{"id":113892,"date":"2025-01-28T14:52:00","date_gmt":"2025-01-28T13:52:00","guid":{"rendered":"https:\/\/www.afg.asso.fr\/?p=113892"},"modified":"2025-02-24T14:56:34","modified_gmt":"2025-02-24T13:56:34","slug":"afg-response-to-the-esma-consultation-on-the-possible-rebundling-of-external-research-payments-linked-to-execution-fees-following-the-provisions-of-the-listing-act-mifid","status":"publish","type":"post","link":"https:\/\/www.afg.asso.fr\/en\/afg-response-to-the-esma-consultation-on-the-possible-rebundling-of-external-research-payments-linked-to-execution-fees-following-the-provisions-of-the-listing-act-mifid\/","title":{"rendered":"AFG response to the ESMA consultation on the possible rebundling of external research (payments linked to execution fees), following the provisions of the Listing Act (MiFID)"},"content":{"rendered":"\n<p>The AFG is responding to an ESMA consultation on the impact of the<em> listing act<\/em> on the possible link between research costs and execution fees. The <em>listing act <\/em>removes the condition that allowed bundling only for issuers with a market capitalisation of less than EUR 1 billion.<\/p>\n\n\n\n<p>AFG takes note of this additional degree of freedom. However, asset managers want to be able to choose whether to pay for external research via bundling, P&amp;L or RPA (resource payment account). Their choice may differ (and be mixed) depending on the type of portfolio, tax considerations or supplier constraints. It is therefore complex to put in place a bundling process that does not hinder the principle of best execution, but this choice can sometimes be useful for the asset management company and its clients.<\/p>\n\n\n\n<p>The consultation also covers the correct methods for estimating external research. Portfolio management companies already have robust processes in place, with or without trial periods.<\/p>\n\n\n\n<p>In its responses, the AFG also calls for non-financial analyses (e.g. ESG) to be included in the spectrum of research and for those based on artificial intelligence to be included.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The AFG is responding to an ESMA consultation on the impact of the listing act on the possible link between&hellip;<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"wds_primary_category":1,"footnotes":"","_members_access_role":[],"_members_access_error":""},"categories":[1],"tags":[],"thematics":[],"top_contenu":[],"class_list":["post-113892","post","type-post","status-publish","format-standard","hentry","category-non-classe"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.afg.asso.fr\/en\/wp-json\/wp\/v2\/posts\/113892","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.afg.asso.fr\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.afg.asso.fr\/en\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.afg.asso.fr\/en\/wp-json\/wp\/v2\/comments?post=113892"}],"version-history":[{"count":2,"href":"https:\/\/www.afg.asso.fr\/en\/wp-json\/wp\/v2\/posts\/113892\/revisions"}],"predecessor-version":[{"id":113896,"href":"https:\/\/www.afg.asso.fr\/en\/wp-json\/wp\/v2\/posts\/113892\/revisions\/113896"}],"wp:attachment":[{"href":"https:\/\/www.afg.asso.fr\/en\/wp-json\/wp\/v2\/media?parent=113892"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.afg.asso.fr\/en\/wp-json\/wp\/v2\/categories?post=113892"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.afg.asso.fr\/en\/wp-json\/wp\/v2\/tags?post=113892"},{"taxonomy":"thematics","embeddable":true,"href":"https:\/\/www.afg.asso.fr\/en\/wp-json\/wp\/v2\/thematics?post=113892"},{"taxonomy":"top_contenu","embeddable":true,"href":"https:\/\/www.afg.asso.fr\/en\/wp-json\/wp\/v2\/top_contenu?post=113892"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}