FCA禁止研究委员会拒绝的提案

欧洲议会议员的欧洲议会成员的情况，欧洲证券和市场管理局不会禁止使用交易委员会来支付研究。

“As far as Kay is concerned, there was no agreement to ban research payments in this way,” Rhiannon Price, Swinburne’s legislative assistant in Brussels, tells亚博赞助欧冠. “Therefore it would be outside of ESMA’s mandate to suggest such a ban.”

许多欧洲投资经理，卖方研究室和国家监管机构都得到了缓解，为prospect of a ban was expected to have a chilling effecton European capital markets. But speculation and a degree of worry remain, for two primary reasons. One, ESMA won’t issue its final version of the regulations, known as the Markets in Financial Instruments Directive II, until March. “In my line of work, you never want to count your chickens before they’re hatched,” says Daniel Godfrey, CEO of London’s Investment Management Association, an industry group. “Until ESMA makes a formal announcement, it would be unwise to make assumptions.”

The second concern is that individual member nations of the European Union, including the U.K., could still impose a ban. Its Financial Conduct Authority has been outspoken in its belief that research and execution costs should be separate, noting in a discussion paper earlier this year that “unbundling research from dealing commissions would be the most effective option to address the continued impact of the conflicts of interest created for investment managers by the use of a transaction cost to fund external research.”

The report also noted that “views on the potential negative impacts on the market from unbundling research — such as U.K. firms’ ability to compete internationally, concerns that research coverage may be reduced, and possible effects on the liquidity of U.K. mid- and small-cap company shares ... are likely to be less significant than some have suggested.”

“The way European regulation works is, local regulators cannot do less than they are required to by the pan-European body, but they can do more — what people often refer to as ‘gold plating,’” explains one London-based analyst who spoke on condition of anonymity. “If ESMA’s rule set ultimately ends up not quite where the FCA would really like it to be, the FCA has the ability to ‘gold plate’ and have a U.K.-only rule set, which would obviously apply only to asset managers regulated in the U.K.”

Shokesperson为FCA的发言人，争议监管机构有任何这种意图的概念。“我们支持ESMA的提议，不包括完全分开，”她说。

Skeptics, however, may not be fully comforted. “Martin Wheatley’s current position is clear,” says Godfrey, referring to the FCA’s chief executive. “He believes a ban is justified, but he doesn’t have an intention to put the U.K. out of line with the rest of Europe. That could change, but that is the position that Wheatley has articulated.”

当然，单方面的禁令将持有U.K.机构从他们的大陆同行中达到不同的标准。“康涅狄格州Darien州Darien indienut indien indients of Integity Research Associates的首席执行官Michael Mayhew说，竞争劣势将是非常损害的。”

Those investors are not necessarily out of the woods yet. “We dodged the worst-case scenario,” Mayhew adds, “but that doesn’t mean U.K. asset managers will get off scot-free. Chances are, the FCA is still going to push for more rigorous accounting of research expenses.”

What exactly Wheatley and the FCA plan to do from here remains to be seen. “It is important to ensure that there is a level playing field internationally,” says Joseph. “The FCA’s emphasis is on ensuring that [every] client commission is spent wisely.”

但是，目前尚不清楚哪种支付模型，FCA将支持实现这一目标。“我怀疑FCA现在将鼓励esma，至少，禁止使用委员会来支付企业访问，并鼓励更多地透明于定价问题，”迈霍夫推广。

But so far, the U.K. regulator is deflecting such details. “It is for firms to devise the most appropriate models,” says Joseph. “On a much broader note, we have a number of tools at our disposal to take action where firms fail to meet our standards.”

No doubt the guessing will continue. For the moment, at least, many stakeholders are more optimistic than they were just a few months ago.