Publications/White Papers
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IPE Article: Does MiFID II Threaten
ESG in Europe? March, 2022
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The UK's Green Crossroad - Feb. 2022
Morningstar Culls "Sustainable" Funds
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Solving the "ESG Gap":
Constructing the "Last Mile" of ESG Integration
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Frost/Bloomberg Webinar on the Sustainability
of European Sustainability - March 2021
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Europe's Green Crossroad - March 2021
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IPE Article: The Sum of All Fears - Feb. 2021
(European Research Spending and ESG Outcomes)
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Why MiFID II Threatens European ESG Outcomes
An ESG Framework for Asset Manager/Asset Owner Research Collaboration
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Research Transparency American Style: Saving the Safe Harbor Download
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Transparent Alignment in Investment Research: From Unbundling to Relational Contracting – With Stanford University Download
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The Future of Equity Research (with Edison) Download
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The Coming Revolution in Investment Research Distribution Download
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Optimizing Research ROI Download
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Commission Sharing Arrangements: The Changing Face of Research Procurement (with Greenwich Associates) Download
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Initial Analysis - IMA White Paper on the Use of Commissions for Research Download
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ESG Benchmarking:
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Press
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Post-MiFID II Global Research Spending Asymmetry: Will it lead to wider asset management performance dispersion? - 10/9/18
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Tabb Forum
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BNP Asset Management’s MiFID II Research Budget Transparency: A Global Competitive Challenge? - 21/7/17 Download Article
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MiFID II Research Budgets: The Client Frontier - 19/1/17
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Under MiFID II, asset managers need to begin the process of delivering MiFID II client research budgets in 2H 2017. Given the importance of this exercise, and the rapidly shrinking timeframe, asset managers need to be devising research budget policies and related client communication strategies now, as this has become a competitive issue that will soon outweigh the regulatory considerations. Download Article
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Tabb Forum
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MiFID II as a Weapon in the Battle for Global Asset Flows Download
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Wall Street Journal
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Banks Forced to Shake Up Analyst Research Business
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Frost Consulting Joins RIXML.org
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Press Release Download
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Economist Magazine
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The Accuracy of Investment Research - Consistently Wrong
Analyse This (Research Spending)
Economist - Analysts Beware - May 2014
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Financial Times
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Banks Take Amazon Approach to Research
Equity Research Income Set for 50% Crash
FT - Equity Research Bloodbath Gathers Pace
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Wall Street Journal
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Proposed European Rules on Stock Research Alarm Some in the Industry
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eFinancial News
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FCA Commission Review Tipped for Global Impact
Study Looks to Put Value on Research Amid Clampdown
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Investment Management Association
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Formation of Research Review Advisory Panel (Press Release) - Download
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My Investors Circle Magazine
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Interview with Neil Scarth on research procurement.
Regulatory Documents
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FCA CP 16-29 (MiFID II Guidance)
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September 2016 - Download
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AMF MiFID II Guidance (English)
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September 2016 - Download
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ESMA (MiFID II)
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Delegated Acts - April, 2016 - Download
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FCA New FCA Commission Rules - May 8, 2014
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Rules Effective June 2, 2014 - The day on which unpriced research is no longer “free” - Download
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Conflicts of Interest - Download
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CP 13/17 - Download
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ESMA - Final Report: Technical Advice on MiFID II - Download
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Related Industry White Papers
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Investment Association
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Approach to Research Under MiFID II - Download
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Frost Consulting co-authored with Alistair Haig - University of Edinburgh
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The Role of Asset Owners in the Market for Research - April 2016 - Download
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Industry Associations IMA
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White Paper - The Use of Dealing Commission for the Purchase of Investment Research - Download
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UK CFA Society
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Position Paper - The Market for Research - Download
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Frost Presentations
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Conference Presentations
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Introduction to Commissioning Unbundling - Download Frost Consulting Presentation to the IMA Research Review Panel Open Meeting on the “Future of Research” -July 2013
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(To request a copy of the slides of Frost Consulting’s presentation “Broker-Vote and CSAs” please submit request to info@frostconsulting.co.uk)
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Bloomberg Inter-Active Chat:
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Compliance Group
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September 19, 2013
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De-Risking CSAs (Slides)
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COO Connect/Mereus Breakfast Briefing
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Why Regulators Care About Research Spending
London - October 18, 2013
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Video of Frost Consulting Presentation
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For a copy of the related slides, please email request to info@frostconsulting.co.uk