1 00118601 Emerging themes 2019 A4 AW v31 combined - Page 64



SUPERVISION
MiFID II
INDUCEMENT
AND RESEARCH
WHERE NEXT?
The regime covering how portfolio managers should receive
(and pay for) research was one of the most controversial and
confusing aspects of MiFID II (the Second Markets in Financial
Instruments Directive, which came into force a year ago). In June
2018, the FCA announced that it would undertake a review of
how the industry had implemented these new rules, due to its
concern of inconsistencies in their interpretation and application.
While the FCA has not yet announced its findings, it is worth
pausing to reflect on the potential future direction of this regime.
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