But three European Union national regulators warn that dealers should not assume they will be granted such an exemption. “[We] cannot share [the view] that material produced by a bank’s front office is automatically out of scope of Mifid II’s unbundling rules. An assessment of the material should be carried out, taking on board the aforementioned criteria, in order to determine whether the material qualifies as research or not in the context of Mifid II,” says a spokesperson for Spain’s Comisión