Further to its consultation in spring 2024, the UK Financial Conduct Authority (FCA) has confirmed in Policy Statement PS24/9, “Payment Optionality for Investment Research,” that, with effect from today, 1 August 2024,...more
Acknowledging that high-quality, easily available investment research supports deep capital markets, listed companies, and economic growth, the UK Financial Conduct Authority (FCA) recently issued a consultation paper...more
The staff of the US Securities and Exchange Commission division of Investment Management announced that it would allow its October 26, 2017 no-action letter to SIFMA to expire on July 23, 2023—raising questions about the...more
The European Commission recently launched a consultation on a proposal that would allow investment firms to rebundle payments for research on small- and mid-cap issuers and fixed income instruments, to aid in the recovery...more
But do landmines remain?
On October 26, 2017, the staff of the Securities and Exchange Commission (SEC), following consultation with European authorities, issued three coordinated no-action letters to, in the words of one...more
The MiFID II regime will have significant ramifications for US investment managers and their use of client commissions to obtain research—especially as cross-border impacts have yet to be addressed by global regulators....more
The MiFID II regime will have ramifications for buy-side global asset managers and sell-side research providers relating to use of dealing commissions and cost allocation for research expenditures....more