IA welcomes measures to facilitate cross-border implementation of the MiFID II research provisions

Thursday 26th October

Following the announcements on measures to facilitate cross-border implementation of the MiFID II research provisions, Chris Cummings, CEO of the IA said:

“The Investment Association welcomes today’s announcements by the FCA, SEC and European Commission which will facilitate the cross border implementation of MiFID II research provisions. The IA has been at the forefront of industry engagement to resolve the issue of cross border research costs, ensuring that a regulatory solution has been found ahead of the 3 January 2018 deadline. This is a successful outcome and one that demonstrates the ongoing strong engagement between industry and regulators on both sides of the Atlantic.

“The SEC has issued three related no-action letters addressing different aspects of the US regime. In parallel, the Commission has issued an FAQ on MiFID II interaction with third country broker-dealers. We will now review the details, but it is clear that this package of measures addresses a key outstanding challenge for our industry with regard to the implementation of MiFID II.”

For further information, please contact:

Helen Ayres
Media Relations Manager
[email protected]
T +44 (0)20 7269 4620
M +44 (0)7508 724 066

About the Investment Association:

• The IA champions UK asset management, supporting British savers, investors and businesses. Our 240 members manage £6.9 trillion of assets and employ 93,500 people across the UK
• Our members manage the pensions of 75% of UK households, provide 60% of capital market financing for UK businesses and fund 40% of initial public offerings of shares.
• Our mission is to make investment better. Better for clients, so they achieve their financial goals. Better for companies, so they get the capital they need to grow. And better for the economy, so everyone prospers.
• Our purpose is to ensure investment managers are in the best possible position to:
  • Build people’s resilience to financial adversity
  • Help people achieve their financial aspirations
  • Enable people to maintain a decent standard of living as they grow older
  • Contribute to economic growth through the efficient allocation of capital
• The money our members manage is in a wide variety of investment vehicles including authorised investment funds, pension funds and stocks and shares ISAs.
• The UK is the second largest investment management centre in the world, after the US and manages 37% of all assets managed in Europe.