U.S. Securities and Exchange Commission (SEC) Staff issues no-action relief to facilitate implementation of Markets in Financial Instruments Directive II (MiFID II) research provisions
Abstract
Purpose
The purpose of this paper is to summarize and discuss the implications of three related U.S. Securities and Exchange Commission (SEC) no-action letters dated October 26, 2017 that seek to address the provisions of MiFID II related to “inducements”.
Design/methodology/approach
Provides background information regarding MiFID II and summarizes each of the three SEC Staff no-action letters: the SIFMA letter, the ICI letter and the AMG letter.
Findings
The no-action letters provide market participants with increased clarity as to how certain aspects of their business activities, in particular the “bundling” or “unbundling” of payments for research and execution, can comply with potentially competing systems of regulations.
Originality/value
Practical guidance from experienced financial industry and investment management lawyers.
Keywords
Citation
Delligatti, P.J. and Lane, W.P. (2018), "U.S. Securities and Exchange Commission (SEC) Staff issues no-action relief to facilitate implementation of Markets in Financial Instruments Directive II (MiFID II) research provisions", Journal of Investment Compliance, Vol. 19 No. 1, pp. 53-57. https://doi.org/10.1108/JOIC-02-2018-0014
Publisher
:Emerald Publishing Limited
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