European Commission "Unbundles" MiFID Research and Trading Fees

The European Commission (the " Commission") proposed rules that will clearly separate the research and trading costs of the fees that asset managers charge customers. The Commission 's draft rules to the revised Markets in Financial Instruments Directive ("MiFID II") intend to provide further transparency of customer fees.

Under the proposal, firms will either be able to pay for research from their own resources, or through a separate research payment account that is funded by a specific charge to the client. The European Parliament and Council of the EU now have three months to object to the Delegated Acts.