Webinar: SEC No Action Relief for MiFID II Clients to End


Global agency broker, StoneX will be hosting a live webinar featuring three industry experts this Tuesday, September 20th at 11:00 am to discuss the impact of the SEC’s recent announcement that they do not intend to extend the SIFMA “no action” relief beyond its current July 3rd, 2023 expiration date.

Upcoming Webinar

On October 26th, 2017, the SEC Staff issued a “No-Action” letter to SIFMA to help EU Asset Managers and the U.S. Investment Banks that provide them investment research, a temporary bridge to address the differences between U.S. and EU regulations following the establishment of MiFID II.

This no action letter made it clear that the SEC would not bring enforcement action against US brokers for a violation of the Investment Advisers Act of 1940 for accepting cash payments from asset managers subject to MiFID II for their research during the term of the “no action” letter.  On November 4, 2019 the SEC extended this “No Action” relief.

In a prepared speech on July 27th, the SEC Director of Investment Management William Birdthistle made it clear that they do not intend to extend the SIFMA “No-Action” beyond the current July 3rd, 2023 expiration date.  This announcement has set off a great deal of conversation among buy-side and sell-side firms.

This week’s StoneX webinar is designed specifically for institutional investors and other industry participants to hear Gerald Lins, Special Counsel from Eversheds Sutherland, Michael Mayhew, Chairman, Founder & Global Director of Research at Integrity Research Associates, LLC and John McGough, Managing Director – US Institutional Equities address the various complexities surrounding the SEC’s recent “no action” announcement.  Click here to register for Tuesday’s webinar.

A few of the topics that will be addressed during this webinar include:

  • Why did the SEC have to issue the “no action” in the first place?
  • What is the likelihood that the SEC will change its mind and “kick the can down the road” once again by extending the “no action” letter?
  • What are the sell sides concerns with registration as an RIA?
  • What are EU asset manager’s biggest concerns about using RPAs?
  • What are the potential legal issues of having EU asset managers pay the EU offices of US brokers for their US produced research?
  • Are there any other regulatory solutions?

The panel will address these and other prepared questions, as well as live questions from the online audience.  Click the button below to register for the free online webinar.


About Author

Mike Mayhew is one of the leading experts on the investment research industry. In addition to founding Integrity Research, Mike is on the board of directors of Investorside Research Association, the non-profit trade association for the independent research industry, and a frequent speaker on research industry trends and developments. Mike has over thirty years of research industry experience. Email: Michael.Mayhew@integrity-research.com

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