SIFMA CEO Bentsen on Navigating MIFID II

The video discusses the impact of European regulation, specifically MiFID II, on US firms. It highlights the efforts to align US compliance with European laws without conflicting with US regulations. The SEC's role in addressing these concerns is explored, along with the industry's need for clarity on unbundling payments and their implications under US law.

What is the main challenge discussed in the first section regarding European regulations?

• The extraterritorial application of European regulations in the US.

• The need for US companies to become residential investment banks.

• The conflict between US and Asian regulations.

• The lack of European investment managers in the US.

What is the industry's hope regarding the SEC's response to MiFID II?

• That the SEC will adopt European regulations entirely.

• That the SEC will ignore MiFID II.

• That the SEC will provide clarity and ensure compliance.

• That the SEC will delay the implementation of MiFID II.

What is one of the key areas where the industry seeks clarity?

• The role of European investment managers in the US.

• The definition of a residential investment bank.

• The status of unbundled payments for research.

• The impact of MiFID II on Asian markets.

What is the concern for dealers regarding unbundled payments?

• Being classified as a registered investment advisor.

• Being unable to operate in Europe.

• Losing their dealer status.

• Having to comply with Asian regulations.

What does the final section suggest about aligning regulations?

• US regulations should be completely independent of European laws.

• There is a need to rework US regulations to align with European laws.

• The US should adopt European regulations without changes.

• There is no need to align US and European regulations.