US and EU authorities have finally moved to solve the cross-border issues arising from MiFID II rules on research unbundling.

Key Points:

- The US SEC has published three temporary “no action” letters, which are designed to facilitate compliance with the new MiFID II research provisions while preserving the existing US regulatory structure.

- Concurrently, the European Commission has published a set of FAQs, clarifying expectations of EU investment firms when they seek to use brokerage and research services from broker-dealers in non-EU countries.