Leonard Ng - Partner, SIDLEY AUSTIN
MiFID II significantly enhances the rules relating to inducements compared to MiFID I. Only certain ‘minor non-monetary benefits’ may be accepted by firms, while investment research costs will need to be unbundled from execution costs. This session addresses the final FCA rules, the ESMA guidance, the overlap with the US SEC regime, and where firms have ended up.
- Explaining the MiFID II requirements surrounding inducements and research unbundling
- Examining the final FCA rules implementing the MiFID II text
- Discussing how sell side and buy side firms have structured their research and CSA arrangements as a result of the new regime
- Examining the cross-border impact, particularly on US managers and broker-dealers