TNMM can be more appropriate than an internal CUP for non-DMA...

TNMM can be more appropriate than an internal CUP for non-DMA brokerage commission when associated and non-associated clients receive different services. Non-associated clients required broader sales, marketing, research and relationship support, while the brokerage business relied on group resources. For non-binding investment sub-advisory services, comparability depends on functions and economic circumstances, including business realignment. Technology, portfolio management, investment banking and infrastructure consultancy activities may differ materially from investment advisory services. Government ownership alone does not justify exclusion. Consultancy and advisory services may support comparability despite clients operating in different sectors.