The issue of how equity commissions are used to buy investment research is taking centre stage in the European Union, where regulators have proposed requiring asset managers to "unbundle" payment for trade execution from payment for research, and to establish research budgets to be agreed upon in advance with asset owners.

In this video, Rhodri Preece, CFA and Neil Scarth discuss the elements of reforms to the commission-based investment research payment model and the implications for the investment industry.