Browsing: Regulatory

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Negotiations on SEC “No Action” Letter Slow Going

Panelists at last Thursday evening’s INTL FCStone panel on MiFID II revealed that industry negotiations with the SEC regarding their temporary “no action” letter allowing US investment banks to receive ...

SEC Accuses Small Cap Research Firm of Fraud

The Securities and Exchange Commission charged a US small cap stock research firm, SeeThruEquity LLC, and its co-founders with defrauding investors by falsely claiming its reports were ‘unbiased’ and ‘not ...

Insight on SEC “No Action” Letter About Cash Payment for Bank Research

Today, broker-dealer INTL FCStone, will be sponsoring a panel discussion in NYC regarding the impact MiFID II is or is likely to have on US asset managers.  One of the ...

Greenwich: European Research Spending Down 20%

A recent Greenwich Associates survey estimates that European asset managers have cut their research spending by 20% leading Business Insider to declare that “Bank analysts are getting crushed” but the ...

Fourth Annual Unbundling Uncovered Conference Slated to be Held in London

On Tuesday, November 13th, Substantive Research will be holding its fourth annual Unbundling Uncovered conference in London to foster an industry-wide discussion of how the financial services industry is adapting ...

UK Research Coverage Slipping Though Analyst Hiring Holding Steady Post MiFID II

Data compiled by Reuters shows that research coverage of both small cap and larger cap companies has dropped since the implementation of MiFID II at the beginning of 2018.  Despite ...

MiFID II Increases Risk of Research Underspending – Performance Implications?

The following is a guest article by Neil Scarth, Principal of Frost Consulting ( which provides customizable research budgeting/valuation frameworks and research spending databases. There is a deafening silence regarding the ...
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Aston Martin IPO Reveals Limited Change to UK IPO Process

Despite reforms making it easier for ‘unconnected’ analysts to access pre-IPO information, few independent research firms are covering the first IPO under the new process: Aston Martin’s glitzy new offering. ...
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Study: European Asset Managers Slash Research Counterparties, Not Research Spending

A buy-side survey conducted by RBC Capital Markets indicates that MiFID II’s research unbundling provisions have significantly reduced the number of research providers European asset managers use, yet overall research ...
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New Report Cites Covert Geolocation Data Collection

A new company founded by a privacy whistleblower released a report citing twenty-four iOS applications which “covertly collect precise location histories from tens of millions of mobile devices” while providing ...
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