Mifid II research unbundling hits Japan’s asset managers

Japanese and European investors may face different payment models for investment research

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Posing a challenge: Mifid II rules will make research more complicated for firms in Japan

Europe’s new regime for securities markets poses a challenge for Japanese asset managers, pressuring local regulators to ease the burden.

From January 3, 2018, the European Union’s second Markets in Financial Instruments Directive (Mifid II) requires asset managers to separate payments for sell-side analyst research from trading commissions. But Japanese rules require asset managers to charge only one set of fees to end-investors, which means local asset managers who raise money from European c

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