BofA strikes out with MiFID II research solution

Applied for investment adviser status

clock • 1 min read

Bank of America Merrill Lynch (BofA) has thrown down the gauntlet to other US financial firms struggling to navigate MiFID II research rules by filing with the Securities and Exchange Commission to be a registered investment adviser, according to reports.

Investment Week reported earlier this month that UK-based buy-side firms could be left without access to key research sources in January 2018 if a solution to the clash between incoming MiFID II rules and international regulations is not reached soon. Hermes' head of investment Eoin Murray warned that regulators have yet to provide answers to how firms will access research from countries where the sale of research is prohibited, such as the US, when the European legislation specifically forbids sell-side firms to provide 'free research'. However, while international regulators seek ...

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