The SEC “No-Action” relief permitting U.S. brokers to accept cash research payments from MiFID-regulated clients is set to expire on July 3, 2023, leaving many global managers and brokers unsure of the right course of action to take. 

On April 5 at 11 am ET FIF member StoneX will host a no-cost virtual webinar designed to update institutional investment professionals on the implications of the SEC’s decision not to extend the SEC “No-Action” relief. The webinar will present viable options / solutions, along with the strengths and weaknesses of each for consideration once the "No-Action” relief expires. The presenters will be Gerald Lins, Special Counsel, Eversheds Sutherland, Michael Mayhew, Chairman, Founder and Global Director of Research, Integrity Research Associates, LLC, and Steven Stone, Partner, Morgan Lewis. If you are interested in attending this webinar, please register directly with StoneX.

In addition to this webinar, if you would be interested in participating with other FIF members in follow-up discussions on this topic, please send a note to fifinfo@fif.com. For April 5 only, the FIF CAIS Working Group will have its weekly call at 10 am ET instead of the usual 11 am timeslot.

FIF has scheduled a call for Tuesday March 28 at 10 am ET for FIF members to provide final comments on the draft FIF comment letter on the SEC rule proposal on Regulation NMS: Minimum Pricing Increments, Access Fees and Transparency of Better Priced Orders. FIF has invited members of the SEC Equity Market Proposals Working Group to participate on this call.

The Front Office Committee will have its next call on Tuesday March 28 at 11 am ET to review applicable updates and notices from the SEC, FINRA, FINRA CAT and the equity and option exchanges.

The Data and Technology Committee will have its next call on Wednesday March 29 at 10 am ET to review capacity, latency and volume data for the prior month for the equity, options, currency, crypto and futures markets. The group will be treated to a spotlight presentation from Mike Collazo of SIAC, who will go over the Expansion of OPRA Data Dissemination from a 48-Line to a 96-Line Multicast Network. 

FIF has scheduled a call for Wednesday March 29 at 1 pm ET for FIF members to provide final comments on the draft FIF comment letter on the SEC rule proposal on Disclosure of Order Execution Information. FIF has invited members of the Rule 605 and Rule 606 Working Groups to participate on this call.