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MiFID II 

Research 

01 December 2011

Impact Green traffic light

No changes proposed

Other areas to consider

Marketing and communications; Best Interests of Clients; Conflicts of Interest

Current MiFID rules

Scope

The MiFID research rules apply when a firm produces or arranges for the production of investment research that is intended to be disseminated to clients of the firm or to the public. This does not include where a firm distributes investment research exclusively to members of its group.

Conflict of interest procedures

A firm must ensure the implementation of all of the MiFID measures for managing conflicts of interest in relation to the financial analysts involved in the production of investment research and other relevant persons (including corporate finance personnel and persons involved in sales and trading activities on behalf of clients or the firm) whose responsibilities or business interests may conflict with the interests of the persons to whom the investment research is disseminated.

Further, a financial analyst should not become involved in activities other than the preparation of investment research where such involvement is inconsistent with the maintenance of the financial analyst's objectivity, e.g. participating in investment banking activities, participating in pitches for new business or road shows.

MiFID Level 2 Directive Art. 25(1) and Recital 36

FSA rules

COBS 12

Proposed changes

No changes proposed

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