Research commissioning

The FSA has published a Policy Statement on Bundled brokerage and research commission arrangements at www.fsa.gov.uk/pubs/policy/ps05_09.pdf

This will be of interest to many potential clients interested in taking advantage of research commission payments to facilitate the provision of independent research.

The FSA clearly states its support in favour of promoting competition between brokerage and third party research providers and the document endorses the right of investment managers to use research commission payments for the purchase of research.

As a result, amendments to the FSA's Conduct of Business Handbook in regard to the use of dealing commission to purchase goods or services will endorse research commission payment for research where it:

(a) is capable of adding value to the investment or trading decisions by providing new insights that inform the investment manager when making such decisions about its customers portfolios;

(b) represents original thought, in the critical and careful consideration and assessment of new and existing facts, and does not merely repeat or repackage what has been presented before;

(c) has intellectual rigour and does not merely state what is commonplace or self-evident; and

(d) involves analysis or manipulation of data to reach meaningful conclusion.

In the words of the FSA:

"Our rules, together with the industry proposals, will:

Limit investment managers use of dealing commission to the purchase of "execution" and "research" services;

Require investment managers to disclose to their customers details of how commission payments have been spent and what services have been acquired with them;

Embed in the commercial relationship between investment managers and brokers incentives to secure value for clients for execution and research spend; and

Promote competition between those who produce investment research by removing the regulatory distinction between research services provided by brokers along with execution (i.e. bundled services) and research services provided by third parties (i.e. softed services)."

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