New UK regulations on investment research could have serious
repercussions for derivatives firms, according to industry
experts. Financial Services Authority's proposed rules, as set
out in a consultation paper (CP171), are aimed at ensuring
objectivity of investment research, in the wake of a spate of
equity analyst scandals in the US.
Jonathan Herbst, a partner with law firm Norton Rose, told
FO Week, "As it stands, the paper makes no distinction
between equity and derivatives markets." He said the policy was
obviously equities based, and that it was unclear how some of
the language used would be applied to derivatives.
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