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October 26, 2017

EC published guidance through its frequently asked questions (FAQ) that clarify how EU investment firms should interact when they seek brokerage and research services from broker-dealers in non-EU countries.The U.S. SEC also announced measures to facilitate cross-border implementation of the second Markets in Financial Instruments Directive (MiFID II) research provisions in the EU. SEC issued three no-action letters to provide a way for market participants to comply with the research requirements of the revised MiFID II in a manner that is consistent with the U.S. federal laws.

EC recognized the need to clarify how firms subject to the Markets in Financial Instruments Directive (MiFID II) can obtain such services from other jurisdictions. The FAQ notes the relevant provisions and explains how EU firms can procure international research and brokerage services in full compliance with their obligations. This guidance will contribute to ensure that research budgets are decoupled from brokerage, in compliance with the requirements laid out in MiFID II. FCA also welcomed this announcement and noted that clarifications provided by both the EC and SEC staff will address key concerns raised with FCA by UK market participants. The clarifications ensure that firms can continue to access U.S. research from January 03, 2018, while also maintaining the investor protection safeguards of the MiFID II regime.

 

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Keywords: Europe, Americas, EU, US, Securities, MiFID II, Brokerage and Research Services, FAQ, FCA, SEC, EC

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