Industry bodies publish MiFID II RPA template

Published by the Investment Association alongside the Alternative Investment Management Association and the Association for Financial Markets in Europe

The Investment Association, the Alternative Investment Management Association and the Association for Financial Markets in Europe have published a template for asset managers planning to continue to use research payment accounts (RPAs) when MiFID II comes into force in January 2018.

MiFID II requires the costs of research to be clearly identifiable when charged to a client, through an RPA, which can be a costly and complex arrangement because of new transparency requirements. Miton bucks trend on MiFID II research costs While a growing number of asset managers have said they will bypass client charges entirely, choosing to pay for external research out of their own capital and/or making further use of in-house capabilities, some notable exceptions, such as Miton and Crux, have chosen to continue charging clients for research. The trade bodies' template, known ...