MiFID II, US federal securities laws and investment research: The compliance challenge

Ethan D. Corey

Journal of Securities Operations & Custody, 2018, vol. 10, issue 2, 125-130

Abstract: MiFID II’s restrictions governing the acquisition of third party research conflict in several key aspects with the US Securities and Exchange Commission’s (SEC) regulation of consumers and producers of investment research. The SEC’s staff issued three ‘no-action’ letters intended to enable buy-side and sell-side firms to comply with MiFID II’s restrictions without running afoul of US federal securities laws. While the letters provide more certainty, drafting ambiguities in the letters have caused some compliance challenges to remain. In addition, the limited scope of the relief provided by the no-action letters means that different rules may apply to US buy-side and sell-side intermediaries based solely upon whether they are dealing with a party subject to MiFID II or not.

Keywords: MiFID II; inducements; soft dollars; research; SEC; compensation (search for similar items in EconPapers)
JEL-codes: E5 G2 K22 (search for similar items in EconPapers)
Date: 2018
References: Add references at CitEc
Citations:

Downloads: (external link)
https://hstalks.com/article/1926/download/ (application/pdf)
https://hstalks.com/article/1926/ (text/html)
Requires a paid subscription for full access.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:aza:jsoc00:y:2018:v:10:i:2:p:125-130

Access Statistics for this article

More articles in Journal of Securities Operations & Custody from Henry Stewart Publications
Bibliographic data for series maintained by Henry Stewart Talks ().