The Markets in Financial Instruments Directive, or the so-called MiFID II rules, which forced financial firms to split the cost of investment research from that of trading, may soon be reversed. In the United States, longstanding US regulations require any party selling research to register as an investment advisor, therefore becoming exposed to an additional set of rules. Now, the five-year waiver from US regulators protecting banks from this requirement is about to run out.
Speaking to the Financial Times, partner Steven Stone said, “Scrambling is a good word. Firms are in very different stages of preparedness.”
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