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:
Press
Post-MiFID II Global Research Spending Asymmetry: Will it lead to wider asset management performance dispersion? - 10/9/18
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 RIXML.org
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
ESMA (MiFID II)
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 Interest - Download
CP 13/17 - Download
ESMA - Final Report: Technical Advice on MiFID II - Download
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 info@frostconsulting.co.uk)
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 info@frostconsulting.co.uk