Our Work
The regulatory environment for the provision and payment of equity research continues to evolve rapidly in Continental Europe and the ramifications of MiFID II will also indirectly effect the US market.
The highest profile regulatory change impacting independent research firms and their investment management clients is the "unbundling" of commissions for execution and research. Euro IRP has been actively engaged with regulators across Europe as part of this process and recent work includes submissions to the FCA in the UK and the AMF in France.
Other notable work has been Euro IRP's consultations with the FCA on Corporate Access issues in the UK which led directly to a ban on research commissions being used to pay for such a service from the investment banks. Euro IRP is also consulting with the FCA regarding the IPO process and is determined to surface concerns about potential conflicts of interest in the research procurement process.
Key Areas
Current Regulatory Projects
Our active work with regulators including the FCA, AMF, ESMA and SEC.
Conflict of Interests / IPOs
IPO reform and ensuring equal access for independent analysts.
Payment Issues
CSAs, CCAs, and the evolving landscape of research payment.
Corporate Access
The debate around commission-funded corporate access and its impact on independent research.