Regulatory Alerts2026-05-21
Added
Commission Delegated Regulation (EU) 2026/1092 of 21 May 2026 supplementing Directive 2014/65/EU on regulatory technical standards for an EU code of conduct for issuer-sponsored research
This Commission Delegated Regulation establishes an EU code of conduct for issuer-sponsored research, supplementing Directive 2014/65/EU. It requires investment firms to assess whether research labelled as 'issuer-sponsored research' complies with this code before distribution to clients, prohibiting distribution if insufficient information is available. Research providers must implement robust conflicts of interest policies, ensure objectivity and independence of analysts, prominently label research, and disclose details like payment structure and revenue exceeding 5% of gross revenues. Contracts for issuer-sponsored research must have an initial term of at least two years, with the issuer paying at least 50% of the annual fee upfront, and the Regulation enters into force on the third day following its publication in the Official Journal of the European Union.
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