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.