Monday 4 March 2019 4:04 pm

Asset management firm Invesco lobbies US Securities and Exchange Commission over Mifid II implementation

Global asset management firm Invesco is lobbying for the US financial regulator to allow it to implement Mifid II rules on paying for investment research.

The firm attended a meeting with the Securities and Exchange Commission (SEC) last year to push for changes to rules which ban brokers from receiving research payments unless they are registered as investment advisers.

Read more: Don't be miffed about Mifid II

Invesco was joined by Wellington Management and Dodge & Cox, according to the Financial Times which first reported details of the meeting.

Mifid II, which was introduced across the European Union last year, requires providers of investment research to charge for research separately from trading costs.

Invesco hinted at its intention to adopt Mifid II regulations globally in its annual report published in February.

“Beginning in January 2018, the company has absorbed external research costs incurred for MiFID II impacting funds and client accounts in Europe," the firm said. 

Read more: Mifid II loopholes are already paving the way for Mifid III

“While the foregoing provisions only impact the EU, client-driven competitive pressures may cause an expansion of these principles to other business regions in which we operate, including the United States.”

City A.M has contacted the firms and the SEC for comment.

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