The Global Financial Markets Association (GFMA), which consists of the Association for Financial Markets in Europe (AFME), the Asia Securities Industry & Financial Markets Association (ASIFMA), and the Securities Industry and Financial Markets Association (SIFMA), has sent a letter to the leaders of the U.S. Securities and Exchange Commission (SEC), UK Treasury and European Commission to urge the organizations to work together to avoid harmful market disruptions that might arise in connection with any changes to the MiFID II unbundling requirement, including a loss of access to critical research provided by United States (U.S.) broker-dealers to MiFID II investment managers. The GFMA notes this coordination should include an extension of the SEC staff’s MiFID II no-action letter until at least the changes to the MiFID II unbundling requirement can be completed and implemented.
– 12 June 2023 –
