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Peirce Says SEC May Extend MiFID II Relief

Reuters is reporting that SEC Commissioner Hester Peirce told members of the American Chamber of Commerce in Japan that the Commission may extend temporary relief as the agency considers a permanent solution for the European Union’s research transparency regulations. The temporary no-action relief the SEC issued in 2017 allowed U.S. firms to comply with MiFID II’s trading and investment research provisions within the confines of U.S. regulations. The SEC said at the time that the relief “is intended to provide the staff with sufficient time to better understand the evolution of business practices after implementation of the MiFID II research provisions.”  Firms have adapted to the EU regulation in a number of ways, including paying for their own research, while urging the SEC to adopt regulation that clarifies how firms pay for research and trading services.

 
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