Corporate access: a MiFID 2 sideshow that might yet cause a headache for asset managers

Brokers provide asset managers with trade execution and corporate access. The latter comprises meetings between executives of listed corporate and institutional investors, mostly in the form of so-called non-deal roadshows. Many investment professionals consider these meetings to be a crucial part of their investment process.

Hitherto asset managers paid the brokers for all these services via a ‘bundled’ fee for trades. The trading costs are directly charged to the funds, i.e. paid directly out of the assets of the investors. The sums involved here are significant.

MiFID 2, applicable as of January 2018, generally aims for increased transparency and improved consumer protection. Part of this is a massive push for unbundling, whereby asset managers have to pay separately for trading, research and corporate access. The rules with respect to corporate access are, however, still somewhat murky.

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Please do not hesitate to contact us.

Dr. Guenther Dobrauz
Partner
Legal FS Regulatory and Compliance Services
+41 58 792 23 25
guenther.dobrauz@ch.pwc.com

Michael Taschner
Senior Manager
Legal FS Regulatory and Compliance Services
+41 58 792 23 25
michael.taschner@ch.pwc.com

Orkan Sahin
Senior
Legal FS Regulatory & Compliance Services
+41 58 792 1994
orkan.sahin@ch.pwc.com

Dr. Kilian Maier
Interaction Partners AG
CEO / Co-Founder
+41 76 570 11 60
kilian.maier@interactionpartners.ch

 

Published by

Guenther Dobrauz

Guenther Dobrauz

Guenther Dobrauz
PwC
Birchstrasse 160
Postfach, 8050 Zurich
+41 58 792 14 97

Guenther leads the PwC Legal Services Practice in Switzerland and the Legal FS Regulatory & Compliance Services department. He is a PwC Partner since 2015 and a global expert on legal advisory, specializing in supporting the structuring, authorization and ongoing lifecycle management of financial intermediaries and their products. He in particular also focuses on leading large scale regulatory change and compliance alignment projects.

Guenther is the author of books on investment selection, FinTech Regulation and European, Swiss and Liechtenstein investment law. He also wrote 80+ publications in international expert magazines and has to date been speaking at more than 60 conferences worldwide.

Guenther Dobrauz received his Masters and PhD degrees in law from Johannes Kepler University (Linz, Austria). He holds an MBA from the University of Strathclyde Graduate School of Business (Glasgow, UK) and has participated in Harvard Business School’s Executive Education Program.

Guenther Dobrauz was Legal Counsel of an international hedge fund group and served as Managing Partner and Legal Counsel of a Swiss Venture Capital firm. He has practiced in court and with a leading business law firm.