ASIC to look into MiFID II impacts

The Australian Securities and Investments Commission (ASIC) has engaged UNSW Business School to survey Australian fund managers hat may be impacted by the European Union’s (EU’s) MiFID II, noting that the new regulations may become a new unofficial international standard.

In a keynote at the G100 dinner in Melbourne this week, ASIC Commissioner, John Price, said that the unbundling provisions in MiFID II could well impact on the way Australian managers operating in a global market provide research.

Price said that it was not just managers with exposure to the European economic area that could be impacted, but that European-based fund managers could also see their access to the Australian equities market change under the rules.

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He also cited The Economist, which argued that MiFID II could evolve into the international standard as global asset managers decide to unbundle research worldwide rather than have different procedures across geographies.

The unbundling rules required fund managers to value and pay for research themselves, or through a research payment account funded by investors. This would result in an unbundling of fees for broker execution, research, and corporate access services.

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