Examining Europe's New MiFID Rules

The video discusses the implications of MiFID rules and the SEC's new action letter, focusing on the challenges faced by banks regarding registration as investment advisers to receive research payments. It highlights the debate over who should bear the cost of research—fund managers or end investors—and the potential impact of MiFID II. Wealth managers prefer not to pass research costs to clients, leading asset managers to absorb these costs. The video also covers lobbying efforts in Washington, with the SEC showing willingness to address industry concerns. The European Commission is aware of the issues, and exemptions for U.S. banks are being considered.

What are the implications of the SEC's new action letter regarding MiFID rules?

How do EU investors currently pay for research, and what changes are expected with MiFID II?

What concerns do banks have about registering as investment advisers?

What lobbying efforts are being made in Washington regarding the MiFID rules?

What potential exemptions are being considered for U.S. banks in relation to MiFID?