Esma to referee AMF-FCA dispute over inducements

EU authority set to clarify whether buy side needs to pay for macro research in Mifid II

Financial Conduct Authority
FCA says rules mean research could be seen as inducement to trade with a bank, so must be paid for separately

The European Securities and Markets Authority (Esma) is said to be preparing to weigh in on a dispute between French and UK regulators on whether buy-side firms need to pay for banks’ macroeconomic research.

The Financial Conduct Authority (FCA) believes incoming European rules mean the research could be regarded as an inducement to trade with a bank, so must be paid for separately, while France’s Autorité des marchés financiers (AMF) believes it may fall outside the regime. Esma plans to

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