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Publications/White Papers

IPE Article:  Does MiFID II Threaten

ESG in Europe?  March, 2022

The UK's Green Crossroad - Feb. 2022


Morningstar Culls "Sustainable" Funds

Solving the "ESG Gap":

Constructing the "Last Mile" of ESG Integration

Frost/Bloomberg Webinar on the Sustainability

of European Sustainability - March 2021

Europe's Green Crossroad - March 2021

IPE Article:  The Sum of All Fears - Feb. 2021

(European Research Spending and ESG Outcomes)

Why MiFID II Threatens European ESG Outcomes


An ESG Framework for Asset Manager/Asset Owner Research Collaboration  

Research Transparency American Style: Saving the Safe Harbor Download

Transparent Alignment in Investment Research: From Unbundling to Relational Contracting – With Stanford University Download

The Future of Equity Research (with Edison) Download

The Coming Revolution in Investment Research Distribution Download

Optimizing Research ROI Download

Commission Sharing Arrangements: The Changing Face of Research Procurement (with Greenwich Associates) Download

Initial Analysis - IMA White Paper on the Use of Commissions for Research Download

ESG Benchmarking:  


Post-MiFID II Global Research Spending Asymmetry: Will it lead to wider asset management performance dispersion? - 10/9/18

Download Article

Tabb Forum

BNP Asset Management’s MiFID II Research Budget Transparency: A Global Competitive Challenge? - 21/7/17 Download Article

MiFID II Research Budgets: The Client Frontier - 19/1/17

Under MiFID II, asset managers need to begin the process of delivering MiFID II client research budgets in 2H 2017. Given the importance of this exercise, and the rapidly shrinking timeframe, asset managers need to be devising research budget policies and related client communication strategies now, as this has become a competitive issue that will soon outweigh the regulatory considerations. Download Article

Tabb Forum

MiFID II as a Weapon in the Battle for Global Asset Flows Download

Wall Street Journal

Banks Forced to Shake Up Analyst Research Business

Frost Consulting Joins

Press Release Download

Economist Magazine

The Accuracy of Investment Research - Consistently Wrong

Analyse This (Research Spending)

Economist - Analysts Beware - May 2014

Financial Times

Banks Take Amazon Approach to Research

Equity Research Income Set for 50% Crash

FT - Equity Research Bloodbath Gathers Pace

Wall Street Journal

Proposed European Rules on Stock Research Alarm Some in the Industry

eFinancial News

FCA Commission Review Tipped for Global Impact

Study Looks to Put Value on Research Amid Clampdown

Investment Management Association

Formation of Research Review Advisory Panel (Press Release) - Download

My Investors Circle Magazine

Interview with Neil Scarth on research procurement.

Regulatory Documents

FCA CP 16-29 (MiFID II Guidance)

September 2016 - Download

AMF MiFID II Guidance (English)

September 2016 - Download


Delegated Acts - April, 2016 - Download

FCA New FCA Commission Rules - May 8, 2014

Rules Effective June 2, 2014 - The day on which unpriced research is no longer “free” - Download

Conflicts of InterestDownload
CP 13/17Download
ESMA - Final Report: Technical Advice on MiFID IIDownload

Related Industry White Papers

Investment Association

Approach to Research Under MiFID II - Download

Frost Consulting co-authored with Alistair Haig - University of Edinburgh

The Role of Asset Owners in the Market for Research - April 2016 - Download

Industry Associations IMA

White Paper - The Use of Dealing Commission for the Purchase of Investment Research - Download

UK CFA Society

Position Paper - The Market for Research - Download

Frost Presentations

Conference Presentations

Introduction to Commissioning Unbundling - Download Frost Consulting Presentation to the IMA Research Review Panel Open Meeting on the “Future of Research” -July 2013

(To request a copy of the slides of Frost Consulting’s presentation “Broker-Vote and CSAs” please submit request to

Bloomberg Inter-Active Chat:

Compliance Group

September 19, 2013

De-Risking CSAs (Slides)

COO Connect/Mereus Breakfast Briefing

Why Regulators Care About Research Spending

London - October 18, 2013

Video of Frost Consulting Presentation

For a copy of the related slides, please email request to

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