Wall Street banks and brokerages are in a last-minute scramble to meet a July 3 deadline to charge investors for research reports, bankers and others in the industry said, a requirement that threatens their European business if they fail to comply.
and Jefferies Financial Group were among the earliest U.S. banks to comply with the rules - but many others have not yet met the standards and are rushing to catch up, they said.
Since then, firms operating in the European Union have been required to "unbundle" or itemize charges to investors for research such as stock picks, bespoke studies and meetings with analysts. The fees are separate from those charged for executing trades. "Companies continue to face challenges complying with the MiFID II unbundling requirement and U.S. law," said Joe Corcoran, SIFMA's managing director and associate general counsel for capital markets.
Michael Eastwood, director of Americas equity research at Jefferies, said the firm received calls from peers and competitors asking about Jefferies’ process for setting up the RIA. Others made a flurry of calls to lawyers this year as they sought to comply, he said. In preparing for the changes, BofA assigned dedicated managers and salespeople to discuss pricing for clients, some of whom wanted to pay for services outright, while others wanted to be charged based on commissions, Browning said.
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