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

Plans under Mifid II to compel broker-dealers to charge separately for research could harm smaller asset managers and conflict with existing US law, a London conference hears


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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