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| Illustration: Paul Daviz |
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IN ADDITION |
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Many costly man-hours have been expended determining exactly how asset managers in Europe should manage the research payment accounts (RPAs) that they will soon be required to set up under the Markets in Financial Instruments Directive (Mifid) II, the EU regulation that will unbundle research costs from execution and trading.
RPAs must be funded by specific research charges billed to asset managers’ end-client investors.
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