Just posting out of general interest.

https://www.bloomberg.com/news/articles/2017-11-24/who-wins-who-loses-from-mifid-ii-rules-quicktake-scorecard

SMALL-TO-MEDIUM-SIZED ENTERPRISES. Smaller companies are expected to see less coverage from research analysts, potentially reducing their shareholder base. That could make it hard for investors to price the shares and make stocks more illiquid. London-based Toscafund Asset Management, which invests in U.K. small caps, wrote a letter to 30 such companies urging them to pay for research on their own stocks.

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