Wall Street Poised to Get a Key SEC Reprieve Over MiFID
- Agency unlikely to object to firms breaking out research costs
- U.S. SEC has been lobbied heavily over new European rules
SEC Said Providing a MiFID Reprieve to Wall Street
This article is for subscribers only.
The U.S. Securities and Exchange Commission is preparing to give Wall Street a reprieve by telling financial firms they won’t have to overhaul their operations to comply with sweeping new European rules governing investment research, said three people familiar with the matter.
By the end of the month, the SEC is expected to provide formal assurances that it won’t object if brokerages break out the cost of market analysis for their European clients, rather than bundling it together with other services, the people said. Europe is requiring that brokers charge separately for research, but doing so could violate U.S. regulations.