Featured Product

    EC FAQ on Obtaining Brokerage and Research Services Via Non-EU Brokers

    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.

     

    Related Links

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

    Related Articles
    News

    HKMA Consults on Supervisory Policy for OTC Derivatives Transactions

    HKMA is consulting on revisions to the Supervisory Policy Manual module CR-G-14 on margin and other risk mitigation standards for non-centrally cleared over-the-counter (OTC) derivatives transactions.

    May 25, 2020 WebPage Regulatory News
    News

    PRA on Regulatory Capital and IFRS 9 Requirements for Payment Holidays

    PRA provided further information on the application of regulatory capital and IFRS 9 requirements to payment holidays granted or extended to address the challenges arising from COVID-19 outbreak.

    May 22, 2020 WebPage Regulatory News
    News

    HKMA on Fintech Adoption and Innovation by Banks in Hong Kong

    HKMA announced the publication of a report on fintech adoption and innovation in the banking industry in Hong Kong.

    May 20, 2020 WebPage Regulatory News
    News

    BIS on Impact of Increasing Use of Cloud Technology on Cyber Risk

    BIS published a working paper that examines the drivers of cyber risk, especially in context of the cloud services.

    May 20, 2020 WebPage Regulatory News
    News

    ECB Consults on Guide for Managing Climate and Environmental Risks

    ECB launched consultation on a guide specifying how the Banking Supervision expects banks to consider climate-related and environmental risks in their governance and risk management frameworks and when formulating and implementing their business strategy.

    May 20, 2020 WebPage Regulatory News
    News

    ECB Issues Opinion on Revisions to CRR in Response to COVID Crisis

    ECB published an opinion (CON/2020/16) on amendments to the prudential framework in EU in response to the COVID-19 pandemic.

    May 20, 2020 WebPage Regulatory News
    News

    EBA Assesses Interlinkages Between Recovery and Resolution Planning

    EBA published a report that examines the interlinkages between recovery and resolution planning under the Bank Recovery and Resolution Directive (BRRD).

    May 20, 2020 WebPage Regulatory News
    News

    SRB Publishes Final MREL Policy Under the Banking Package

    SRB published the final Minimum Requirements for Own Funds and Eligible Liabilities (MREL) policy under the Banking Package.

    May 20, 2020 WebPage Regulatory News
    News

    US Agencies Amend Interim Final Rule on Transition Period for CECL

    US Agencies (FDIC, FED, and OCC) published a final rule that makes technical changes to the March 31, 2020 interim final rule that provides a five-year transition period for the impact of the current expected credit loss (CECL) methodology on regulatory capital.

    May 19, 2020 WebPage Regulatory News
    News

    ECB Releases Results of March Survey on Credit Terms and Conditions

    ECB published results of the March 2020 survey on credit terms and conditions in euro-denominated securities financing and over-the-counter (OTC) derivatives markets.

    May 19, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5208