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Belgium-Brussels: Study on the impact of MiFID II rules on SME and Fixed Income Investment Research
Section I: Contracting authority
Section II: Object
Study on the impact of MiFID II rules on SME and Fixed Income Investment Research
The study should carefully examine the effects of MiFID II research payment rules on SME research and fixed-income investment research, and in particular their impact on the amount and quality of research.
The tasks are to be performed at the premises designated by the contractor. A maximum of 3 co-ordination meetings with the Contracting Authority will be held in Brussels. See procurement documents.
The study will cover four different aspects. First, it will describe the landscape of investment research for SMEs and fixed-income financial instruments in terms of actors (number of investment research providers, notably) in at least 12 Member States, as well as the regulatory landscape (and especially how the Member States have implemented the new MiFID II research payment provisions). Second, it will assess the impact of the new rules on portfolio managers (buy-side), in particular in terms of budget allocated to SME and fixed-income investment research, payment methods and the use of SME and fixed-income research by those portfolio managers. Third, the study will also assess the impact of MiFID II on the supply of SME and fixed-income research (sell-side). The contractor is required to look at the evolution of SME and fixed-income research coverage (before and after the entry into MiFID II) and at the changes in quality of investment research. Fourth, the study will also examine the effects of MiFID II research payment rules on the visibility of SMEs towards investors and the liquidity of SMEs' financial instruments.
See procurement documents.
Section III: Legal, economic, financial and technical information
Section IV: Procedure
Tenders will be opened in public session on 18.9.2018 at 14:00 — Meeting room 06/A030 – rue de Spa, no 2 – B-1000 Bruxelles.
A maximum of 2 representatives per tender can attend the opening of tenders. For organisational and security reasons, the tenderer must provide the full name and ID or passport number of the representatives at least 3 working days in advance to: EC-FISMA-CONTRACTS@ec.europa.eu Failing that, the Contracting Authority reserves the right to refuse access to its premises.
Section VI: Complementary information
Within 2 months of the notification to the plaintiff or, in the absence thereof, of the day on which it came to knowledge. A complaint to the European Ombudsman does not have as an effect either to suspend or to open a new period for lodging appeals.