Regulatory Alerts2025-04-08
ESMA Technical Advice on MiFID II Research Provisions under the Listing Act
The European Securities and Markets Authority issued this final report to provide technical advice to the European Commission on amending the MiFID II Delegated Directive regarding research payments in the context of the Listing Act. The advice introduces a new payment option allowing joint payments for execution services and research irrespective of issuer market capitalization, while maintaining strict conditions such as annual quality assessments and client transparency. ESMA rejected stakeholder proposals to mandate comparisons with alternative research providers or reduce assessment frequency, opting instead for high-level requirements to align with the Listing Act's objectives.
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