On 25 April 2023, the Association for Financial Markets in Europe (AFME) and UK Finance published a joint response to HM Treasury’s Call for Evidence on the UK Investment Research Review.

The joint response addresses the following main themes:

  • Research is only one of many factors which determine the UK’s competitiveness.
  • Future regulatory changes should reflect the uniquely global nature of investment research.
  • Members have observed that MiFID II has impacted the research market.
  • Allowing broader optionality for research payments would improve the UK’s position.
  • Non-MiFID regulatory drivers also play a role.
  • Investors value the independence of the research they consume.