Following concerns first highlighted in the Myners review of institutional investment, and its own subsequent analysis, the Financial Services Authority (FSA) changed the regime on the use of dealing commissions in 2006. As part of its post-implementation review of the policy change, the FSA commissioned this study from Oxera. The study provides the FSA with an assessment of the impact of the policy in terms of the direct effects of the regime on the use of dealing commissions and the indirect impact on the wider financial services industry. The report is a survey analysis based on a number of performance indicators of the regime's effects. These were developed by Oxera in consultation with trade associations (Investment Management Association, the London Investment Banking Association, and National Association of Pension Funds) and industry participants. The study is a follow-up to the 2006 survey that Oxera undertook on this issue on behalf of the FSA. All stages of the value chain (pension fund trustees, retail fund providers, investment managers and brokerage firms) were surveyed as part of this research. The study examines the effect of the regime change on the use of Commission Sharing Arrangements (CSAs), the patterns of expenditure on research goods and services, and the level of disclosure. The degree to which there has been an effect on the commission rates, the use of different types of trading, and the concentration of execution and research providers are examined. The extent of any wider effects on market liquidity and research quality and availability is also assessed.