Front-office backlash: the EU gets tough on research unbundling

Three EU watchdogs – including CNMV and AFM – say front-office content can still be Mifid II research

Disclaimer: this is not a article about research unbundling rules in the second Markets in Financial Instruments Directive; it is a sales tool. If you don’t believe us, you are in the same boat as European regulators.

A number of dealers had hoped to use similar disclaimers from the start of the Mifid II regime in January 2018, in a bid to safeguard front-office notes from the rules requiring fees for research to be separated from dealing commissions. The same rules also bar buy-side

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