment firm shall inform the client whether it is possible to buy the different services and products separately. The firm shall provide a specification of the overall costs of each product and service. Where the risks associated with such an agreement or package offered to a retail client are likely to be different from the risks associated with the services or products taken separately, the investment firm shall provide an adequate description of each of the services or products of the agreement or the package and the way in which its interaction modifies the risks.

(11) The ministry may make regulations to supplement this section.

Section 10-10a.Disclosure obligation towards life insurance undertakings and pension undertakings

An investment firm that provides portfolio management services shall each year provide information to life insurance undertakings and pension undertakings about investments in shares that are admitted to trading on a regulated market situated, or operating, in the EEA that they manage on behalf of such undertakings.

2.	The investment firm is not obliged to provide information as mentioned in subsection (1) provided the information is already available to the undertakings.

3.	The ministry may make regulations on the content, preparation and publication of information as mentioned in subsection (1).

Section 10-11.Special requirements for the provision of independent investment advice

(1) An investment firm informing the client that it is providing independent investment advice pursuant to section 10-10 subsection (3) no. 1, shall assess a sufficient range of available financial instruments. The range shall be sufficiently diversified with regard to type and issuer or product provider to ensure that the client's investment objective can be met in a suitable manner. The range shall not be limited to products and financial instruments issued or provided by:

1.	the firm itself or entities with which the firm has close links pursuant to section 9-1 subsection (2), or

2.	other entities with which the firm has legal or economic relationships that are so close as to put at risk the independent basis of the investment advice provided.

(2) The ministry may make regulations to supplement this section.

Section 10-12.Payment or benefit from or to anyone other than the client

(1) An investment firm shall not, in connection with its provision of investment services or ancillary services, accept any payment or benefit from, or provide any payment or benefit to, anyone other than the client, unless the payment or benefit is capable of enhancing the quality of the service to the client, and it does not impair the ability of the firm to act honestly, fairly and professionally in accordance with the best interests of the client.

(2) Payment or benefit includes, for purposes of subsection (1), all forms of monetary and non-monetary benefits. Subsection (1) does not include expenses which enable or are necessary for the provision of the investment service, such as costs relating to custodian banks, trading venues, securities depositories, clearing houses and legal assistance. Such expenses shall not by their nature give rise to conflict with the firm's obligation to act honestly, fairly and professionally in accordance with the best interests of the client.

(3) The client shall prior to the provision of the service receive accurate, comprehensive and understandable information on payments or benefits as referred to in subsection (1), including the nature and amount of the payment or benefit, or the method of calculation if the amount cannot be ascertained. If the payment or benefit is to be transferred to the client, information shall be provided on the mechanisms for such transfer. The information shall be provided in writing.

(4) An investment firm that provides portfolio management services or informs the client that it provides independent investment advice, see section 10-10 subsection (3) no. 1, shall not accept or retain payments or benefits from anyone other than the client. However, this shall not apply to minor non-monetary benefits which are capable of enhancing the quality of the service to the client and which are of such nature and scale that the ability of the firm to act in the best interests of the client is not impaired. Information on minor non- monetary benefits received and retained by the firm shall be disclosed to the client in writing.

(5) Subsection (1) does not apply to the provision of research by a third party to an investment firm that delivers portfolio management or other investment services or ancillary services to clients where

1.	an agreement has been entered into between the investment firm and the research provider prior to provision of the execution or research services, identifying the part of any combined charges or joint payments for execution services and research that is attributable to research,

2.	the investment firm informs its clients about the joint payments for execution services and research made to the third party provider of research, and

the research for which the combined charges or the joint payment is made concerns issuers whose market capitalisation for the period of 36 months preceding the provision of the research did not exceed an amount in Norwegian kroner corresponding to EUR 1 billion, as expressed by end-year quotes for the years when they are or were listed, or by the own capital for the financial years when they are or were not listed.

(6) For the purpose of subsection (5), research shall be understood as covering research material or services concerning one or several financial instruments or other assets, or the issuers or potential issuers of financial instruments, or as covering research material or services closely related to a specific industry or market such that it informs views on financial instruments, assets or issuers within that industry or market. Research also comprises material or services which explicitly or implicitly recommend or suggest an investment strategy and provide a substantiated opinion as to the present or future value or price of financial instruments or assets, or otherwise contain analysis and original insights and reach conclusions based on new or existing information that could be used to inform an investment strategy and be relevant and capable of adding value to the investment firm’s decisions on behalf of clients being charged for that research.

(7) The ministry may by regulations make provision designed in special cases to prohibit, or impose additional requirements on, the acceptance of payments or benefits from, or the provision of payments or benefits to, anyone other than the client. The ministry may make regulations to supplement this section.

Section 10-13.Remuneration of employees

(1) An investment firm shall not remunerate or assess the performance of its employees in such a way as to impair its ability to ensure that the client's interests are attended to in the best possible manner. In particular, the firm shall not employ remuneration arrangements, sales targets or other inducements that may provide an incentive to employees to recommend a particular financial instrument to a retail client over another financial instrument which is better suited to the client.

(2) The ministry may make regulations to supplement this section.

Section 10-14.Employee qualification requirements

(1) Investment firms shall ensure that persons providing investment advice or providing information on financial instruments, investment services or ancillary services possess the knowledge and skills required to ensure that the firm's activities are compliant with the conduct of business rules and other requirements laid down in sections 10-10 to 10-17.

(2) A trade organisation or an associated legal entity which provides training to and authorises persons employed at investment firms, tied agents or branches of foreign firms providing investment services or performing investment activities in Norway, may process such data as mentioned in Article 10 of the General Data Protection Regulation as part of its assessment of whether an employee should be granted authorisation, have his authorisation revoked or receive a warning.

(3) The ministry may make regulations to supplement this section.

Section 10-15. Assessment of suitability and appropriateness

(1) An investment firm that provides investment advice or engages in portfolio management shall obtain necessary information on the client's or potential client's knowledge and experience in the relevant investment field, that person’s financial situation and investment objectives including his risk tolerance and ability to bear losses. Such enquiries shall enable the firm to recommend the investment service and financial instruments that are suited to the client and, in particular, are in accordance with the client's risk tolerance and ability to bear losses. If the firm recommends a package of services or products bundled pursuant to section 10-10 subsection (9), the overall bundled package shall be suitable.

(2) Where investment advice or portfolio management services are provided which involve the switching of financial instruments, the investment firm shall obtain necessary information on the client's investments and analyse the costs and benefits of the switching of financial instruments. When providing investment advice the investment firm shall inform the client whether or not the benefits of the switching exchange of the financial instruments are greater than the costs involved in such switching. ‘Switching of financial instruments’ means selling a financial instrument and buying another financial instrument or exercising a right to make a change with regard an existing financial instrument.

(3) An investment firm shall, when providing investment services other than investment advice or portfolio management, seek to obtain information regarding the client's or potential client's knowledge and experience in the investment field concerned. The firm's enquiries shall enable it to assess whether the investment service or the investment product envisaged is appropriate for the client. Where a package of services or products bundled pursuant to section 10-10 subsection (10) is envisaged, the firm shall consider whether the overall bundled package is appropriate.

(4) Where the investment firm considers, on the basis of the information received under that the investment service or the investment product is not appropriate to the client pursuant to subsection (3), the firm shall warn the client or potential client accordingly. Where the client or potential client chooses not to provide information that the investment firm is obliged to obtain, or provides incomplete information, the firm shall warn that person that the firm is not in a position to determine what is appropriate for him or her.

(5) Subsections (3) and (4) shall not apply when the investment firm provides investment services that only consist of reception, transmission and execution of orders, with or without ancillary services, provided that the following conditions are met:

1.	the services relate to financial instruments that are non-complex,

2.	the services are provided at the initiative of the client or potential client,

3.	the client or potential client is clearly informed that the investment firm is not obliged to assess the appropriateness of the instrument or service, and that the investor protection entailed by such obligation is therefore not present, and

4.	the investment firm complies with the requirements as to the management of conflicts of interest under section 10-2.

(6) The exemption under subsection (5) shall not apply where credit is granted pursuant to section 2-6 no. 2 in excess of previously granted credit limits.

(7) Warnings pursuant to subsection (4) may be provided in a standardised format.

(8) The ministry may make regulations to supplement this section.

Section 10-15a.Sale of certain debt and capital instruments to non-professional clients

Instruments included in additional Tier 1 capital or Tier 2 capital under the Financial Institutions Act, or that are senior non-preferred debt instruments under the Financial Institutions Act section 32, subsection (1) no.4, may only be sold to non-professional clients where the seller concludes, after a suitability assessment in accordance with section 10-15 subsection (1), that such instruments are suited for the non-professional client, and the seller documents their suitability in accordance with section 10-17 subsection (3).

2.	If the client’s portfolio of financial instruments at the time of purchase does not exceed an amount equivalent to EUR 500,000, the seller shall in addition ensure that the following conditions are met:

a.	the client’s investment in instruments as mentioned in subsection (1) does not exceed 10 per cent of the client’s portfolio of financial instruments.

b.	the client’s first investment in instruments as mentioned in subsection (1) amounts to at least the equivalent of EUR 10,000.

3.	The client’s portfolio of financial instruments under subsection (2) includes cash and financial instruments, but not financial instruments posted as collateral.

4.	The client shall provide the seller with accurate information about his portfolio of financial instruments, including earlier investments in instruments as mentioned in subsection (1).

5.	The ministry may make by regulations make further provision regarding instruments covered by this section.

Section 10-16.Non-complex financial instruments

(1) The following financial instruments are not considered complex for purposes of section 10-15 subsection (4) no. 1:

1.	shares admitted to trading on a regulated market or an equivalent third country market or on an MTF, with the exception of shares that embed a derivative and shares in alternative investment funds,

2.	bonds or other debt instruments admitted to trading on a regulated market or an equivalent third country market or on an MTF that do not embed a derivative or incorporate a structure which makes it difficult for the client to understand the risk involved,

3.	money market instruments that do not embed a derivative or incorporate a structure which makes it difficult for the client to understand the risk involved,

4.	shares or units of UCITS as defined in the Securities Funds Act section 1-2 no. 4, except for structured UCITS as referred to in Article 36(1), second paragraph, of Regulation (EU) No. 583/2010,

5.	structured deposits that do not incorporate a structure which makes it difficult for the client to understand the return risk or the cost of early termination of the product,

6.	other financial instruments that are not considered complex for the purpose of section 10-15 subsection (4).

(2) The ministry may make regulations to supplement this section, including provisions with regard to what shall be considered an equivalent third country market.

Section 10-17.Reporting to clients etc.

(1) An investment firm shall have a client register that includes the documents regulating the contractual relationship between the parties, including documents setting out the terms on which the firm will provide services to the client. The agreed rights and obligations of the parties may be incorporated in the register by reference to other documents or to public law regulation.

(2) An investment firm shall provide the client with appropriate reports on the services provided by the firm. The reports shall include periodic information to the client, taking into account the nature and complexity of the financial instruments and the services provided. The reports shall also include relevant costs associated with transactions and services undertaken for the account of the client.

(3) An investment firm shall, when providing investment advice to a retail client, provide the client with a statement on suitability before the transaction is made. The suitability statement shall specify the firm's advice and explain how that advice meets the preference, objectives and other characteristics of the client.

(4) If the transaction agreement is concluded by distance communication, a statement pursuant to subsection (3) may be provided immediately after the agreement is concluded, provided that:

1.	the use of the means of distance communication prevented the firm from providing the information any earlier,

2.	the client has consented to receiving the suitability statement immediately after the conclusion of the transaction, and

3.	the investment firm has given the client the option to postpone the transaction in order to receive the suitability statement in advance.

(5) Where an investment firm provides portfolio management to a retail client or has informed such a client that the firm will provide the client with a periodic suitability assessment, the periodic information to the client shall include an updated statement of how the investment meets the client's preference, objectives and other characteristics of the client.

(6) Documentation pursuant to subsection (2) to (5) shall be provided in a durable medium.

(7) The requirements of this section and of sections 10-14 to 10-16 shall not apply to credit agreements relating to residential property which are subject to the provisions concerning creditworthiness assessment of consumers laid down in the chapter 5 of Financial Contracts Act, if a mortgage bond is issued to secure the credit agreement and an investment service is provided to the consumer in that connection.

(8) The ministry may make regulations to supplement this section.

Section 10-18.Provision of services via another investment firm

(1) Where an investment firm mediates instructions to undertake investment services or ancillary services on behalf of a client to another investment firm, the investment firm receiving the instructions may rely on the information transmitted on the client and any recommendations in respect of the service or transaction that the client has received from the other investment firm.

(2) The investment firm which mediates the instructions will in such cases remain responsible for the completeness and accuracy of the information transmitted, and for the suitability for the client of any recommendations or advice provided.

(3) The investment firm which receives the instructions shall be obliged to undertake the services concerned, based on the information and recommendations referred to in subsection (1), in accordance with all relevant provisions of chapter 10.

(4) The ministry may make regulations to supplement this section.

Section 10-19.Execution of orders on terms most favourable to the client

(1) When executing clients' orders, an investment firm shall take sufficient steps to obtain the best possible result for their clients taking into account price, costs, speed, likelihood of execution and settlement, size, nature or any other relevant consideration. If the client has provided a specific instruction, the order shall be executed in accordance therewith.

(2) When executing orders on behalf of a retail client, the best possible result shall be determined in terms of the total consideration to be paid by the client in connection with order execution. The total consideration shall encompass the price of the financial instrument and costs relating to order execution. The costs shall include all direct costs to the client in connection with execution, including fees for the use of execution venues, central counterparties and securities depositories, as well as other costs and fees paid to third parties involved in the execution of the order.

(3) In order to ensure the best possible result for the client when the order can be executed on more than one execution venue, and to compare the results that can be achieved for the client on the various execution venues listed in the investment firm's order execution policy, the investment firm shall take into account its own commissions and costs for executing the order on the various execution venues.

(4) Investment firms shall have in place effective systems, procedures and arrangements for ensuring compliance with the provision of subsection (1). The investment firm shall, inter alia, establish and implement a policy for the execution of client orders.

(5) The order execution policy shall include, in respect of each type of financial instrument traded in by the firm, information on the various execution venues used, and the factors determining the choice of execution venue. The policy shall at least include those execution venues that normally deliver the best result for the execution of client orders.

(6) Prior to the execution of a client order, the investment firm shall provide information on the firm's order execution policy and obtain the client's consent to the policy. The investment firm shall, in an easily understandable and sufficiently detailed and clear manner, explain to the client how orders will be executed by the firm.

(7) Where the order execution policy permits client orders to be executed outside a trading venue, the clients shall be informed accordingly. The investment firm shall obtain the prior express consent of the client before proceeding to execute the client's order outside a trading venue. Such consent may be obtained through a general agreement or in respect of each transaction.

(8) Investment firms shall monitor their systems and order execution policy to identify and correct any deficiencies. The investment firm shall, inter alia, assess, on a regular basis, whether the execution venues included in the execution policy provide for the best possible result for the client or whether they need to make changes. The investment firm shall, in performing such assessment, attach weight to information published pursuant to section 10-20. The investment firm shall notify all material changes to the firm's systems and order execution guidelines to clients with whom the firm has an ongoing relationship.

(9) Investment firm shall at the client's request be able to demonstrate that they have executed client orders in accordance with the firm's order execution policy.

(10) After executing a client order, the investment firm shall inform the client of where the order was executed.

(11) An investment firm shall not accept monetary or non-monetary benefits for executing orders at a specific trading venue or execution venue in infringement of the provisions of section 9-16 subsection (1) no. 2, section 10-2 or section 10-12.

(12) The ministry may make regulations to supplement this section.

Section 10-20.Disclosure of order execution information

(1) Trading venues and systematic internalisers shall at least once a year disclose information on the quality of order execution for financial instruments subject to the trading obligation in Articles 23 and 28 of the Markets in Financial Instruments Regulation. Similarly, execution venues shall at least once a year disclose information on the quality of order execution for financial instruments that are not subject to the said trading obligation. Such reports shall be made available to the public free of charge and include information on price, costs, speed and likelihood of execution of the order for each financial instrument.

(2) An investment firm executing orders shall annually disclose information on the five execution venues on which the firm has had the largest trading volume in the preceding year within each category of financial instruments. The disclosure shall include information on the quality of order execution.

(3) The ministry may make regulations to supplement this section, and may by regulations give time-limited derogations from subsection (1).

Section 10-21.Handling of client orders

(1) Investment firms shall establish procedures and arrangements which ensure the prompt, fair and expeditious execution of client orders, relative to the investment firm's other client orders and the firm's trading on own account. Those procedures and arrangements shall facilitate the execution of comparable client orders in the sequence in which they are received.

(2) If a client order specifying the price and number of shares admitted to trading on a regulated market or traded on a trading venue cannot be executed immediately due to prevailing market conditions, investment firms are, unless the client expressly instructs otherwise, required to take immediate measures to facilitate the earliest possible execution by making the order public in a manner accessible to other market participants. The public disclosure obligation is deemed to be met by making the order available on a trading venue.

(3) Finanstilsynet may exempt an investment firm from the public disclosure obligation pursuant to subsection (2) if the order is large in scale compared with normal market size as determined under Article 4 of the Markets in Financial Instruments Regulation.

(4) The ministry may make regulations to supplement this section.

Section 10-22.Tied agents

(1) An investment firm may appoint tied agents for the purpose of promoting its services, soliciting business or receiving orders from clients and transmitting them, placing financial instruments and providing advice in respect of such financial instruments and ancillary services offered by that investment firm, provided the investment firm is itself authorised to provide such services. The activity of tied agents does not require authorisation under section 9-1. A tied agent may act on behalf of only one investment firm.

(2) The investment firm is responsible for all actions of a tied agent acting on behalf of the firm and shall when using a tied agent ensure that it remains in compliance with its obligations under this Act. The investment firm is required to ensure that a tied agent always discloses the capacity in which he is acting when contacting any client or potential client. He must at least disclose the investment firm’s identity, the services he provides as a tied agent, and the investment firm’s full and unconditional responsibility for his activity as a tied agent. The information shall be given in writing, or by voice-recorded telephone call.

(3) Tied agents shall be registered in a public register which shall be maintained by Finanstilsynet. The register shall contain information on tied agents established in Norway, and on Norwegian investment firms' tied agents established in other EEA states. Investment firms may only use tied agents registered in Norway or in a corresponding register in another EEA state. Where an investment firm’s use of a tied agent ceases it shall notify Finanstilsynet accordingly.

(4) Tied agents shall be of sufficiently good repute and possess the necessary knowledge and skills to provide the offered services, and to provide relevant information to clients. Registration in Norway may only take place provided the investment firm confirms that its tied agents are suitable. Finanstilsynet may refuse registration of a tied agent if the agent is not considered suitable.

(5) The investment firm shall take necessary measures to avoid any negative impact that the activities of tied agents not covered by the scope of this Act could have on the activities carried out by tied agents on behalf of the investment firm.

(6) The ministry may make regulations to supplement this section.

Section 10-23.Provision of services in relation to eligible counterparties

(1) Investment firms authorised to provide services as mentioned in section 2-1 subsection (1) nos. 1 to 3 may bring about or enter into transactions with eligible counterparties without being obliged to comply with the obligations under section 10-9, section 10-10, section 10-11 to section 10-17, section 10-19, section 10-20 and section 10-21 subsection (1) in respect of those transactions or ancillary services directly relating to those transactions.

(2) The following shall be recognised as eligible counterparties for the purposes of this section:

1.	investment firms,

2.	credit institutions,

3.	insurance undertakings,

4.	collective investment undertakings and management companies for such undertakings,

5.	pensions undertakings and their management companies,

6.	other authorised and regulated financial institutions,

7.	public bodies at the national level, including central banks and supranational organisations.

(3) The requirements of sections 10-9 to 10-21 shall nonetheless apply where an eligible counterparty requests this of the investment firm.

(4) Investment firms shall in their relationships with eligible counterparties act honestly, fairly and professionally and communicate in a way which is fair, clear and not misleading, taking into account the nature of the eligible counterparty and its business.

(5) Investment firms entering into transactions in accordance with subsection (1) with eligible counterparties shall obtain the express confirmation from the eligible counterparty that it agrees to be treated as an eligible counterparty. The confirmation may be obtained through a general agreement or in respect of each individual transaction.

(6) The ministry may make regulations to supplement this section, including extending the range of eligible counterparties and laying down special rules in that connection.

Section 10-23a.Provision of services to professional clients

(1) The requirements of section 10-10 subsection (5) do not apply to services provided to professional clients except for investment advice and portfolio management.

(2) The requirements of section 10-15 subsection (2) and section 10-17 subsection (2) do not apply to services provided to professional clients, unless those clients have informed the investment firm in a durable medium that they wish to continue to be protected by the said provisions. Investment firms shall keep a record of such client communications.

Section 10-24.Consideration of disputes by appeal board

Section 16-3 of the Financial Institutions Act applies equally to investment firms.

Section 10-25.Link to web-based price portal

The ministry may by regulations lay down an obligation for investment firms to establish links to price information in web-based price portals.