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Payments for Research - The View from Frankfurt
The FCA published the findings of their multi-firm review into MiFID II research unbundling rules on 19 September 2019 and the headline was that they were broadly satisfied with how MiFID II was proceeding. The trends towards asset management companies using their own money, together with increased focus on evaluating research quality has resulted in what the FCA estimate to be a £70 million fall in research expenditure in the first quarter of 2018. The FCA's view in matters relating to research payments are well known. Less well known are the thoughts of their counterparts in Germany. To rectify this, in ... (full story)