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Wall Street Faces Cliff Edge Over Research as MiFID Waiver Ends, Bloomberg Law

Friday, June 23, 2023

Partner Steven Stone is quoted in a Bloomberg Law article about the end of a waiver put in place for US brokers following the European Union’s MiFID II reforms. The waiver allowed US brokers to charge EU clients for research without registering as advisers to comply with US regulations.

“The reality is research is how brokers solicit transactions,” Steven said.

“Many don’t make enough money out of providing their research, particularly sales advice, to someone who has to pay with cash such that they are willing to go into a realm of higher regulation as an investment adviser.”

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