This statement is provided to assist buy-side firms subject to MiFID II research-unbundling rules (and equivalent post-Brexit UK regime under the FCA) in assessing and paying for our Research.

Classification

Our written Research constitutes substantive research, not a minor non-monetary benefit. It contains meaningful analysis, is not made freely available to the public and is chargeable. Recipients should therefore pay for it in a manner consistent with their inducements policy.

How to pay

We accept payment via (i) direct hard-dollar invoice in GBP, (ii) a client's Research Payment Account (RPA), where operated, and (iii) established research-valuation and payment platforms once we are onboarded to them (see the Access & distribution page for the current list).

Regulatory status

Acacia Commerce Ltd is an independent research provider and is not authorised by the FCA or any other financial regulator. We do not carry out any regulated activity such as dealing, arranging deals, corporate finance or portfolio management. Our Research is distributed to professional clients and eligible counterparties only.

Inducements & conflicts

We do not receive payment from issuers, do not undertake corporate access, and do not provide any bundled brokerage service. We consider these arrangements to eliminate the principal sources of inducement and conflict that MiFID II is intended to address.

Trial access

Time-limited evaluation copies may be provided to allow a prospective client to assess the Research's quality. Evaluation access is offered on the same terms to comparable prospective clients and is intended to comply with the FCA's guidance on permissible trials.