The US Securities and Exchange Commission has reportedly signalled to financial firms that they won’t be sanctioned for complying with Europe’s Mifid II rules when they come into force in January 2018.
US lobbyists have been pushing the SEC for a response to how companies can respond to the unbundling of research costs, Bloomberg reports.
The current rules could trip up US companies as paid-for research constitutes investment advice and is subject to additional rules that could be costly to comply with.
But Bloomberg reports the SEC has privately signalled it will likely issue guidance to assure firms that they won’t be sanctioned for complying with EU rules.
Polar Capital Technology Trust chair Michael Moule has previously warned tech funds will face more hurdles than others from Mifid II due to their reliance on high quality research and use of US brokers.