09 February 2015
MiFID II, payments for research: unbundling the confusion
This briefing charts the history of the debate over payments for research in the UK and notes that regulatory proposals to unbundle payment for execution from payment for research are not new. It remains to be seen whether, in light of the softening of ESMA's stance in its most recent papers, the FCA will maintain its view regarding unbundling. In any event, ESMA's latest proposals in this area pose a number of difficult issues for firms.