SEC issues long awaited no-action letter on Mifid II
Author: John Crabb | Published: 27 Oct 2017
The US Securities and Exchange Commission (SEC) granted
temporary relief on October 26 to US market participants who
will be directly affected by the research requirements of the
European Union’s revised Markets in Financial
Instruments Directive (Mifid II) when it comes into effect on
January 3 2018.
Well received, the three no-action letters provided much
needed clarity on how the European stipulations on the
unbundling of research and execution costs would affect US
brokers and firms who operate within the EU while complying
with US securities laws.
The letters follow multiple calls from within the
industry stateside to provide relief as the deadline looms
ever closer. Some market participants however suggest that
the relief is somewhat vague and could have gone
"It is an important step to addressing concerns about
how the regulatory regimes in the US and Europe would work
together, as Europe engages in this...