Morgan Lewis MiFID II Client Roundtable

Thursday, July 13, 2017

Please join us for a discussion on current regulators, cross border, and SEC issues.  

Topics include:

  • Report on current discussion with regulators (EC, FCA, AMF, SEC, etc.)
  • Cross border issues and approaches, AIMA discussions and forthcoming FCA reply and questions on possibly entering the dialogue BAfin and AMF
  • SEC issues – buyside and sell side (wither Section 28(e)?, permissibility of RPAs, trade (dis)aggregation (17(d)/ERISA), research sharing, custody of RPAs, obtaining research from affiliated brokers and Rule 17e-1, adviser status of broker-dealers, etc.)
  • Other issues “below the fold” – CTA issues (need to engage with CFTC?), 1940 Act Section 2(a)(20) status of broker-dealers, ERISA (co-) fiduciary status of brokerdealers, tax issues (and who pays), issues in other jurisdictions (e.g., Japan, Korea and Taiwan, with Singapore pondering MiFID approach)
  • Contingency planning – including if the SEC does nothing, broken down by brokerdealer approaches to planning and investment manager planning (focus on
    disclosures (where), research sharing (and co-pay), committee processes)
  • Next steps