US watchdog clarifies Mifid 2 requirements for US market players

The US Securities and Exchange Commission (SEC) has issued three no-action letters in response to concerns that investors could lose access to valuable research following a consultation with European authorities. The SEC Division of Investment Management will provide relief to allow investment advisers to continue to aggregate client orders for purchases and sales of securities including structured products, where some clients may pay different amounts for research because of the Markets in Fin