Mastering MiFID II: Research Unbundling, details how MiFID II targets inducements that generate bias and distort an investment firm’s decision-making in favour of a particular service provider with little regard for the value of the services to their clients. MiFID II curbs the use of research as an inducement that brokers offer investment managers in exchange for execution and flow by requiring investment managers to make either a direct payment from their own resources or a payment from a research payment account (RPA), which is funded by client money, for all substantive investment research received.
