FCA To Adopt US 'No Action' MiFID Stance After Brexit
Law360, London (November 8, 2019, 2:26 PM GMT) -- Brokers in the U.S. will be allowed to ignore rules on domestic research costs when serving U.K. asset managers after Brexit, the Financial Conduct Authority said, in a move that will treat British investment companies in the same way as their European counterparts.
The updated Markets in Financial Instruments Directive, or MiFID II, forces brokers to unbundle the price of investment research from the overall cost of executing trades. But the requirement conflicts with regulation from the U.S. Securities and Exchange Commission, which requires brokers to be registered as investment advisers if they want to provide research to asset managers —...
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