The problems for IROs in the small-cap sector have grown under MiFID II, but there are opportunities for these companies in a creative and systemic approach to IR, suggests Richard Davies. The honeymoon is over. The invoices are finally going out from the sell side to the buy side for research and access. The buy side is waking up to the new reality, and issuers are finally being made aware that MiFID II really does have a bite.