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"MiFID II RPAs to shape the future for Commission Sharing Agreements"

In our first research following the release of the MiFID II delegated acts in April, MPI Europe’s survey finds strong support for the continued use of Commission Sharing Agreements (CSA) alongside the new Research Payment Accounts (RPAs) structures. The market view is that the MiFID II regime for research unbundling will use both structures, whilst needing additional transparency to report down to the specific client level.

The survey run by the specialist financial sector consultancy, which also runs an annual CSA trends survey, attracted a strong response with over 40 firms including asset managers, brokers and research providers contributing. Key points to come from the analysis include:

  • Almost 70% of firms still believe that CSAs are viable in a post MiFID II environment.
  • Firms are equally split as to whether there will be any cost advantage to them or their clients following the MiFID II changes.
  • Around 45% believe they will have to change either process or systems or both to comply.

Market participants can now progress with defining and implementing their solution to this important area which they need to have fully in place by the MiFID II deadline of 3 January 2018.