08.07.19
SEC Says May Give Firms More Time to Comply with Europe's Research Rules
by: Tomo Uetake
The SEC could extend a 30-month grace period granted to Wall Street firms to comply with revised Markets in Financial Instruments Directive (MiFID II) rules to unbundle research and other services, Commissioner Hester Peirce said. The SEC had given U.S. brokers until the middle of next year to comply with MiFID II, due to a quirk in the U.S. federal securities law that bars U.S. firms from complying with the EU rules, which took effect in January 2018. “MiFID II has been quite a big issue,” Peirce told members of the American Chamber of Commerce in Japan. “Maybe the Europeans could change their approach, that's a possibility. We do a lot of communication with our foreign regulatory counterparts.”
Read the full article on Reuters