EU’s New Regime on Payments for Research, Use of Dealing Commissions

WILLIAM YONGE, PARTNER, LONDON, AND STEVE STONE, PARTNER AND BRIAN BALTZ, ASSOCIATE, WASHINGTON, DC, MORGAN LEWIS

The MiFID II regime will have ramifications for buy-side global asset managers and sell-side research providers relating to use of dealing commissions and cost allocation for research expenditures.

By far the most controversial area of the European Union’s Markets in Financial Instruments Directive II (MiFID II) reforms has been that relating to the methods of payment by portfolio managers for research produced byinvestment banks, brokers, and independent research providers. This...

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