MiFID II Not Just for EU

MiFID II Not Just for EU: New Buyside Survey Finds North American Asset Managers Adapting to Coming Regulation Shift 5/01/2017



A leading independent broker and financial technology provider,  released a survey of North American institutional investors about the likely impacts of the MiFID II.

The survey polled more than 100 buyside professionals who participated in an ITG webinar on the impact of MiFID II regulations on North American asset managers. The buyside firms that participated represent institutional investors with assets under management (AUM) ranging from approximately $125 million to more than $1 trillion, with average AUM of $47 billion.


Survey Findings:

Direct Impact: Only 43% of asset managers expect MiFID II to have a direct impact on them. The regulations apply to asset managers with operations in the EU and may also impact asset managers who have sub-advisory agreements with EU investment managers or that sell and manage European mutual fund vehicles known as UCITS.

Research Payments: 59% of those surveyed plan to continue paying for research using commission sharing arrangements (CSA), while 33% expect to use a combination of both CSA and RPA for payments and 8% plan to set up a new RPA ahead of the MiFID II start date.

Unbundling Is Coming: While the majority of asset managers do not believe MiFID II applies directly to them, 82% of North American firms plan to fully unbundle all of their brokers globally.


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