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House Financial Services Committee Sends Strong Bipartisan Message to SEC on MiFID II

On May 24, 2023, the House Financial Services Committee passed MiFID II legislation (H.R. 2622) on a bipartisan basis by a vote of 45-2.

The bill was sponsored by Rep. Pete Sessions (R-TX), and he, in turn, accepted an amendment from Rep. Josh Gottheimer (D-NJ). The amended bill, which we believe will see House Floor action soon, is a 6 month extension of the SEC’s no-action relief and a study of the underlying issues associated with costs and research coverage related to MIFID II unbundling rules.

While we wish the extension was longer, this is a rare instance of significant bipartisanship. So much so that Ranking Member Maxine Waters strongly supported the bill and thanked Mr. Sessions, saying the amended language “shows we are willing to work together.”

The ASA worked hand in glove with majority and minority staff to make certain this was a strong bipartisan vote.

Mr. Sessions’ remarks discussing the bill where he notes that he worked with the ASA are available here.


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