DVFA – the professional association of investment professionals in Germany – asked its members what they think about the independence of paid research. The surveyed investment professionals in Germany continue to regard research, which is paid for in accordance with the revised Markets in Financial Instruments Directive (MiFid II), as an important instrument for investment decisions. With regard to the independence of paid research, however, opinions differ.
When asked whether research financed by issuers offers an investor added value, almost a quarter of those questioned (24 percent) answered “definitely”, 49 percent answered “partially”. Almost three quarters of all respondents see added value in research financed by the issuer. In their comments, the members of the DVFA emphasize the great importance of transparency, i.e. the rules and conditions according to which the research was created.