Cross-Border Implementation of MiFID II Research Provisions

SEC No-Action Relief to Investment Advisers and Broker-Dealers and European Commission Guidance

JULIAN RAINERO, BRIAN T. DALY, MARC E. ELOVITZ and ANNA MALEVA-OTTO, SCHULTE ROTH & ZABEL

On Oct. 26, 2017, the US Securities and Exchange Commission (“SEC”) published three temporary no-action letters providing US broker-dealers and investment advisers relief in the conduct of their business activities with entities subject to the European Union’s Markets in Financial Instruments Directive (“MiFID II”), which will go into effect on Jan. 3, 2018. The no-action relief, described in further detail below, permits:

  1. US broker-dealers to receive “hard...

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