2018年-FCA英国金融行为监管局_mifid_ii_investment_research_4页_220kb

报告摘要

Summary of Regulator Assessment: Qualifying Regulatory Provisions

Title of Proposal

Extending new MiFID II investment research provision to non-MiFID firms

Lead Regulator

Financial Conduct Authority (FCA)

Date of Assessment

28 February 2018

Commencement Date

3 January 2018

Origin

Domestic extension of EU legislation

Implementation of Cutting Red Tape Review

Affected Areas in the UK

Whole of the UK

Core Content

The proposed regulatory activity involves extending the application of the new MiFID II investment research rules to firms outside the direct scope of MiFID II. These firms include:

Third country firms operating in the UK
Energy Market Participants (EMPs) and Oil Market Participants (OMPs), which are exempt from MiFID under Article 2
Firms carrying out corporate finance business using the optional exemption under Article 3 of MiFID II

The new MiFID II rules require firms to maintain physical separation between financial analysts and 'other relevant persons' to manage conflicts of interest. This is an additional measure to ensure the objectivity of investment research, which is defined as material that implicitly or explicitly recommends an investment strategy, is intended for general distribution, and is presented as objective or independent.

These rules build on existing FCA provisions under COBS 12 and SYSC 10, which already require firms to manage conflicts of interest in the production and dissemination of investment research.

Main Points and Key Information

Investment Research Definition: Material that recommends or suggests an investment strategy, intended for general distribution, and presented as objective or independent.
Conflict of Interest Management: The rules aim to prevent bias and ensure the integrity of investment research.
Physical Separation Requirement: Firms must maintain physical separation between analysts and other relevant persons, unless it is not appropriate for their size and business nature.
Alternative Information Barriers: Smaller firms may use alternative measures if physical separation is not feasible.
Applicability: The rule applies to non-MiFID firms that produce investment research, including EMPs, OMPs, and certain corporate finance firms.
Estimated Impact:
- 15–20 EMPs/OMPs
- 565 corporate finance firms
- ~120 third country firms
- However, not all of these firms engage in investment research, so the actual number of impacted firms is likely lower.

Impact on Business

Familiarisation & Gap Analysis Costs

Estimated Average Cost per Firm: £225
Total Estimated Cost: £0.1 million
This cost relates to firms reading, understanding, and assessing their current practices against the new rules.

Remediation Costs

No Material Impact: Firms that already use information barriers under SYSC 10 and COBS 12 are unlikely to face significant compliance burdens.
No Incremental Costs: The new requirement is not expected to impose additional costs beyond the initial familiarisation and gap analysis.
Larger Firms: Already have physical separation in place.
Smaller Firms: May continue using alternative measures as permitted by MiFID II.

Benefits and Costs

Benefits to Consumers and Society: The new provisions are expected to provide an additional layer of protection, enhancing investor confidence and market integrity.
Cost-Benefit Analysis (CBA): The benefits to consumers and society are likely to exceed the costs to firms.
BIT Score: 0.1 (indicating a low burden on business)