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MiFID II inducement rule: the impact on investment research and market commentary

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Summary: This blog post analyses the MiFID II inducement rule and assesses its impact on investment research and market commentary.

The proposed MiFID II ban on payments for research with dealing commissions marks the latest and most radical in a series of regulatory “unbundling” measures which have emerged in various jurisdictions to enhance investment managers’ client fiduciary duties as market structures evolve. The measures not only challenge accepted research provision models but also risk creating an un-level playing field with the US and other jurisdictions and further unwelcome tax and US regulatory consequences. Other market commentary and issuer sponsored materials, whilst still permissible, may nonetheless be subject to the new investment recommendation requirements under the Market Abuse Regulation (MAR).

Read our summary and practical assessment of the implications to businesses >

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