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Financial Conduct Authority
Discussion Paper
DP14/3
Discussion on the use of dealing
commission regime:
Feedback on our thematic
supervisory review and policy
debate on the market for research
July 2014
Discussion on the use of dealing commission regime
DP14/3
Contents
Abbreviations used in this document
1
Overview 5
2
Background to our review and
potential EU reforms
13
3
Supervisory findings
21
4
Policy debate
29
5
Options for change and a cost
benefit and competition analysis
42
6
Next steps
55
3
Annex
1
List of questions
Financial Conduct Authority
56
July 2014
1
DP14/3
Discussion on the use of dealing commission regime
We are asking for comments on this Discussion Paper by 10 October 2014.
You can send them to us using the form on our website at:
www.fca.org.uk/your-fca/documents/discussion-papers/dp14-03-response-form
Or in writing to:
Wholesale Conduct Policy Team
Markets Division
Financial Conduct Authority
25 The North Colonnade
Canary Wharf
London E14 5HS
Email: dp14-03@fca.org.uk
We make all responses to formal consultation available for public inspection unless the respondent
requests otherwise. We will not regard a standard confidentiality statement in an email message as a
request for non-disclosure.
Despite this, we may be asked to disclose a confidential response under the Freedom of Information
Act 2000. We may consult you if we receive such a request. Any decision we make not to disclose the
response is reviewable by the Information Commissioner and the Information Rights Tribunal.
You can download this Consultation Paper from our website: www.fca.org.uk.
2
July 2014
Financial Conduct Authority
Discussion on the use of dealing commission regime
DP14/3
Abbreviations used in this paper
AFME
Association for Financial Markets in Europe
AIFMD
Alternative Investment Fund...