Nick Bayley Featured in Investment Week

Nick Bayley, Managing Director in Duff & Phelps Compliance and Regulatory Consulting practice, was featured in Investment Week commenting on the French Regulator’s (AMF) call to review MiFID II rules. The AMF is concerned these rules around unbundling research costs are hurting smaller research firms.

“In my view, the rationale for the unbundling of research and execution is clear.  If asset managers expect their investors to pay for research, surely it’s right that those investors should understand what their money is being spent on, with whom and why? The disruption in the research market was anticipated by policy-makers and should not come as a surprise.  The provision of research covering small-cap issuers is an ongoing challenge but is one that should be addressed through innovation and market development, not by perpetuating the conflict of interest that can arise from bundling research and execution. The investment research market is being seriously shaken out by MiFID II, as had been widely expected, but in the long run what will emerge should be more transparent and sustainable.” said Nick.

Read the full article here.