Andrew Bailey keynote speech on MiFID II at the European Independent Research Providers Association

Industry News | 25/02/19

• we maintain strong support for the MiFID II reforms. We will continue to supervise compliance with our rules to ensure improved conduct standards and value for money for investors
• a number of fundamental changes have occurred in the market. Most notable has been the shift by a vast majority of traditional asset managers to fund research from their own revenues – instead of using their clients’ funds
• we have heard loudly and clearly your views that, as independents, you cannot induce an asset manager to do anything except – hopefully – purchase your research services
• we remain conscious that we do not necessarily have a full or clear picture, and will continue to monitor developments through engagement with firms and trade bodies.