Challenges for the buy-side and research providers become a reality as SEC allows ‘no-action’ research letter to lapse
The TRADE
JULY 3, 2023
To resolve the disconnect in approaches, in its 2017 no-action letter to SIFMA, the SEC advised that it would not recommend enforcement action to broker-dealers accepting cash payments for research from investment managers which are required by Mifid II to pay for research from its own money as opposed to client commissions or ‘soft dollars’.
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