Regulated companies provide investment services to a range of clients. In some cases, ownership is split between usufruct and bare ownership. Often both the usufructuary and the bare owner are clients.
For the application of the rules of conduct, this poses a number of challenges. Who benefits from the investment service: the usufructuary or the bare owner? From whom should the company collect information for the suitability or appropriateness assessment? To whom does the information relate? The rules of conduct and the ESMA guidelines do not contain any specific guidance on this subject.