PIMFA WEEKLY BULLETIN
On 5 June, PIMFA submitted a response to the Financial Conduct Authority (FCA) consultation CP24/7 for allowing additional optionality for paying for investment research.
In our response, we emphasised the vital link between investment research and the attractiveness of the UK as a destination for companies to access capital. We acknowledged that MiFID II reforms on unbundling research and execution costs have resulted in a reduction in the amount of research available and providers.
However, while we are supportive of more significant payment optionality and the additional tool this provides firms to pay for research, it is unlikely to be adopted by the retail sector in any material way. For instance, the benefits will depend on the ability and appetite to reverse the current measures introduced by MiFID II, such as moving research costs back to clients. Similarly, firms will need to consider the resource and operational effort, investment and value to allow for research bundled with execution costs.
Please see our response here
We are delighted to welcome Mercer as a new Associate Member firm.
Mercer supports wealth managers, private banks and financial intermediaries with independent research and advice, discretionary investment services, as well as single and multi-asset funds through highly rated third-party asset managers.
They provide flexible solutions tailored to your specific needs, helping you build custom portfolios, identify investment opportunities, and supplement your team's efforts. With expertise across geographies, asset classes, and markets, they offer quality investments and access to more investment opportunities.
Visit Mercer here.
Financial Conduct Authority establishes independent Cost Benefit Analysis (CBA) Panel
Dr Felix Martin has been appointed chair of the Financial Conduct Authority's (FCA) new, independent Cost Benefit Analysis (CBA) Panel.
• Dr Martin will lead the Panel as it examines how the FCA and Payment Systems Regulator (PSR) assess the proportionality of proposed policy changes. It will provide advice to the regulators on preparing and improving CBAs.
• The FCA estimates around a third of its CBA will be subject to the Panel’s review. Following consultation with the panel, the FCA and PSR will publish further details on which CBAs will qualify for review in the summer.
• The Panel will begin reviewing the CBAs of proposed new policies from 1 August 2024. It will review them in advance of publication, allowing the regulators to consider its recommendations.
Read the press release here
UK de-listing of TUI shares
Euroclear has asked us to remind members that the UK de-listing of TUI shares will take place on 24 June 2024.
The deadline for submission of a cross-border transfer request to Link Registrars is 13 June 2024.
Full details of the TUI share de-listing appear in the Euroclear CREST Corporate Action Bulletins 2024050 and 2024-051.
If you have any questions about the de-listing, please contact EUI Business Operations on 0845 964 5648 or email EUI_CREST_Ops@euroclear.com
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