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

Author

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  • Corey, Ethan D.

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.

Suggested Citation

  • Corey, Ethan D., 2018. "MiFID II, US federal securities laws and investment research: The compliance challenge," Journal of Securities Operations & Custody, Henry Stewart Publications, vol. 10(2), pages 125-130, March.
  • Handle: RePEc:aza:jsoc00:y:2018:v:10:i:2:p:125-130
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    More about this item

    Keywords

    MiFID II; inducements; soft dollars; research; SEC; compensation;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law

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