Mifid II research rules will clash with US law, industry warns

Ban on 'free' research will harm smaller firms, say banks and asset managers

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European Union plans to force asset managers to pay separately for research will cause clashes with US law and put smaller firms at a disadvantage, according to banks and asset managers.

The proposed second Markets in Financial Instruments Directive (Mifid II) recommends doing away with the current model, in which asset managers pay for research indirectly through trading commissions and spreads, forcing them to pay for this separately. Market participants say banning the indirect approach will

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