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Market braces for landmark SEC climbdown on Mifid II

Regulator expected to issue guidance as early as September helping US brokers to circumvent local laws that restrict them from charging for research

Market braces for landmark SEC climbdown on Mifid II
Photo: iStockPhoto

US regulators are close to softening their stance on how banks and asset managers comply with Europe’s new trading regime, in an unusual move that could have implications for future rules.

The Securities and Exchange Commission is expected to issue guidance as early as September helping US brokers to circumvent local laws that restrict them from charging for research, according to people familiar with the matter. Direct payments for research are required under Europe’s second markets in financial instruments directive.

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