Costs of the issue of shares or bonds are not borne by the client (in German)

According to the reviewed Markets in Financial Instruments Directive (MiFID II) all costs of a financial instrument should be made transparent to the client. Our comment focuses on the discussion whether the costs of the issuance of shares or bonds should be included in the respective cost ratio. We strictly object this idea as these costs are not borne by the client but by the issuing company.