Wall Street Gets 3-Year Reprieve From SEC on MiFID Compliance
- Agency to let brokers sell analysis in EU and not get sued
- SEC chief says move will preserve investor access to analysis
This article is for subscribers only.
Wall Street is getting a three-year reprieve from the Securities and Exchange Commission on Europe’s tough investment research rules, as the U.S. regulator said it needs additional time to evaluate sweeping changes affecting the brokerage industry.
The SEC announced the extension in a Monday statement, saying American securities firms can adhere to a European requirement that brokers charge clients separately for analysis until at least 2023 and not run the risk of getting sued by the U.S. regulator. Relief that the SEC had granted the industry in 2017 was set to expire in July of next year.