News & Analysis as of

Broker-Dealer United Kingdom Financial Services Industry

A&O Shearman

IOSCO publishes consultation report on neo-brokers

A&O Shearman on

The International Organization of Securities Commissions (IOSCO) has published a consultation report on neo-brokers, a subset of brokers which provide online-only investment services and do not operate physical branches....more

A&O Shearman

UK Financial Conduct Authority portfolio letter on supervisory strategy for wholesale brokers

A&O Shearman on

The U.K. Financial Conduct Authority has published a Dear CEO Letter on its new strategy for supervising wholesale brokers. The FCA has observed a change in the sector in recent years with larger firms acquiring smaller ones...more

A&O Shearman

UK Financial Conduct Authority Supports Expedition of Appeals of Motor Finance Decisions

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The U.K. Financial Conduct Authority has published a letter addressed to the Supreme Court regarding the applications for permission to appeal to the SC and requests for expedition in the recent motor finance commission...more

Cadwalader, Wickersham & Taft LLP

The UK Relaxes Its Requirements Around Payment for Investment Research

In Policy Statement PS24/9 on Payment Optionality for Investment Research, the UK’s Financial Conduct Authority ("FCA") has set out its final rules on allowing payments for research to once again be ‘bundled’ (i.e. made...more

Eversheds Sutherland (US) LLP

UK's FCA consults on payment optionality for investment research

The FCA consultation paper CP24/7 “Payment Optionality for Investment Research” considers the reintroduction of the bundling of research payments with broker’s execution fees....more

A&O Shearman

MiFID II and the U.S. Investment Adviser Regime

A&O Shearman on

The issue of how firms should pay for investment research continues to be a controversial topic in the financial markets. The U.S. has maintained the approach it adopted before the mid-2000s, which is to permit investment...more

A&O Shearman

UK Investment Research Review Call for Evidence Published

A&O Shearman on

The U.K. Investment Research Review call for evidence was published on April 3, 2023. Relevant background to these issues is set out in our recent client note, “MiFID II: An Update on the Rules for Unbundling of Research,” in...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

U.S. Financial Industry Developments - FINRA Requests Comment on Financial Technology Innovation in the Broker-Dealer Industry - On July 30, 2018, the Financial Industry Regulatory Authority ("FINRA") published a...more

Morgan Lewis

EU's New Regime on Payments for Research, Use of Dealing Commissions

Morgan Lewis on

The MiFID II regime will have ramifications for buy-side global asset managers and sell-side research providers relating to use of dealing commissions and cost allocation for research expenditures....more

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