SEC Said Providing a MiFID Reprieve to Wall Street

The transcript discusses the ongoing dialogue between US and European regulators regarding research unbundling under MiFID II. The SEC has been lobbied to issue no action letters, allowing firms to comply with MiFID II without facing legal repercussions in the US. This move is seen as a significant milestone, though questions remain about its impact on research quality and pricing. The debate continues on whether research costs will rise or fall and how these changes will affect both buy and sell sides.

What is the significance of the letters exchanged between the regulators in Brussels and the SEC?

How does the SEC's stance on charging for research separately impact investment advisors?

What are the potential implications of the SEC sending no action letters to firms?

What questions remain unanswered about the buy side's willingness to pay for research?

Discuss the concerns regarding the quality of research in light of the new regulations.