Unbundling investment research under MiFID II: How to balance price, allocation and quality

Published in 
CEPS - Centre for European Policy Studies, 1 Place du Congrès/Congresplein, 1000 Brussels

MiFID II (came into effect on 3 January 2018) is set to disrupt the production and distribution of investment research, impact execution services and ultimately the costs for investment firms and end-investors. Brokers have to establish a price for investment research separately from execution services. Asset management firms need to develop research budgets for all asset classes, and either pass the costs of research on to clients or absorb the costs themselves. Nonetheless, this will lead to new opportunities for investors to better compare price and quality across products and service levels.

  • What are the major challenges that firms face in complying with research unbundling (e.g. budgeting – P&L or RPA, allocation, valuation, payment)?
  • Smaller or larger firms are affected the most by the new rules? What is the approach from an operational standpoint (national, European, global)?
  • What is the impact of research unbundling on profitability, liquidity and quality? Are the claims about the potential reduction in the coverage of SMEs warranted?


  • Rhodri Preece, Head of Capital Markets Policy EMEA, CFA Institute (The CFA survey/study is available here.)
  • Guillaume Berard, Advisor, FSMA
  • Neil Scarth, Principal of Regulatory Research, FrostConsulting
  • Angus Bogle, Co-Head of Equities Management, Schroders

Moderator: Karel Lannoo, CEO of CEPS and General Manager of ECMI  


  • Registration is free of charge for ECMI/CEPS members, EU/national officials, full-time academics, PhD students (subject to available seats), NGOs (not representing industry sectors or a commercial interest) and press.
  • Other participants may be admitted for €175 (VAT included, payable in advance or at the registration desk.
  • Registration and sandwich lunch from 12:30.

Post-event report